Enlight Announces the Full Commencement of Commercial Operation of the Solar & Storage Cluster in Israel
Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA) has completed the commercial operation of its Solar and Storage Cluster in Israel. The Cluster consists of 12 installations with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh. It produces over 50% of the clean electricity in Israel's newly deregulated power market.
The Cluster's output will be sold through Enlight's supplier division, including corporate PPAs with large industrial clients and sales to households and small businesses. It's expected to generate revenue of $34-36 million and EBITDA of $24-26 million in the first full operating year. The installations, built in cooperation with agricultural communities, enhance energy and economic security in these regions.
Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA) ha completato l'operazione commerciale del suo Cluster Solare e di Stoccaggio in Israele. Il Cluster è composto da 12 installazioni con una capacità totale di generazione solare di 254 MW e una capacità di stoccaggio energetico di 594 MWh. Produzione oltre il 50% dell'elettricità pulita nel nuovo mercato elettrico deregolato di Israele.
La produzione del Cluster sarà venduta tramite la divisione fornitori di Enlight, inclusi PPA aziendali con grandi clienti industriali e vendite a famiglie e piccole imprese. Si prevede genererà entrate di 34-36 milioni di dollari e EBITDA di 24-26 milioni di dollari nel primo anno operativo completo. Le installazioni, realizzate in collaborazione con comunità agricole, migliorano la sicurezza energetica ed economica in queste regioni.
Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA) ha completado la operación comercial de su Clúster Solar y de Almacenamiento en Israel. El Clúster consta de 12 instalaciones con una capacidad de generación solar de 254 MW y una capacidad de almacenamiento de energía de 594 MWh. Produce más del 50% de la electricidad limpia en el nuevo mercado eléctrico desregulado de Israel.
La producción del Clúster se venderá a través de la división de proveedores de Enlight, incluidos PPAs corporativos con grandes clientes industriales y ventas a hogares y pequeñas empresas. Se espera que genere ingresos de 34-36 millones de dólares y EBITDA de 24-26 millones de dólares en el primer año de operación completa. Las instalaciones, construidas en colaboración con comunidades agrícolas, mejoran la seguridad energética y económica en estas regiones.
Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA)는 이스라엘의 태양광 및 저장 클러스터의 상업적 운영을 완료했습니다. 이 클러스터는 12개의 설비로 구성되어 있으며 254 MW의 총 태양광 발전 용량과 594 MWh의 에너지 저장 용량을 갖추고 있습니다. 이 클러스터는 이스라엘의 새롭게 규제 해제된 전력 시장에서 50% 이상의 청정 전기를 생산합니다.
클러스터의 출력은 Enlight의 공급업체 부서를 통해 판매되며, 대규모 산업 고객과의 기업 PPA 및 가정과 소규모 기업에 대한 판매를 포함합니다. 첫 번째 전체 운영 연도에 3,400만 - 3,600만 달러의 수익과 2,400만 - 2,600만 달러의 EBITDA를 생성할 것으로 예상됩니다. 농업 공동체와 협력하여 건설된 이 설치물들은 이러한 지역의 에너지 및 경제 안보를 강화합니다.
Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA) a achevé l'exploitation commerciale de son Cluster Solaire et de Stockage en Israël. Le Cluster comprend 12 installations avec une capacité de génération solaire totale de 254 MW et une capacité de stockage d'énergie de 594 MWh. Il produit plus de 50% de l'électricité propre sur le nouveau marché électrique dérégulé d'Israël.
La production du Cluster sera vendue par le biais de la division des fournisseurs d'Enlight, y compris des PPAs d'entreprise avec de grands clients industriels et des ventes aux ménages et aux petites entreprises. On s'attend à ce qu'il génère des revenus de 34 à 36 millions de dollars et un EBITDA de 24 à 26 millions de dollars au cours de la première année d'exploitation complète. Les installations, construites en coopération avec des communautés agricoles, renforcent la sécurité énergétique et économique dans ces régions.
Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT.TA) hat den kommerziellen Betrieb seines Solar- und Speicherclusters in Israel abgeschlossen. Der Cluster besteht aus 12 Anlagen mit einer Gesamt Solarerzeugungskapazität von 254 MW und einer Energiespeicherkapazität von 594 MWh. Er produziert über 50% des sauberen Stroms im neu deregulierenden Strommarkt Israels.
Die Ausgaben des Clusters werden durch die Lieferabteilung von Enlight verkauft, einschließlich Unternehmens-PPAs mit großen Industriekunden und Verkäufen an Haushalte und kleine Unternehmen. Es wird erwartet, dass im ersten vollen Betriebsjahr Einnahmen von 34-36 Millionen Dollar und EBITDA von 24-26 Millionen Dollar erzielt werden. Die Installationen, die in Zusammenarbeit mit landwirtschaftlichen Gemeinschaften gebaut wurden, verbessern die Energie- und Wirtschaftssicherheit in diesen Regionen.
- Completion of commercial operation for 12 solar and storage installations
- Combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh
- Produces over 50% of clean electricity in Israel's deregulated power market
- Expected revenue of $34-36 million in first full operating year
- Projected EBITDA of $24-26 million in first full operating year
- Partnerships with agricultural communities enhance regional energy and economic security
- None.
Insights
The full commencement of Enlight's Solar & Storage Cluster in Israel marks a significant milestone for the company and the country's renewable energy sector. With a 254 MW solar capacity and 594 MWh storage capacity, this cluster positions Enlight as a major player in Israel's deregulated power market.
Key financial implications include:
- Expected annual revenue of
$34-36 million - Projected EBITDA of
$24-26 million in the first full operating year - Additional margin potential from Enlight's supplier division
The cluster's strategic importance is underscored by its
The partnership model with agricultural communities not only diversifies Enlight's revenue streams but also hedges against potential land-use conflicts, a common challenge in renewable energy projects. Moreover, the corporate PPAs with major industrial clients like Soda Stream and Applied Materials provide stable, long-term cash flows, reducing revenue volatility.
Investors should monitor how effectively Enlight capitalizes on the deregulated market to potentially exceed initial revenue projections and expand its customer base in the competitive electricity retail sector.
Enlight's Solar & Storage Cluster represents a pivotal development in Israel's energy transition. The project's completion aligns with global trends towards decentralized, renewable energy systems and highlights several key policy implications:
- Energy Security: By distributing generation across 12 installations in northern and southern Israel, the cluster enhances national energy resilience.
- Market Liberalization: The project's success demonstrates the viability of Israel's newly deregulated power market, potentially encouraging further policy reforms.
- Rural Development: Partnerships with agricultural communities create a model for integrating renewable energy with rural economic development.
- Industrial Competitiveness: Corporate PPAs with major companies like Applied Materials suggest that renewable energy is becoming cost-competitive, which could influence future industrial policy.
The cluster's
Overall, this project serves as a case study for other countries looking to liberalize their electricity markets while promoting renewable energy adoption.
The Cluster includes 12 facilities, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh, and produces over
Distributed generation facilities located in northern and southern Israel strengthen the energy and economic security of the agricultural communities involved in the Cluster
TEL AVIV, Israel, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces that it has completed the COD of its Solar and Storage Cluster (“the Cluster”) in Israel. The Cluster is comprised of 12 installations located in the northern and southern regions of the country, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh. Portions of the Cluster began commercial operation in 2023 and grid connections continued throughout 2024; this gradual COD process has been completed today.
The entire output of the Cluster will be sold to Enlight's supplier division, which markets the electricity direct to customers in Israel’s newly deregulated power market. This includes signing corporate PPAs with large industrial clients such as Soda Stream and Applied Materials, as well as sales to households and small businesses through a joint venture with Electra Power, in which Enlight owns a
The Cluster is expected to generate revenue of
Gilad Peled, General Manager of Enlight MENA, commented, "Today we completed the commencement of full commercial operations at the largest group of renewable energy facilities operating in Israel’s deregulated power market. The Cluster will generate attractive returns for Enlight, while creating a stable and vital source of income for our partners in the agricultural communities of Israel."
1 Based on Company estimates and publicly available information.
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.
Contacts:
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
FAQ
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