Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — FY2022 Earnings Presentation
17 slides from Enlight Renewable Energy's earnings presentation, March 2023
Slide 1: Earnings Presentation Fourth Quarter and Full Year 2022
EARNINGS PRESENTATION Fourth Quarter and Full Year 2022
Slide 2: Legal disclaimer
Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward- Reform Act of 1995. We intend such forward-looking
Slide 3: Enlight at a glance
Enlight at a glance Next generation global renewable energy platform Greenfield developer and IPP Global platform Wind, solar and energy storage Control over entire project life cycle Presence across U.S., Europe and Israel Expertise across main renewable technologies Extensive track record Large an
Slide 4: Enlight represents a differentiated investment opportunity
Enlight represents a differentiated investment opportunity Control over entire project lifecycle from greenfield development to power generation maximizes project returns Global platform with operational infrastructure in the largest renewable energy markets across the U.S. and Europe Diversified po
Slide 5: Record annual and quarterly results
Record annual and quarterly results New operational projects drove strong financial performance FY 2022 versus FY 2021 Q4 2022 versus Q4 2021 ($m) ($m) 192 Proceeds from sale of Proceeds from sale of electricity not recognized as electricity not recognized as Revenue or included in Revenue or includ
Slide 6: FY 2022 EBITDA bridge: new projects drove the growth
FY 2022 EBITDA bridge: new projects drove the growth Itemizing the key drivers in 2022 ($m) 12% Other Project no longer Lower production CPI indexation Decline in Euro SG&A increase to classified as and non-recurring for PPA to NIS and to support future Financial Asset as of events which contracts U
Slide 7: Recapping 2022 – conversion and expansion of our Mature Project portfolio
Recapping 2022 – conversion and expansion of our Mature Project portfolio +810 MW +631 MW +1.8 GW New Operational Projects Projects Under Construction Projects in Pre-construction 372 MW – Björnberget 360 MW / 1,200 MWh – Atrisco 1.2 GW – Co Bar Cluster • One of Europe’s largest wind farms • One of
Slide 8: Recapping 2022 – optimization of project economics and accelerating development
Recapping 2022 – optimization of project economics and accelerating development Amending PPAs Locking up Supply Chain Expanded Adv. Dev Portfolio1 988 MW + 1,200 MWh amended • Procurement complete for all projects Clear visibility into future growth: PPA under construction Capacity Country Project c
Slide 9: Significant growth in Mature Projects: 4.5 GW expected to reach COD by 2025
Significant growth in Mature Projects: Mature Projects with 4.5 GW expected to reach COD by 2025 14% growth in Mature Projects capacity in the fourth quarter Generation, Storage, Graph, MW MWh scale Portfolio definitions + + Operational, under construction and pre- + 10,250 7,883 18,938 20,588 Matur
Slide 10: Balance sheet strength derived from broad international operation
Balance sheet strength derived from broad international operation Majority of cash and revenues are denominated in U.S. Dollars and Euro 1% 8% 3% 12% 18% 21% 27% Cash and 38% Cash Revenues Revenues Equivalents* Q4 2022 Mature $465m Projects 69% 71% 32% NIS USD EURO Other NIS EURO Other NIS USD EURO
Slide 11: Atrisco - Enlight's U.S. flagship project
Atrisco - Enlight’s U.S. flagship project Project commenced construction in the fourth quarter Expected to be one of the largest hybrid projects in the US, combining Location New Mexico, USA solar and storage Technology Solar Interconnection studies completed - draft interconnection expected to be s
Slide 12: CoBar cluster – 1.2 GW to COD by 2025
CoBar cluster – 1.2 GW to COD by 2025 1+ GW cluster with significant storage potential; to commence construction in H2 Location Arizona, USA Expected to be one of the largest projects in the state of Arizona 480 MW contracted to SRP; 100 MW to APS remainder in negotiations Technology Solar 824 MWh t
Slide 13: Gecama Solar – 250 MW + 200 MWh to COD by the end of 2024
Gecama Solar – 250 MW + 200 MWh to COD by the end of 2024 Our flagship project in Europe secured via land and expand to commence construction in H2 2023 Location Spain Gecama Wind is the largest operational wind farm in Spain, 329 MW Technology Wind + Solar + Storage Gecama Solar would add solar and
Slide 14: Significant ramp up in operational portfolio driven by large scale projects
Significant ramp up in operational portfolio driven by large scale projects Operational MW Over Time Current status: Operational Under construction Pre construction 4,531 MW + 2,707MWh CAGR +65% 2021A-2025E 2,159 2,700 MW Co bar: Gecama Solar: 1,200MW 328 250 MW 1,759 MW 18 951 Atrisco: 951 1,421 MW
Slide 15: Our portfolio is comprised of advanced interconnection positions
Our portfolio is comprised of advanced interconnection positions In interconnection constrained market, quality of pipeline driven by interconnection status Advanced Mature Development Development Projects 8.43 GW System Impact Study Completed 60% of total portfolio in the United States 3.3 GW 3.2 G
Slide 16: 2023 Outlook – continued rapid growth across financial parameters
2023 Outlook – continued rapid growth across financial parameters Operational Portfolio Revenue Adjusted EBITDA2 Proceeds for )MW( ($m) ($m) financial assets projects1 ($m) 290-300 54% Key Assumptions 48% • Bjorn - Full COD by end of Q2 192 188-198 • Genesis Wind – COD by end of Q3 +24% 130 1,759 10
Slide 17: Appendix 1 – Reconciliations between Net Income to Adjusted EBITDA
Appendix 1– Reconciliations between Net Income to Adjusted EBITDA ($ thousands) For the three months period ended For the Year Ended 12/31/22 12/31/21 12/31/22 12/31/21 Net Income 10,955 8,116 38,113 21,675 Depreciation and amortization 13,454 6,331 42,267 20,500 Share based compensation 1,140 2,166
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