The following is a summary of the Enlight Renewable Energy Ltd (ENLT) Q3 2024 Earnings Call Transcript:
Financial Performance:
Enlight Renewable Energy reported a 56% increase in revenue over the first nine months reaching $285 million, with adjusted EBITDA up 50% to $214 million.
Q3 saw an 88% increase in revenue to $109 million, adjusted EBITDA rose by 86% to $88 million, and net income grew by 114% excluding one-off items.
The company revises 2024 revenue and adjusted EBITDA guidance upwards, reflecting continued strong financial performance.
Business Progress:
Added new generation capacity of 500 megawatts and energy storage capacity of 1.5 gigawatt hour, including significant new projects like the Atrisco solar and energy storage project.
Construction started on an additional 810 megawatts of generation capacity and more than 2 gigawatt hours of energy storage at three projects in the US.
Introduced Snowflake A with 600 megawatts solar and 1.9 gigawatt hours energy storage into the Mature phase Portfolio, with a 20-year PPA secured.
Opportunities:
Rising power demand in the US due to the electricity needs of data centers, AI, and electric vehicles provides substantial growth opportunities.
Potential regulatory changes in tariffs and tax incentives may impact electricity prices favorably, contributing to project profitability.
Risks:
The volatility of foreign currency assets led to a $4 million revaluation loss, reflecting the potential risk from fluctuations in exchange rates affecting financial results.
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