Enlight Energizes the First Wind Turbine at Genesis Wind, Israel's Largest Renewable Energy Project
12 Junio 2023 - 7:00AM
Enlight Renewable Energy (“Enlight”) (NASDAQ: ENLT, TASE: ENLT) a
leading global renewable energy platform, is pleased to announce
the successful commissioning of the first wind turbine at Genesis
Wind. With a total capacity of 207 MW, Genesis Wind is set to be
the largest renewable energy project in Israel, revolutionizing the
renewable energy landscape across the country.
The wind farm, located in Northern Israel, features 39
cutting-edge wind turbines from General Electric that will harness
the abundant wind resources of the region. The 207 MW project is
expected to provide clean energy equivalent to the yearly
consumption of 70,000 households, saving 180,000 tons of CO2
emissions annually.
Moreover, Enlight's commissioning of Genesis Wind includes the
electrification of the first privately developed HV 161 kV
underground cable in Israel, extending 27 kilometers. This
pioneering interconnection project will not only deliver
electricity from Genesis Wind to population centers across the
country, but also will enable Enlight to deliver electricity from
additional renewable energy projects it is developing in the area.
In a world that has become increasingly interconnection
constrained, Enlight continues to focus on an interconnection-led
“land and expand” strategy to develop utility scale renewable
energy projects worldwide.
"The successful commissioning of the first wind turbine at
Genesis Wind marks a significant milestone in Israel's renewable
energy journey," said Gilad Yavetz, CEO at Enlight. "The Genesis
Wind project further solidifies Enlight’s position as a key player
in Israel's renewable energy sector, and we remain steadfast in our
commitment to developing additional utility scale projects across
the country, facilitated through our land and expand strategy
focused on large scale projects around key interconnection
infrastructure.”
Enlight anticipates that Genesis Wind will achieve full
commercial operation by the end of the third quarter of 2023. In
its first full year of operations, Genesis Wind is expected to
generate $50m-52m of revenues and $40m-42m of EBITDA under a
20-year inflation linked PPA with the Israel Electric
Corporation.
About Enlight Renewable
Energy:
Founded in 2008, Enlight develops, finances, constructs, owns,
and operates utility-scale renewable energy projects. Enlight
operates across the three largest renewable segments today: solar,
wind and energy storage. A global platform, Enlight operates in the
United States, Israel and 9 European countries. Enlight has been
traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and
completed its US IPO (NASDAQ: ENLT) in 2023.
Forward-Looking Statements
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts,
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that we expect or anticipate will or may
occur in the future, including such matters as our projections of
annual revenues, expenses and debt service coverage with respect to
our debt securities, future capital expenditures, business
strategy, competitive strengths, goals, development or operation of
generation assets, market and industry developments and the growth
of our business and operations, are forward-looking statements.
When used in this press release, the words “may”, “will”, “could”,
“should”, “expects”, “plans”, “anticipates”, “believes”,
“estimates”, “predicts”, “projects”, “potential”, or “contemplate”
or the negative of these terms or other comparable terminology are
intended to identify forward-looking statements, although not all
forward-looking statements contain such words or expressions. These
forward-looking statements generally relate to Enlight's plans,
objectives and expectations for future operations and are based
upon its management's current estimates and projections of future
results or trends. Although we believe that our plans and
objectives reflected in or suggested by these forward-looking
statements are reasonable, we may not achieve these plans or
objectives. Actual future results may differ materially from those
projected as a result of certain risks and uncertainties and other
risks described under "Risk Factors" as described in Enlight’s
annual report on Form 20-F filed with the Securities and Exchange
Commission (“SEC”) on March 30, 2023, and in Enlight’s subsequent
quarterly reports on Form 60K and annual reports on Form 10-K that
are filed from time to time with the SEC and TASE. These
forward-looking statements are made only as of the date hereof,
and, except as legally required, we undertake no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. EBITDA is a
non-IFRS financial measure. The Company is unable to provide a
reconciliation of EBITDA to Net Income on a forward-looking basis
without unreasonable effort because items that impact this IFRS
financial measure are not within the Company’s control and/or
cannot be reasonably predicted.
For additional information:
Enlight Renewable EnergyDan
Politi
danp@enlightenergy.co.il
For media
kit:https://enlightenergy.co.il/data/enlight-at-a-glance/
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