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Justin Lars Clare

Managing Director and Senior Research Analyst at ROTH Capital Partners

Justin Lars Clare is a Managing Director and Senior Research Analyst at ROTH Capital Partners, specializing in the Cleantech sector. He covers companies such as Enlight Renewable Energy and Vertiv Holdings (VRT), where he issued a $195 price target, and has participated in earnings calls asking insightful questions on revenue growth and project extensions. Clare joined ROTH in 2014 as an analyst, advancing to his current role in 2023 after prior positions as a Portfolio Analyst at Soteira Capital and Investment Associate at Jackson Financial Management, following an early career as an Associate Chemist at Amgen. He holds a B.S. in Chemistry and M.B.A. in Finance from the University of California, Irvine, is a CFA charterholder, and a member of the CFA Society of Orange County, with FINRA registration as a regulated broker.

Justin Lars Clare's questions to Enlight Renewable Energy (ENLT) leadership

Question · Q4 2025

Justin Lars Clare inquired about the potential to exceed the 14-17 factored gigawatts safe harbor target, given the 13.2 factored gigawatts already safe harbored, and asked about any limiting factors such as pipeline, equipment access, or interconnection progress.

Answer

Adi Leviatan, CEO, stated plans to safe harbor an additional 0.5-3.5 factored gigawatts in the first half of 2026, with energy storage projects continuing to be eligible for safe harboring for three more years. Jared McKee, CEO of Clēnera, affirmed the 14-17 factored gigawatt safe harbor range, highlighting the significant effort involved in meeting physical work requirements and establishing a broad base for future construction.

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Question · Q4 2025

Justin Lars Clare asked about the drivers behind the increased 2028 annualized revenue and income run rate outlook, specifically inquiring about the contribution from the Project Jupiter acquisition and the broader role of M&A in accelerating growth. He also asked about the potential to safe harbor additional capacity beyond the targeted range and any constraints on this process.

Answer

Adi Leviatan (CEO) explained that Project Jupiter contributed $150 million to the 2028 run rate, and CO Bar 4 and 5 moved into the pre-construction phase, increasing certainty. He noted that Enlight is open to strategic acquisitions, especially for market entry, ensuring attractive unlevered returns (e.g., 15% for Jupiter). Regarding safe harbor, Adi Leviatan stated plans to safe harbor an additional 0.5-3.5 factored gigawatts in H1 2026, with BESS projects continuing for three more years. Jared McKee (CEO, Clēnera) affirmed the 14-17 factored gigawatt safe harbor range, highlighting the significant undertaking and broad base for future construction.

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