The following is a summary of the Enlight Renewable Energy Ltd (ENLT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Enlight Renewable Energy reported a strong financial performance with a 42% increase in revenue year-over-year to $175 million for the first half of 2024, and a 61% increase in quarterly revenue to $85 million.

• Adjusted EBITDA grew 33% year-over-year to $126 million for the first half, and 39% to $58 million for the quarter.

• Despite net income dropping to $34 million, cash flow from operations saw a 4% decrease, reaching $91 million for the first half.

• The company also revised its 2024 full-year revenue guidance upward to $345 million to $360 million, and EBITDA guidance to $245 million to $260 million.

Business Progress:

• Enlight has completed the construction of 0.5 GW and 1.4 GWh of capacity and expects this to contribute significantly to its revenue and EBITDA.

• Major expansion plans include starting construction on 810 MW and over 2 GWh across three additional projects in the U.S., expected to generate substantial financial results.

• The company's international projects, such as in Spain and Hungary, continue to perform well, with the Spanish Gecama project already recovering half of its equity investment in three years.

Opportunities:

• The rapid growth in U.S. power demand, particularly from data centers, AI, and electric vehicles, presents significant opportunities for Enlight.

• Lower equipment prices for panels and batteries due to a drop of 25% to 30% since early 2023 enhance project profitability.

• The company sees an opportunity for attractive project returns in a tightening power market, estimating an unlevered return of approximately 10.5% on new projects, potentially leading to mid to high teen levered returns.

Risks:

• The gradual commencement of the Solar component of the Atrisco project indicates potential delays in project completion and achieving full commercial operation date (COD) by year-end.

More details: Enlight Renewable Energy IR

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