Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q2 2023 Earnings Presentation
20 slides from Enlight Renewable Energy's earnings presentation, Aug 1, 2023
Slide 1: Earnings Presentation Second Quarter 2023
EARNINGS PRESENTATION Second Quarter 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: Strong quarter with execution on project conversion and project returns
Strong quarter with execution on project conversion and project returns 1 Delivering on project conversion Q2 Results Executing on our largest and most important projects • Apex Solar (105 MW) first project now operational $53m • Atrisco (364 MW / 1.2 GWh) deep in construction Revenues • Co Bar (1.2
Slide 5: Solid quarterly results with strong improvement in profitability measures
Solid quarterly results with strong improvement in profitability measures Significant ramp up in operating cash flow generation H1 2023 versus H1 2022 Q2 2023 versus Q2 2022 ($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 6: Executing on conversion: delivery of the 2023 plan
Executing on conversion: delivery of the 2023 plan Newly Operational Commissioning | COD in Q3 Apex ACDC Solar + Storage Cluster 2 Genesis Location Technology Solar Solar Solar Wind Generation capacity 105 26 MW 248 MW 207 MW (23 MW connected) Storage 484 MWh --- --- --- capacity (40 MWh connected)
Slide 7: 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 PV+ storage, 8% Rustic Hills
Slide 8: Zooming out: rapid growth expected to continue in the coming years
Zooming out: rapid growth expected to continue in the coming years Mature Projects: Operational MW over time Status Today: Operational Under construction Pre construction 250 MW + 800 MWh of Roadrunner: 4,614 MW + 3,570 MWh expected COD 2026 CAGR +66% 2021A-2025E 2,094 2,769 MW + 2,296 MWh 250 Co ba
Slide 9: Ongoing transition to large scale developed markets in Europe and North America
Ongoing transition to large scale developed markets in Europe and North America Project distribution Geography distribution Blacksmith Other USA 7% Selac 20% 7% 7% Operational 9 projects Apex Israel 7% 17% Portfolio Today 1.6 Emek Habacha 7% 1.6 Western EU Bjorn GW Picasso 54% GW GW 24% 7% Central E
Slide 10: 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 11: 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 12: 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 13: 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 14: Portfolio snapshot
Portfolio snapshot 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 which are expected to begin Advanced construction w
Slide 15: 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) ($m) Revenue prices in Q2, which is now Guidance expected for the remainder of the 290-300 +41% YoY growth year across Spain 26
Slide 16: Thank you
en Thank you
Slide 17: Development status across our mature projects
Development status across our mature projects Project Total MW / MWh Real Estate Interconnection Permit Offtake Commentary Cluster fully contracted, including storage Co Bar Cluster 1,210 / 824 Wrapping up facility study n/a Environmental permit expected in the coming weeks Gecama Solar 250 / 200 (M
Slide 18: U.S portfolio expected to benefit from tax equity adders
U.S portfolio expected to benefit from tax equity adders Energy communities to benefit from 10% tax credit adder on PTC and ITC Potential Qualification Project Potential Under Both Expected 30% of U.S. Portfolio Expected Qualification Total Potential Classification Under Closed Fossil Fuel & Brownfi
Slide 19: Q2 2023 Adjusted EBITDA bridge: new projects drove most of the growth
Q2 2023 Adjusted EBITDA bridge: new projects drove most of the growth Itemizing the key drivers in Q2 2023 ($m) CPI indexation 1% Other for PPA contracts SG&A increase to Compensation due support future to delays in reaching growth full production Gecama Euro and Bjorn 80% 19% NIS Adj. EBITDA New pr
Slide 20: 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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