The following is a summary of the Enlight Renewable Energy Ltd (ENLT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Enlight Renewable Energy reported Q1 revenue growth of 27% year-over-year, reaching $90 million.
Adjusted EBITDA grew 28% year-over-year to $68 million.
Despite net income decreasing to $24 million from $33 million the previous year, this was due to a one-off financing income recognized post-IPO the previous year.
The financial performance was positively impacted by high production levels across the company's 1.9 GW operational portfolio, especially at their largest wind farms.
Business Progress:
With a strong start to 2024, the company is on track to reach COD for projects delivering 579 MW and 1.7 GWh this year, and expecting to begin construction on 1.1 GW and 2.9 GWh of new projects.
Key progress includes completing key milestones in their U.S projects, securing $95 million financing for the Serbian project, and expanding into Israel's newly deregulated power market.
Notably, 7 out of 12 Solar plus storage cluster units in Israel are now operational, which contributed $3 million revenue.
Enlight anticipates annual revenue between $335 to $360 million and adjusted EBITDA between $235 million and $255 million for 2024.
Finances are buoyed by $325 million in undrawn revolving credit facilities.
Increased demand in the U.S market due to data center growth shows promise for future project participation.
More details: Enlight Renewable Energy IR
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