Enlight company
Enlight Energy
-0.54%
Base:720
opening:713.5
High:728.5
low:713.5
change:2,993,316
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which engages in the initiation, construction and operation of projects for the production of electricity from solar energy and wind energy, has acquired the full holding in a portfolio of additional solar and energy storage projects in the USA in various stages of development, with an aggregate capacity of approximately 1.3 GWdc and 4.1 GWh of energy storage.
The portfolio consists of three large projects, located in two US states, some of which are in close proximity to the company’s existing projects under development. For example, the company’s existing Co Bar project located in Arizona, will be able to grow from approximately 580MWdc today to approximately 1.2MWdc after the completion of the purchase.
The outline of the transaction consists of an initial payment of approximately $51 million and a success-based payment of an aggregate amount of up to approximately $52 million, depending on the completion of the development of the projects. In the company’s estimation, the described success-based payment creates a relatively low exposure for it until the development is completed.
The company estimates that the returns for the projects are of high quality and reflect the quality of the portfolio and the possibility of the purchased projects to optimally benefit from the PTC benefit granted in the IRA legislation, as a result of the high-quality solar resource found in them.
Completion of acquisition of development rights in Serbia and Italy
Enlight has completed the acquisition of development rights in projects in early stages of development in Serbia and Italy: the 200 megawatt “Sarafia” wind project located near two other company projects (one producing and one nearing construction). In addition, an accumulation of 3 wind projects in Italy with an aggregate capacity of 90 megawatts.
After the completion of these transactions, the company’s portfolio will increase to 18.6 gigawatts of production and another 19.4 gigawatts of storage, of which approximately 1.4 gigawatts are profitable. The total mature portfolio is 4 gigawatts of generation and another 2.1 gigawatt hours of storage, the portfolio in advanced development includes 3.8 gigawatts of generation and another 7.2 gigawatt hours of storage, while the rest of the development portfolio is 10.8 gigawatts of generation and another 10.1 gigawatt hours of storage.
Enlight shares fell by 5.2% in 2022 to a price of NIS 7.2, which represents a value of NIS 7.28 billion. In the first nine months of the year, the company earned NIS 90.1 million on revenues of NIS 435.5 million. The value expresses a profit multiplier of 96.
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