Enlight Renewable Energy Ltd.

Thank you for standing by and welcome to Enlight's fourth quarter and four-year 2024 earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the call over to Yonah Weiss, Director, Investor Relations. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining our fourth quarter and full year 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, our project portfolio, market opportunities, 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 risk, 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 release and the earnings presentation 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 Peschel, CEO and co-founder of Clonera. Gilad will provide some opening remarks and we'll then turn the call over to Adam for a review of our U.S. activity and then to Nir for a review of our fourth quarter results. Our executive team will then be available to answer your questions.

Thank you for joining us today for Enlight's fourth quarter and full year 2024 earnings call. In 2024, we performed well above our initial guidelines and above analyst expectations. Let's begin with a review of our accomplishments in 2024, and then I'll go into our outlook for 2025 and beyond. Full year 2024 financial results were strong. Revenues and income for the whole 2024 grew by 53% year-over-year to $399 million. Adjusted EBITDA grew by 49% to $289 million. Our operating cash flow also increased, reaching 193 million for the entire year, up 29% over 2023. Net income dropped 32% to 67 million, due mainly to one-time item last year. In the fourth quarter, revenues and income grew by 35% over last year to 104 million. Adjusted EBITDA grew by 31% to 65 million. Operating cash flow increased by 49% to 36 million. Net income fell 48% to 8 million due mainly to one-time items last year. This robust financial performance keeps in light on its continuous growth path, almost tripling the company's size every three years. New projects were the main driver of this growth, and in 2024, we reached CODs in Israel, Europe, and the U.S. highlighting the diversification of the light acid base. We connected 650 megawatts of generation capacity and 1.6 gigawatt hour of energy storage capacity across all three geographies, an increase of 33% on a factored gigawatt basis. Today, we have 2.5 gigawatts of generation and 1.9 gigawatt hour of energy storage capacity in operation. The business environment in 2024 was rich in opportunities. The core subject is the rising demand for power, driven mainly by data centers and EVs. Forecast for electricity consumption in the U.S. rose for the second consecutive year after a two-decade decline trend. Equipment prices have declined throughout the year and cost of capital stabilized. In light of extensive construction plans in the U.S., includes nine projects with 3.3 GW of generation and 5.1 GW hour of storage between now and the end of 2027 and are uniquely positioned to take advantage of these trends. We can offer utilities large-scale projects with committed COD dates. This value is being recognized in our PPA agreements. Under this environment, we currently see an average equity return of above 15% on our large-scale mature portfolio segments. The current U.S. administration executive orders have generally no impact on our projects, except for a minor to negligible impact from the 10% tariff increase on equipment originating from China. These may offset by equipment cost trends and supply chain diversification. Enlight built a resilient supply chain, allowing for procurement of equipment from several regions to mitigate the impact of policy changes and the use of safe harbor on projects in the U.S. Most importantly, energy markets fundamentally favor the continuing involvement of solar generation in America's energy supply. With competitive off-take pricing, near-term availability of projects, and a central position in the interconnected queue, we believe that renewable energy is well-placed to provide a meaningful portion of the massive new power generation required to meet America's intensifying demand for electricity. In the U.S., we completed the construction and commercial operation of Project Atrisco with 364 megawatts of regeneration and 1.2 gigawatt-hour of storage capacity. We began construction on Roadrunner, quail ranch, and country acres with a combined capacity of 810 megawatts and 2 gigawatt hours and COD expected between the end of 2025 and 2026. Adam Pischel, CEO of our U.S. subsidiary Cleanera, will have more details on this later in the call. We also continued to convert new additions from our extensive development portfolio to our mature portfolio. Two notable projects include Snowflake A and Crimson Orchard with a combined 770 MW plus 2.3 GWh storage capacity. There was excellent delivery on project construction in Europe and Israel, with Project Pupin in Serbia and the Israel Solar and Storage Cluster entering into operation significantly earlier than initially planned. and light access to diverse sources of capital was fully displayed in 2024. We completed the financial closing of both Atrisco Best and Roadrunner, raising $1 billion in term loans and tax equity, while financial closing for Pupin, Topolsa, and ACDC added an additional $137 million in financing. We also concluded a major asset sale in Israel with local institutional investors, buying 44% of the Sunlight cluster for $50 million that is expected to generate a $94 million profit in Q1 2025 results. In the past year, Enlight once again demonstrated its proven ability to expand and grow, though in 2025 we expect even greater steps on this path with a year of concentrated project construction and completion. To begin, We expect that a total of 440 megawatts and 1,100 megawatts hour of projects will reach COD during the year, led by Quail Ranch and Roadrunner in the U.S., adding an additional $130 million in revenues and $105 million in adjusted EBITDA on an annual basis to our financial results. This represents 25% growth in operating capacity compared to last year. More importantly, we expect to begin construction on an additional 1.8 gigawatts and 3.9 gigawatt hour of new project in 2025 in the US, Israel, and Europe, including CO bar and Snowflake A, two mega projects located in Arizona, as well as Nardò standalone storage in Italy. Implications of this intense activity are quite significant. These projects are set to bring in light to annual recurring revenues of more than $1 billion when all reach completion by the end of 2027. In Israel, we will be breaking new ground as we begin with our first agrovoltaic product development while continuing to expand the reach of our electricity supply units in the country deregulated electricity market. Turning to our 2025 guidance, we expect revenues between 490 million and 510 million, 25% higher than the 2024 results, and adjusted EBITDA between 360 million and 380 million, 28% above 2024 results. Nir will describe in detail the assumptions that underline this guidance later in the call. Now, I'd like to turn the call over to Adam.