Enlight Renewable Energy Ltd.

Good day and thank you for standing by. Welcome to the Enlight Third Quarter 2024 Earnings Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jonah Weiss, Director IR. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining our Third Quarter 2024 Earnings Conference Call for Enlight Renewable Energy. Before beginning this call, I would like to draw participants' attention to the following. Certain statements made on the call today, including but not limited to statements regarding business strategy and plans, are project portfolio, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of company projects, including anticipated timing of related approvals and project completion and anticipated production delays, expected impact from various regulatory developments, completion of development, the potential impact of the current conflicts in Israel on operations and financial conditions and company actions designed to mitigate such impact, and the company's future financial and operational results and guidance, including revenue and adjusted EBITDA, are forward-looking statements within the meaning of U.S. federal securities laws, which reflect management's best judgment based on currently available information. We reference certain project metrics in this earnings call, and additional information about such metrics can be found in our earnings release. These statements involve risks and uncertainties that may cause actual results to differ from expectations. Please refer to our 2023 Annual Report filed with the SEC on March 28, 2024 and other filings for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Additionally, non-IFRS financial measures may be discussed on the call. These non-IFRS measures should be considered in addition to and not as a substitute for or in isolation from our results prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS financial measures are available in the earnings releases and the earnings presentations for today's call, which are posted on our Investor Relations webpage. With me this morning are Gilad Yavetz, CEO and co-founder of Enlight, Nir Yehuda, CFO of Enlight, and Adam Pischel, CEO and co-founder of Clonera. Gilad will provide some opening remarks and will then turn the call over to Adam for a review of our U.S. activity, and then to Nir for a review of our third quarter results. Our executive team will then be available to answer your questions.

Thank you, Yonah, and thank you all for joining us today. This was an outstanding quarter, Foreign Light, and we are pleased to present an extremely strong set of financial results for the first nine months and third quarter of 2024. Starting with the nine-month results, Revenue grew 56% to $285 million, comparing the same period in 2023. Adjusted EBITDA grew 50% to $214 million. Net income dropped to $58 million, but excluding one of items grew by $8 million from $48 to $56 million, an increase of 17%. Cash flow from operations rose by 25% to 158 million. And now for the third quarter results. Revenue was up 88% to 109 million, representing strong operational performance coupled with new project additions. Adjusted EBITDA grew 86% to 88 million. The net income was 24 million versus 26 million. though excluding one of items grew by 15 million from 11 to 26 million an increase of 114 cash flow operations rose to 66 million up 115 on the back of these results we are pleased to increase our 2024 guidance ranges for the second consecutive quarter This represents an increase of additional $10 million at the midpoint for both revenue and adjusted EBITDA guidance. Nir will explain in more detail later on. Enlight continues to roll out its major expansion plans on all fronts, and this quarter saw significant CODs, significant new project construction, and a significant addition to our mature phase portfolio. During the past nine months, we've added new generation capacity of 500 megawatts and a new energy storage capacity of 1.5 gigawatt hour to operational portfolio. These include a Trisco solar and storage project in New Mexico, an additional project in Europe and MENA. This capacity is expected to contribute approximately 105 million in revenues and 80 million in EBITDA in 2025. In addition, we have begun construction on 810 megawatt of generation and more than two gigawatt hour of storage of three additional projects in the U.S., which are expected to contribute 137 million in revenue and 110 million EBITDA on an annual basis when fully operational. In the next three years, our global generation and energy storage capacity will triple. reaching 6 gigawatt generation and 7.6 gigawatt-hour energy storage by 2027. The demand for electricity in the United States is soaring. Power consumption is rising fast, attributed to the electricity needs of data centers, AI, and electric vehicles. It's estimated that data centers alone will consume approximately 12% of the country's electricity output by 2030, up from about 3% in 2023. As a result of this trend, PPA prices continue to remain high, reflecting high returns from our projects. We believe that the market's critical need for electricity will continue to intensify the need for our projects. Given these conditions, potential changes in future regulations on tariffs and tax incentives may have more of an impact on electricity prices and less on the building of new projects or rates of return. We are also securing growth in 2026, 2027, and beyond. This quarter, we are introducing Snowflake A into our mature phase portfolio with a capacity of 600 megawatts solar and 1.9 gigawatt-hour energy storage, as well as announcing a 20-year PPA for this project with Arizona's APS. Snowflake is a high-return project that is expected to begin construction as early as mid-2025. Adam Pischel, CEO of Clean Air, will expand on all this development in just a bit. The favorable balance between our off-tech price, cost of equipment, and cost of capital continues to generate high returns for our projects. As shown in our financial reports and releases, Our unlevered asset returns reach double digits and reflect attractive mid-teens returns after leverage, even at the current interest rates, which have already started to decline. Our European projects are benefiting from very strong market conditions. Revenues this quarter were up 24% comparing to last year. Spanish electricity prices have reached their highest points this year, and are resulting in excellent returns at Hekama. We have hedged 65% of Hekama's anticipated 2024 generation for 100 euro per megawatt hour, and have already built a substantial hedge for 2025, which covers 60% of next year's anticipated output at a price of 65 euro per megawatt hour. With new capacity commission and large-scale development portfolio, we see continuous growth in this geography. MENA is showing significant growth this year, fueled by the rapid expansion in solar and storage clusters and the strong ramp up of Genesis Wind Farm, one of Israel's largest renewable energy projects. As a result, revenue this quarter were up 223% for this region compared to last year. This quarter, we achieved COD at three new solar and storage projects, completing the 12-site solar and storage cluster with a total capacity of 248 megawatts and 625 megawatt hours. We expect the complete cluster to generate revenues of $35 million and EBITDA of $25 million in 2025. On the off-tech side in Israel, during the third quarter, we signed three new corporate PPAs with clients in electronics and manufacturing sectors. We have entered into a total of nine corporate PPAs. So far, this with annual consumption volumes of 105 megawatts. To sum up, we are proud to repeatedly show strong results and increase guidance ranges. Solid off-tech demand, low equipment costs, and declining interest rates support our attractive project returns. We believe that demand will continue to drive growth in all geographies, even under different incentive regimes, and that any potential change in tax incentives may translate into higher electricity prices rather than negatively impact product deployments or returns. We continue converting our very large development portfolio into mature phase projects driving higher revenues and profits. I'd now like to hand the call over to Adam.