David Paz

Justin Clare

Maheep Mandloi

Mark W. Strouse

Mike McNulty

- Midroog affirmed Enlight Renewable Energy Ltd.'s **A2.il issuer rating** and bond ratings with a **stable outlook**.  **[1922641_0001178913-25-003512_exhibit_99-1.htm:0]** 
- The company reported a significant increase in income-generating project capacity to **2,514 megawatts** and **2,038 megawatt-hours of storage** as of H1 2025, up from 1,990 megawatts and 434 megawatt-hours in the prior year.  **[1922641_0001178913-25-003512_exhibit_99-1.htm:2]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:7]** 
- Adjusted EBITDA reached **$247 million in 2024** and is projected to grow to **$290-310 million in 2025** and **$530-560 million in 2027**.  **[1922641_0001178913-25-003512_exhibit_99-1.htm:2]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:4]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:9]** 
- Capex expenses were **$905 million in 2024** and are forecast to be **$1.0-1.3 billion per year in 2025-2026**, increasing to **$1.5-2.0 billion in 2027** to support a substantial investment plan.  **[1922641_0001178913-25-003512_exhibit_99-1.htm:2]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:9]** 
- The debt to EBITDA ratio improved to **12.9 in 2024** and is expected to further improve to **12.5 in 2025** and **8.5-10.5 in 2026-2027**, supported by **$480 million in liquidity reserves** as of June 30, 2025.  **[1922641_0001178913-25-003512_exhibit_99-1.htm:3]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:4]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:9]** **[1922641_0001178913-25-003512_exhibit_99-1.htm:10]**

Enlight Renewable Energy Ltd. Receives Affirmed A2.il Rating and Reports Significant Growth and Investment Plans

- Enlight Renewable Energy Ltd. (ENLT) has closed tax equity partnership agreements for its **Roadrunner Solar and Energy Storage Project** in Arizona, which includes **290 MW solar generation** and **940 MWh energy storage capacity**.  **[1922641_0001178913-25-003392_zk2533813.htm:0]** 
- The agreements involve **JP Morgan Chase Bank, N.A.** for the solar component, and **M&T Community & Environmental Development LLC** and **First-Citizens Bank & Trust Company** for the energy storage component.  **[1922641_0001178913-25-003392_zk2533813.htm:0]** 
- The Tax Equity Partners will contribute **$337 million** upon the Project's Commercial Operation Date (COD) and an additional **$55 million** over the first 10 years through "pay-go" payments.  **[1922641_0001178913-25-003392_zk2533813.htm:0]** 
- The Roadrunner Project is expected to achieve full COD by the **end of 2025** and is projected to generate **$52-54 million** in revenues and **$39-41 million** in EBITDA in its first full year of operation.  **[1922641_0001178913-25-003392_zk2533813.htm:0]**

Enlight Renewable Energy (ENLT)