Enlight Renewable Energy (ENLT)

Enlight Renewable Energy reported strong financial results for the third quarter of 2025 and raised its full-year 2025 guidance.

• Revenue and income grew by 46% from Q2 2025 to $165 million in Q3 2025, with adjusted EBITDA growing by 23% to $112 million, and net income increasing by 33% to $32 million.
• The company once again raised its full-year 2025 guidance, now expecting revenue and income between $555 million and $565 million, and adjusted EBITDA in the range of $405 million to $415 million, representing increases of 6% and 4.5% respectively.
• Enlight achieved a $1.44 billion financial close for its Snowflake A project in Arizona, which is expected to generate approximately $130 million in revenue and over $100 million in EBITDA in its first full year of operation.
• The company expanded its energy storage segment in Europe by acquiring the Berdegow project in Germany (860 MWh) and the Edison project in Poland (208 MWh), and also added over 800 MWh in Israel, bringing its global mature storage portfolio to 11.8 gigawatt-hours.
• Enlight has safe-harbored over 9 gigawatts of projects for federal tax credits, including all of its 5.6 gigawatt mature portfolio, and expects to safe harbor an additional 5-8 gigawatts by July 2026.

• Enlight Renewable Energy reported strong Q3 2025 financial results, with revenue and income growing 46% to $165 million, Adjusted EBITDA increasing 23% to $112 million, and net income rising 33% to $32 million.
• The company raised its full-year 2025 guidance, now expecting revenue and income between $555 million and $565 million and Adjusted EBITDA between $405 million and $415 million, reflecting increases of 6% and 4.5% respectively.
• Enlight achieved a $1.44 billion financial close for its Snowflake A project in Arizona, its largest project to date, and expanded its global mature storage portfolio to 11.8 GWh with new acquisitions in Germany and Poland.
• The company has safe-harbored over 9 FGW of projects and anticipates securing safe harbor for a total of 14 FGW-17 FGW by mid-2026, positioning it for continued growth.

• Enlight Renewable Energy reported strong Q3 2025 financial results, with total revenues and income increasing 46.7% year-over-year to $165 million and adjusted EBITDA growing 23% to $112 million.
• The company raised its full-year 2025 guidance, now expecting revenues and income between $555 million and $565 million and adjusted EBITDA between $405 million and $415 million, representing increases of 6% and 4.5% respectively compared to previous guidance.
• Enlight achieved a $1.44 billion financial close for its Snowflake A project in Arizona, a mega project with an expected capacity of 600 MW and storage of 1,900 MWh, anticipated to generate $130 million in revenue and over $100 million in EBITDA in its first full year of operation.
• The company expanded its energy storage segment in Europe by acquiring 50% of the 860 MWh Berdegow project in Germany and the 208 MWh Edison project in Poland, bringing its global mature storage portfolio to 11.8 GWh.
• Enlight has raised approximately $4.8 billion in capital over the past 12 months and has safe-harbored over 9 GW of projects, with a target of 14-17 GW by mid-2026, supporting a projected annual revenue run rate of approximately $2 billion by the end of 2028.

• Enlight Renewable Energy reported robust Q3 2025 financial results, with revenues and income increasing 46% year over year to $165 million and net income rising 33% to $32 million.
• For the nine months ended September 30, 2025, revenues and income grew 46% to $430 million, and net income surged 140% to $140 million.
• The company raised its full-year 2025 guidance, with total revenues and income now expected to range between $555 million and $565 million (up 6.0% at the midpoint) and Adjusted EBITDA between $405 million and $415 million (up 4.5% at the midpoint).
• Enlight's total portfolio expanded to 37.0 FGW, with the Mature portfolio at 9.6 FGW, and is projected to achieve an annualized revenue and income run rate of $1.6 billion by the end of 2028.
• Significant project financing was secured, including approximately $1.4 billion for the Snowflake A project and $470 million in tax equity for the Roadrunner and Quail Ranch projects, complemented by $300 million in share equity raised.

• Enlight Renewable Energy reported strong Q3 2025 financial results, with revenue and income increasing 46.7% year-over-year to $165,000,000, adjusted EBITDA growing 23% to $112,000,000, and net income rising 33% to $32,000,000.
• The company raised its full-year 2025 guidance, now expecting revenue and income between $555,000,000 and $565,000,000 and adjusted EBITDA between $405,000,000 and $415,000,000, representing a 64.5% increase for both metrics compared to previous guidance.
• Enlight achieved a $1,440,000,000 financial close for the Snowflake A project in Arizona, which is anticipated to generate $130,000,000 in revenue and over $100,000,000 in EBITDA in its first full year of operation starting in 2027.
• The company expanded its global mature storage portfolio to 11.8 GWh with new acquisitions in Germany and Poland, and has safe harbored approximately six factored gigawatts of projects, targeting 14 to 17 factored gigawatts by mid-2026, with an expected annual revenue run rate of about $2,000,000,000 by 2028.

• Enlight Renewable Energy Ltd. has secured $1,438 million in construction financing for its Snowflake A Project in Arizona, which includes 600 MW of solar power generation and 1,900 MWh of energy storage capacity.
• The project is currently under construction and is expected to reach Commercial Operation Date (COD) during H2 2027, with a portion of the construction financing converting into an $811 million term loan at an all-in interest rate of 5.4%-5.8%.
• The total project cost is estimated at $1,570-1,650 million, with expected tax equity proceeds of $777-817 million.
• The Snowflake A Project has a 20-year power purchase agreement (PPA) with Arizona Public Service (APS) and is projected to generate $125-131 million in revenues and $101-106 million in EBITDA in its first full year of operation.

• Enlight Renewable Energy Ltd.'s subsidiary, Clenera Holdings LLC, has closed a tax equity partnership agreement with Wells Fargo Bank N.A. for its Quail Ranch Solar Power and Energy Storage Project.
• The Quail Ranch Project, located in New Mexico, USA, features 128 MW solar power generation and 400 MWh of energy storage capacity, with Commercial Operation Date (COD) anticipated towards the end of 2025.
• Under the agreement, Wells Fargo Bank N.A. will contribute $131 million upon the Project's COD, plus an additional $18 million in "pay-go" payments over the first 10 years of operation.
• The Tax Equity Partner is entitled to 99% of the Investment Tax Credits (ITC) and Production Tax Credits (PTC), and 10% of the EBITDA for the first 10 years of the Project's life.
• The total Project cost is estimated at $274 million, with projected first full-year revenues of $23-24 million and EBITDA of $16-17 million.

• Midroog affirmed Enlight Renewable Energy Ltd.'s A2.il issuer rating and bond ratings with a stable outlook.
• 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.
• Adjusted EBITDA reached $247 million in 2024 and is projected to grow to $290-310 million in 2025 and $530-560 million in 2027.
• 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.
• 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.

• 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.
• 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.
• 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.
• 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.