Enlight Renewable Energy (“Enlight”, NASDAQ: ENLT, TASE: ENLT.TA),
a leading renewable energy platform, is pleased to announce the
start of commercial operations at Genesis Wind, the largest
renewable energy project in Israel. Genesis Wind was connected to
Israel’s electricity grid in June 2023, and as of October 13
began selling electricity. Initially, 34 of the project’s 39
turbines have reached commercial operations, comprising a
generation capacity of 180 MW. The remaining five turbines are
expected to be operational after the completion of final tests,
raising capacity to 207 MW.
Genesis Wind was built with a total investment of
approximately US $340 million1 and is expected to generate
estimated revenues of approximately US $49-51 million and estimated
EBITDA of approximately US $39-41 million in the first full year of
operation. Genesis Wind is expected to provide clean electricity
equivalent to the annual consumption of approximately 70,000
households and avert an estimated 180,000 tons of CO2 emissions
annually.
As part of the project, a new 27 kilometer
underground high-voltage transmission cable was built connecting
the Golan Heights to Israel’s national grid. This in turn will
enable the development of additional renewable energy projects in
the region. The high voltage line represents another implementation
of Enlight's “Land and Expand” strategy, which seeks to maximize
the number of projects connected to a given area’s key transmission
infrastructure.
Gilad Yaavetz, CEO of Enlight:
“Despite the tragic events in Israel during the past week, the
company is continuing to operate normally. After years of hard
work, the vision has now become a reality, as the largest renewable
energy project in Israel commences commercial operation. We see
Genesis Wind as a major step in the Golan Heights, amongst the
additional projects that we plan to develop in the region.”
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. Learn more at enlightenergy.co.il.
Special Note Regarding Forward-Looking
Statements
This report on Form 6-K contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. We intend such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements as contained in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this report on Form 6-K other than statements of
historical fact, including, without limitation, statements
regarding the Company’s expectations relating to the Genesis Wind
project, operational timeline, additional development projects in
the Golan Heights, as well as estimated revenues and EBITDA, are
forward-looking statements. The words “may,” “might,” “will,”
“could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “target,” “seek,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “contemplate,” “possible,” “forecasts,”
“aims” or the negative of these terms and similar expressions are
intended to identify forward-looking statements, though not all
forward-looking statements use these words or expressions. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, the following: our
ability to site suitable land for, and otherwise source, renewable
energy projects and to successfully develop and convert them into
Operational Projects; availability of, and access to,
interconnection facilities and transmission systems; our ability to
obtain and maintain governmental and other regulatory approvals and
permits, including environmental approvals and permits;
construction delays, operational delays and supply chain
disruptions leading to increased cost of materials required for the
construction of our projects, as well as cost overruns and delays
related to disputes with contractors; our suppliers’ ability and
willingness to perform both existing and future obligations;
competition from traditional and renewable energy companies in
developing renewable energy projects; potential slowed demand for
renewable energy projects and our ability to enter into new offtake
contracts on acceptable terms and prices as current offtake
contracts expire; offtakers’ ability to terminate contracts or seek
other remedies resulting from failure of our projects to meet
development, operational or performance benchmarks; various
technical and operational challenges leading to unplanned outages,
reduced output, interconnection or termination issues; the
dependence of our production and revenue on suitable meteorological
and environmental conditions, and our ability to accurately predict
such conditions; our ability to enforce warranties provided by our
counterparties in the event that our projects do not perform as
expected; government curtailment, energy price caps and other
government actions that restrict or reduce the profitability of
renewable energy production; electricity price volatility, unusual
weather conditions (including the effects of climate change, could
adversely affect wind and solar conditions), catastrophic
weather-related or other damage to facilities, unscheduled
generation outages, maintenance or repairs, unanticipated changes
to availability due to higher demand, shortages, transportation
problems or other developments, environmental incidents, or
electric transmission system constraints and the possibility that
we may not have adequate insurance to cover losses as a result of
such hazards; our dependence on certain operational projects for a
substantial portion of our cash flows; our ability to continue to
grow our portfolio of projects through successful acquisitions;
changes and advances in technology that impair or eliminate the
competitive advantage of our projects or upsets the expectations
underlying investments in our technologies; our ability to
effectively anticipate and manage cost inflation, interest rate
risk, currency exchange fluctuations and other macroeconomic
conditions that impact our business; our ability to retain and
attract key personnel; our ability to manage legal and regulatory
compliance and litigation risk across our global corporate
structure; our ability to protect our business from, and manage the
impact of, cyber-attacks, disruptions and security incidents, as
well as acts of terrorism or war; changes to existing renewable
energy industry policies and regulations that present technical,
regulatory and economic barriers to renewable energy projects; the
reduction, elimination or expiration of government incentives for,
or regulations mandating the use of, renewable energy; our ability
to effectively manage our supply chain and comply with applicable
regulations with respect to international trade relations, tariffs,
sanctions, export controls and anti-bribery and anti-corruption
laws; our ability to effectively comply with Environmental Health
and Safety and other laws and regulations and receive and maintain
all necessary licenses, permits and authorizations; our performance
of various obligations under the terms of our indebtedness (and the
indebtedness of our subsidiaries that we guarantee) and our ability
to continue to secure project financing on attractive terms for our
projects; limitations on our management rights and operational
flexibility due to our use of tax equity arrangements; potential
claims and disagreements with partners, investors and other
counterparties that could reduce our right to cash flows generated
by our projects; our ability to comply with tax laws of various
jurisdictions in which we currently operate as well as the tax laws
in jurisdictions in which we intend to operate in the future; the
unknown effect of the dual listing of our ordinary shares on the
price of our ordinary shares; various risks related to our
incorporation and location in Israel; the costs and requirements of
being a public company, including the diversion of management’s
attention with respect to such requirements; certain provisions in
our Articles of Association and certain applicable regulations that
may delay or prevent a change of control; and other risk factors
set forth in the section titled “Risk factors” in our Annual Report
on Form 20-F for the fiscal year ended December 31, 2022, filed
with the Securities and Exchange Commission (the “SEC”) and our
other documents filed with or furnished to the SEC.
These statements reflect management’s current
expectations regarding future events and speak only as of the date
of this Form 6-K. You should not put undue reliance on any
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as may be required by applicable law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events.
Contacts
Media Contact Rachel
Kahnrachel@blueshirtgroup.com
Investor Contact Alex
Wellinsalex@blueshirtgroup.com
1 Based on the Company’s 2Q23 financial results
release.
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