Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Presentation (September 2023)
24 slides from Enlight Renewable Energy's investor presentation, September 2023
Slide 1: Investor Presentation September 2023
INVESTOR PRESENTATION S e p t e m b e r 2023
Slide 2: Legal disclaimer
Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; intend s
Slide 3: Enlight at a glance
Enlight at a glance Next generation global renewable energy platform Greenfield developer and IPP Global platform Wind, solar and energy storage Control over entire project life cycle Growing activity across Expertise across main renewable U.S., Europe and Israel technologies Extensive track record
Slide 4: Enlight represents a differentiated investment opportunity
Enlight represents a differentiated investment opportunity Control over entire project lifecycle from greenfield development to power generation maximizes project returns Global platform with operational infrastructure in the largest renewable energy markets across the U.S. and Europe Diversified po
Slide 5: Achieving ~3X growth every years in the past decade
Achieving ~3X growth every 3 years in the past decade Founder mentality, market innovation and business discipline 4.2 GW successfully developed2 53 quarters as a public company 2022 Expansion across major global markets $271m net 2020-2021 Early mover within proceeds 2021 Entering the U.S. storage
Slide 6: Control over entire project lifecycle as both a greenfield developer and IPP
Control over entire project lifecycle as both a greenfield developer and IPP Lead project design Leverage global platform to optimize supply Competitive advantage chain access and terms with low cost of capital Project Engineering Construction Asset Finance Sourcing & Procurement Management Manageme
Slide 7: Our combined developer & IPP model: 4.9 GW and 4.4 GWh Mature Projects
Our combined developer & IPP model: 4.9 GW and 4.4 GWh Mature Projects Generation, Storage, Graph, MW MWh scale Portfolio definitions Operational, under construction and pre- + + Mature construction (expected to start construction within 12 months) + 10,311 12,892 19,032 28,444 3,858 11,182 Projects
Slide 8: Global renewable platform in the right markets at the right time
Global renewable platform in the right markets at the right time Europe Regional energy crisis Renewables the key to energy security Pan European footprint 3.3 GW + 1.2 GWh across 9 European countries Near term upside 1.6 GW + 0.6 of mature projects with exposure to record high power prices United S
Slide 9: Diversified mature portfolio reduces exposure to volatility
Diversified mature portfolio reduces exposure to volatility Diversity across technology, geography and revenue structure… 2% 16% 17% 32% 52% 10% 49% Revenue Region Technology Structure 4.9 GW 4.9 GW 4.9 GW 62% 19% 22% 20% Israel CEE Western Europe US Wind Solar Solar+Storage Fixed PPA PPA Linked PPA
Slide 10: Creating long term growth through “land and expand” development strategy
Creating long term growth through “land and expand” development strategy Addressing transmission scarcity by leveraging existing large-scale interconnection assets to fuel expansion U.S. Europe Israel 1.2 GW interconnection position in Leveraging Enlight owned transmission Introducing transmission t
Slide 11: We are in a unique leadership position across interconnection
We are in a unique leadership position across interconnection Cracking the main global constraint for renewable energy today Mature Projects Advanced Development Development 2.5 GW + 3.2 GW + 3.5 GW 100% of 100% of U.S 35% of U.S U.S Mature Advanced Development Development = 9.25 GW 65% of total por
Slide 12: Solid quarterly results with strong improvement in profitability measures
Solid quarterly results with strong improvement in profitability measures Significant ramp up in operating cash flow generation H1 2023 versus H1 2022 Q2 2023 versus Q2 2022 ($m) ($m) 124 53 65% 95 95 32% 42 40 39 75 86% 58% 181% 95% 56 26 51 22 20 600% 34 8 -1 1 Revenue Net income Adjusted 1 Cash f
Slide 13: Expected growth to continue apace in the coming years
Expected growth to continue apace in the coming years Mature Projects: Operational MW over time Status Today: Operational Under construction Pre construction 250 250 MW + 800 MWh of Roadrunner: 4,614 MW + 3,570 MWh expected expected COD 2026 CAGR +66% 2021A-2025E 2,094 2,769 MW + 2,296 MWh 250 Co ba
Slide 14: Executing on conversion: delivery of the 2025 plan
Executing on conversion: delivery of the 2025 plan Achieved critical milestones on our most important projects during the second quarter 2.8 GW + 3.4GWh 4.6 GW + 3.6GWh Key projects for delivery of 2025 plan Other, 14% % of Added Project Location Q2 Achievements Capacity storage, 8% PV+ storage, Rus
Slide 15: Atrisco and Co Bar Cluster, continuing to focus on execution and returns
Atrisco and Co Bar Cluster, continuing to focus on execution and returns 1.6 GW and 2 GWh of massive scale Location New Mexico, USA Location Arizona, USA Technology Solar + Storage Technology Solar + Storage Atrisco Capacity 364 MW + 1,200 MWh Co Bar Capacity 1.2 GW + 824 MWh (4 GWh potential) Clust
Slide 16: Gecama Solar and Pupin: significant progress in Q2
Gecama Solar and Pupin: significant progress in Q2 Execution across our European footprint with high projected returns Location Spain Location Serbia Technology Solar + Storage Technology Wind 250 MW + 200 MWh Capacity Capacity 94 MW Gecama (added to existing 329 MW wind) Solar Status Pre-constructi
Slide 17: Introducing Roadrunner: expected to drive robust growth into 2026
Introducing Roadrunner: expected to drive robust growth into 2026 Another major project in Arizona; highlighting our market leadership across the Western U.S. Location Arizona, USA The project has reached significant milestones: Technology Solar Site control secured Generation capacity 250 MW Signed
Slide 18: Supply chain strength driven by scale coupled with global breadth
Supply chain strength driven by scale coupled with global breadth Globally Differentiated Supply Chain Israel and Europe U.S. Key Suppliers Key Suppliers South East Asia module suppliers Indian module suppliers U.S. Battery Supplier Diversified supplier pool which mitigates Opportunistic approach ac
Slide 19: Enlight represents a differentiated investment opportunity
Enlight represents a differentiated investment opportunity Huge opportunity, having just scratched the surface Strong track record of execution globally Diversity across markets, technologies and revenue structures Combined developer and IPP model has delivered high growth and returns Focus on deliv
Slide 20: Appendix
APPENDIX 20
Slide 21: 2023 Guidance Update
2023 Guidance Update Adjusted EBITDA guidance reaffirmed; no change to our medium or long-term outlook Revenue Adjusted EBITDA1 Reducing • Lower than expected merchant ($m) ($m) Revenue prices in Q2, which is now Guidance expected for the remainder of the 290-300 +41% YoY growth year across Spain 26
Slide 22: U.S portfolio expected to benefit from tax equity adders
U.S portfolio expected to benefit from tax equity adders Energy communities to benefit from 10% tax credit adder on PTC and ITC Potential Qualification Project Potential Under Both Expected 30% of U.S. Portfolio Expected Qualification Total Potential Classification Under Closed Fossil Fuel & Brownfi
Slide 23: Development status across our mature projects
Development status across our mature projects Project Total MW / MWh Real Estate Interconnection Permit Offtake Commentary Cluster fully contracted, including storage Co Bar Cluster 1,210 / 824 Wrapping up facility study n/a Environmental permit expected in the coming weeks Gecama Solar 250 / 200 (M
Slide 24: Appendix 1- Reconciliations between Net Income to Adjusted EBITDA
Appendix 1- Reconciliations between Net Income to Adjusted EBITDA ($ thousands) For the six months ended at For the three months ended at 06/30/23 06/30/22 06/30/23 06/30/22 Net Income (loss) 55,707 7,863 22,431 (1,008) Depreciation and amortization 26,777 17,032 13,637 10,017 Share based compensati
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