Enlight Renewable Energy reports financial results for 3Q 2023.

In a press release, Enlight Renewable Energy reported financial results for the third quarter ended September 30, 2023. The company reported profit growth during the year and increased access to capital despite high interest rates. The energy company also reaffirmed its revenue and net income forecasts for 2023.

The company's revenue for the third quarter of 2023

The statement said the company's revenue for the third quarter of 2023 was $58 million, up 3% from a year earlier. This increase is due to an increase in the volume of projects sold and price indexation in current projects, despite lower electricity prices in some markets. The company also capitalized on bundled transactions to reduce interest rate risk in its debt capital raising.

The company's net income for the third quarter of 2023

The company's net income in the third quarter of 2023 was $26 million, up 35% from a year earlier. This increase was driven not only by higher revenues, but also by a reduction in expected payments for the Clenera acquisition. The Company also received income from the sale of certain projects.

The company's adjusted earnings before interest, taxes and amortization (EBITDA)

The company's adjusted earnings before interest, taxes and amortization (EBITDA) for the third quarter of 2023 were $47 million, up 32% from a year earlier.

Project portfolio development

Enlight also announced the development of its project portfolio. The company added 556 MW and 1,228 MWh to its U.S. portfolio, including the Country Acres and Quail Ranch projects, and expanded the Roadrunner project. In Europe, the company has reached a supply agreement for the Pupin project in Serbia and is continuing construction of the Gecama Solar project in Spain. In Israel, Enlight has completed construction of the Genesis Wind project and continues to work on the Solar+Storage project.

The situation in Israel

The company noted that despite the current military situation in Israel, it continues to operate with minimal problems and emphasized the importance of the company's globalized portfolio. Enlight also announced that it has completed the financing stage for two major projects, Atrisco Solar in the US and Solar+Storage in Israel.

The company's future plans

The company's future plans include growing its project portfolio, developing new projects and managing risk in a volatile geopolitical environment. Enlight also reaffirmed its revenue and EBITDA forecasts for 2023.