Enlight Renewable Energy Ltd. reported its financial results for the fourth quarter and full year ended December 31, 2024, on February 19, 2025. For the full year 2024, the company achieved revenues and income of $399 million, marking a 53% increase year-over-year. Adjusted EBITDA for the full year grew by 49% to $289 million, with operating cash flow rising 29% to $193 million.
In the fourth quarter of 2024, total revenues and income increased 35% year-over-year to $104 million, driven by a 26% rise in electricity sales to $93 million and a 230% increase in income from tax benefits to $11 million. Adjusted EBITDA for the quarter grew 31% to $65 million. Net income for Q4 2024 was $8 million, which, when adjusted for a $12 million earnout profit in Q4 2023, represents a 90% year-over-year growth.
Enlight provided its 2025 guidance, projecting revenues and income between $490 million and $510 million, and Adjusted EBITDA between $360 million and $380 million. This guidance represents a 25% increase at the midpoint for Adjusted EBITDA compared to 2024, with $60-80 million attributed to U.S. tax benefits.
The company connected 650 MW and 1,600 MWh of projects since Q4 2023, including units from the Israel Solar and Storage Cluster, Atrisco in the U.S., Pupin in Serbia, and Tapolca in Hungary. These new projects contributed $18 million to electricity sales revenue in Q4 2024.
Enlight outlined an ambitious long-term plan to reach an operating capacity of 8.6 FGW by the end of 2027, aiming for an annual revenue rate of over $1 billion by 2028. The average return on equity for the vast asset portfolio expected to become operational by 2027 is projected to exceed 15%.
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