Enlight Renewable Energy Ltd. reported its financial results for the first quarter ended March 31, 2025, on May 6, 2025. The company achieved total revenues and income of $130 million, representing a 39% increase year-over-year from $94 million in Q1 2024. Net income surged by 316% to $102 million, up from $24 million in the prior year, significantly boosted by an $80 million profit from the partial sale of the Sunlight cluster.
Adjusted EBITDA for the first quarter grew by 84% to $132 million, compared to $72 million in Q1 2024. Excluding the effects of the Sunlight cluster transaction, Adjusted EBITDA still increased by 25% year-over-year to $90 million. Revenues from electricity sales rose 21% to $110 million, while income from tax benefits saw a 516% increase to $20 million.
Enlight highlighted its effective procurement strategy in mitigating the impact of increased U.S. import tariffs, stating that its U.S. projects under construction, with a total capital expenditure of $1.7 billion, have no solar panel exposure under current tariff policies. The selection of Tesla as its primary storage supplier further strengthens this position due to high domestic production levels.
Operationally, 576 MW and 1,526 MWh of new projects were connected to the grid since Q1 2024, 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 $30 million to electricity sales revenue. The company also secured $1.8 billion in financing over recent months, supporting its plan to begin construction on 4.7 FGW of capacity in 2025, targeting an annual revenue and income run rate of $1.4 billion by 2027.
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