Enlight Renewable Energy Ltd. reported its financial results for the third quarter ended September 30, 2024, on November 13, 2024, showcasing an 88% year-over-year increase in revenues to $109 million, up from $58 million in the prior year. Adjusted EBITDA also saw substantial growth, rising 86% to $88 million compared to $47 million in the same period of 2023.
The company's net income for the third quarter was $24 million, a 7% decrease from $26 million last year, primarily due to a $4 million loss on foreign currency revaluation. New projects contributed $33 million to revenue, with Genesis Wind adding $15 million and the Israel Storage and Solar Cluster adding $16 million.
Following these strong results, Enlight raised its full-year 2024 guidance for the second consecutive quarter. Revenues are now expected to be in the range of $355-$370 million, up from $345-$360 million, and Adjusted EBITDA is projected between $255-$270 million, an increase from $245-$260 million. This represents a $10 million increase at the midpoint for both metrics.
Operationally, 823 MW and 536 MWh of projects became operational since the third quarter of 2023, including Genesis Wind, nine units of the Israel Solar & Storage Cluster, Tapolca in Hungary, and Atrisco in the U.S. The Atrisco solar component achieved full commercial operation in October, with the energy storage component expected online in the coming weeks.
Enlight also announced that three major U.S. projects—Quail Ranch, Roadrunner, and Country Acres—have entered construction, collectively comprising 810 MW of solar generation and over 2 GWh of energy storage. These projects are expected to generate $132-141 million in revenues and $108-114 million in EBITDA in their first full year of operation. The Snowflake A project, with a 20-year PPA, moved to pre-construction status, targeting mid-2027 commercial operation.
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