Enlight Renewable Energy Ltd (ENLT) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Enlight Q4 2022 Earnings Call and Webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Enlight Q4 2022 財報電話會議和網絡直播。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Yosef Lefkovitz, VP of Corporate Finance and M&A. Please go ahead.

我現在想把會議交給今天的演講者，公司財務和併購副總裁 Yosef Lefkovitz。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining our fourth quarter and full year 2022 earnings conference call for Enlight Renewable Energy.

謝謝你，運營商。大家早上好，感謝您參加我們為 Enlight Renewable Energy 舉辦的第四季度和 2022 年全年收益電話會議。

With me this morning are Gilad Yavetz, CEO and Co-Founder of Enlight; Nir Yehuda, CFO of Enlight; and Jason Ellsworth, CEO and Co-Founder of Clenera. Gilad will provide some opening remarks, and we'll then turn over the call to Nir for a review of our fourth quarter and full year results and then to Jason for a review of our U.S. activity. Our executive team will then be available to answer your questions.

今天早上和我在一起的是 Enlight 的首席執行官兼聯合創始人 Gilad Yavetz； Enlight 首席財務官 Nir Yehuda；和 Clenera 的首席執行官兼聯合創始人 Jason Ellsworth。 Gilad 將發表一些開場白，然後我們將電話轉給 Nir 以審查我們的第四季度和全年業績，然後轉給 Jason 以審查我們在美國的活動。然後我們的執行團隊將可以回答您的問題。

Certain statements made on the call today, including, but not limited to, statements regarding business strategy and plans, our project portfolio, market opportunity and potential growth, completion of development and the company's future financial and operational results and guidance, including revenue and adjusted EBITDA, may be forward-looking statements, which reflect management's best judgment based on currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to materially differ 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.

今天在電話會議上發表的某些聲明，包括但不限於關於業務戰略和計劃、我們的項目組合、市場機會和潛在增長、開發完成以及公司未來財務和運營結果和指導的聲明，包括收入和調整後EBITDA 可能是前瞻性陳述，反映了管理層根據當前可用信息做出的最佳判斷。這些陳述涉及可能導致實際結果與我們的預期不同的風險和不確定性。有關可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們的收益發布。儘管我們認為這些預期是合理的，但我們沒有義務修改任何聲明以反映此次電話會議後發生的變化。

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 web page.

此外，可能會在電話會議上討論非 IFRS 財務措施。這些非 IFRS 措施應被視為補充而不是替代或孤立於我們根據 IFRS 編制的結果。與最直接可比的 IFRS 財務指標的對賬可在今天電話會議的收益發布和收益演示中找到，它們發佈在我們的投資者關係網頁上。

With that, I will turn the call over to Gilad.

有了這個，我會把電話轉給吉拉德。

Thank you, Yosef, and thanks all for joining us today. We are very excited to announce strong results in our first earnings conference call as the U.S. public company. We delivered both record annual and quarterly results, continuing to demonstrate our track record of converting projects from development to operations.

謝謝你，Yosef，也感謝大家今天加入我們。我們很高興在我們作為美國上市公司的第一次財報電話會議上宣布強勁的業績。我們交付了創紀錄的年度和季度業績，繼續展示我們將項目從開發轉變為運營的記錄。

In 2022, we succeeded in connecting 810 megawatts over the course of the year. These successful conversions and strong performance across our business drove record financial results in 2022 and with revenue up 88% to $192 million and adjusted EBITDA up 96% to $130 million. In addition, we sold $18 million of electricity, which was not recognized under IFRS as revenue or adjusted EBITDA for our project treated as financial assets. As a result, the IPP arm of the business is already generating material cash flow. The company generated $90 million of cash flow from operation in 2022.

2022年全年成功並網810兆瓦。這些成功的轉型和我們業務的強勁表現推動了 2022 年創紀錄的財務業績，收入增長 88% 至 1.92 億美元，調整後的 EBITDA 增長 96% 至 1.3 億美元。此外，我們還出售了 1800 萬美元的電力，根據國際財務報告準則，這些電力沒有被確認為收入，也沒有被視為我們作為金融資產處理的項目的調整後 EBITDA。因此，該業務的 IPP 部門已經產生了大量現金流。該公司在 2022 年的運營中產生了 9000 萬美元的現金流。

Before we dive deeper into numbers, since this is our first earnings call as the U.S. public company, I wanted to take a few minutes to talk about Enlight and what we believe makes us unique. First off, we are a true greenfield developer of utility-scale renewable energy projects. Our greenfield development expertise enables us to source projects from scratch organically and control the full project life cycle. We source land, find scarce interconnection, manage complex relationship with local communities, find offtake for power and ultimately construct, own and operate our projects over the long run. This approach has helped us to achieve market-leading project returns, which we have demonstrated over the past decade, having successfully developed 4 gigawatts of projects.

在我們深入研究數字之前，由於這是我們作為美國上市公司的第一次財報電話會議，我想花幾分鐘時間談談 Enlight 以及我們認為讓我們與眾不同的因素。首先，我們是公用事業規模可再生能源項目的真正綠地開發商。我們的綠地開發專業知識使我們能夠有機地從頭開始尋找項目並控制整個項目生命週期。我們尋找土地，尋找稀缺的互連，管理與當地社區的複雜關係，尋找電力承運人，並最終長期建設、擁有和運營我們的項目。這種方法幫助我們實現了市場領先的項目回報，我們在過去十年中已經證明了這一點，成功開發了 4 吉瓦的項目。

Second, we believe we are in the right markets at the right time. Our unique footprint across the U.S., Europe and Israel provides exposure to some of the fastest growing renewable markets in the world. We believe our U.S. portfolio, which is largely located in the western part of the country, is well positioned to benefit from the game-changing Inflation Reduction Act. In addition, we believe our European portfolio, located across 9 different countries, is positioned to benefit from the high power price environment and increasing urgency from the European Union to accelerate the energy transition.

其次，我們相信我們在正確的時間進入了正確的市場。我們在美國、歐洲和以色列的獨特足跡提供了接觸世界上一些增長最快的可再生能源市場的機會。我們相信，我們的美國投資組合主要位於該國西部，能夠從改變遊戲規則的《降低通脹法案》中受益。此外，我們相信我們位於 9 個不同國家的歐洲投資組合將受益於高電價環境和歐盟加速能源轉型的緊迫性。

Third, we have significant portfolio diversification, not just in geography, but in technology and revenue structure. We're not only in solar, but are experts in working in solar, storage and wind. We are not 100% contracted, but we are not overly exposed to merchant. This provides us with clear visibility on our cash flow with long-term PPAs together with upside potential through select merchant exposure in Europe.

第三，我們有顯著的投資組合多元化，不僅在地理上，而且在技術和收入結構上。我們不僅在太陽能領域，而且還是太陽能、儲能和風能領域的專家。我們不是 100% 簽約，但我們不會過度暴露於商家。這使我們能夠通過長期購電協議清楚地了解我們的現金流，並通過在歐洲的精選商戶敞口獲得上行潛力。

Finally, we believe we have a cost capital edge. Through the credibility we have built, having successfully developed 4 gigawatts of projects, we've been able to cultivate the appetite of institutional partners on a global basis over the years. This is giving us access to what we view as a competitive cost of capital, which has amplified our equity return.

最後，我們相信我們擁有成本資本優勢。通過我們建立的信譽，成功開發了 4 吉瓦的項目，多年來我們已經能夠在全球範圍內培養機構合作夥伴的興趣。這使我們能夠獲得我們認為具有競爭力的資本成本，從而擴大了我們的股權回報。

As the first pure-play utility-scale developer to be publicly traded on a national exchange in the U.S., we aim to deliver value for our shareholders by continuing to deliver on our twofold objective, executing on above-market project returns and above-market growth. As many of you know, we have been a public company in Israel for the past decade and have produced very strong results and shareholder returns. We were very gratified by the response to our U.S. IPO. We intend to be very active on the investor relationship vector in the U.S. market and to deliver the same level of transparency and engagement that we are known for in Asia.

作為第一家在美國國家交易所公開交易的純公用事業規模開發商，我們旨在通過繼續實現我們的雙重目標，執行高於市場的項目回報和高於市場的回報，為我們的股東創造價值生長。正如你們許多人所知，我們在過去十年中一直是以色列的一家上市公司，並取得了非常強勁的業績和股東回報。我們對美國首次公開募股的反響感到非常欣慰。我們打算在美國市場的投資者關係方面非常活躍，並提供與我們在亞洲眾所周知的相同水平的透明度和參與度。

Moving now to the fourth quarter of 2022 and full year-end results. In short, Enlight had a terrific year, and we believe the business has never been better positioned. The year was characterized by 2 main things: one, the successful conversion of the project portfolio; and two, the optimization and derisking of project returns.

現在轉到 2022 年第四季度和全年業績。簡而言之，Enlight 度過了非常棒的一年，我們相信該業務處於前所未有的有利地位。這一年主要有兩件事情：一是項目組合的成功轉換；二是項目收益的優化和去風險化。

Starting from conversion. In 2022, we succeeded in connecting 810 megawatts over the course of the year, including Gecama, the largest wind farm in Spain, Emek Habacha, the largest operational wind farm in Israel and gradually Bjornberget, one of the largest wind farm across Europe, which we expect to reach full COD by the end of Q2 2023.

從轉換開始。 2022 年，我們全年成功並網 810 兆瓦，包括西班牙最大的風電場 Gecama、以色列最大的運營風電場 Emek Habacha 以及歐洲最大的風電場之一 Bjornberget，這我們預計到 2023 年第二季度末將達到完整的 COD。

Similarly, we continued to not only convert projects to operations, but also progress projects to the start of construction. In 2022, we commenced construction on 630 megawatts of generation capacity and 1.7 gigawatt hour of storage. This included Atrisco Solar, our flagship solar in storage project in New Mexico. We now have 1 gigawatt of generation capacity and 1.7 gigawatts hour of storage capacity under construction, which provides clear visibility on our future performance through 2024 as projects come online.

同樣，我們不僅繼續將項目轉化為運營，而且還將項目推進到開工建設。 2022年，我們開工建設630兆瓦的發電容量和1.7吉瓦時的儲能。這包括我們在新墨西哥州的旗艦太陽能儲能項目 Atrisco Solar。我們現在有 1 吉瓦的發電容量和 1.7 吉瓦時的存儲容量在建，隨著項目上線，這可以清楚地了解我們到 2024 年的未來績效。

Finally, we expanded our Mature Project portfolio by nearly 0.9 gigawatts of generation capacity over 20% this year through our successful development efforts in the U.S. and Spain. As a reminder, our Mature Portfolio includes operational projects, projects under construction, projects in preconstruction, meaning those due to commence construction within a year of today's date and projects with signed PPAs. It is our portfolio of projects that we consider largely and relatively derisked.

最後，通過我們在美國和西班牙的成功開發努力，今年我們的成熟項目組合增加了近 0.9 吉瓦的發電容量超過 20%。提醒一下，我們的成熟投資組合包括運營項目、在建項目、預建項目，這意味著那些將在今天日期後一年內開始建設的項目和已簽署購電協議的項目。我們認為主要和相對降低風險的是我們的項目組合。

With a total mature product portfolio of 4.5 gigawatts generation and 2.7 gigawatt hour of storage, all of which is expected to be operational by the end of 2025, we see a clear path for the future of our business.

憑藉 4.5 吉瓦發電和 2.7 吉瓦時存儲的完整成熟產品組合，所有這些產品預計將在 2025 年底投入運營，我們為我們的業務未來看到了一條清晰的道路。

Moving to the second theme. This year, we successfully managed to navigate a volatile macro environment, which included supply chain challenges and overall cost inflation. We secured increases in PPA prices of around 17% to 25% for projects totaling around 1 gigawatt. These price increases enabled us to offset the return compression we had seen from increased CapEx and financing costs. We are currently in advanced negotiation with offtakers to increase the PPA price for an additional 900 megawatts of contracted projects.

轉到第二個主題。今年，我們成功地應對了動蕩的宏觀環境，其中包括供應鏈挑戰和整體成本通脹。對於總計約 1 吉瓦的項目，我們確保 PPA 價格上漲約 17% 至 25%。這些價格上漲使我們能夠抵消資本支出和融資成本增加帶來的回報壓縮。我們目前正在與承購商進行高級談判，以提高額外 900 兆瓦合同項目的 PPA 價格。

Our ability to secure this price increase is driven by the strategic interconnection position of our projects. Offtakers lack energy and capacity as they are very few large-scale renewable energy projects that can meet their procurement needs given jammed interconnection queues. Our projects, which are advanced from an interconnection perspective and a significant scale, offer utilities the solution they need. As of this release, we have nearly 8.5 gigawatts past system impact study, which we believe is a unique position in the U.S. market.

我們確保價格上漲的能力是由我們項目的戰略互連地位驅動的。由於互連隊列擁擠，承購商缺乏能源和產能，因為他們很少有大型可再生能源項目能夠滿足他們的採購需求。我們的項目從互連的角度來看是先進的，規模很大，為公用事業提供了他們需要的解決方案。截至本次發布，我們有近 8.5 吉瓦的過去系統影響研究，我們認為這在美國市場是獨一無二的。

On supply chain, we believe we have been ahead of the curve, particularly in the U.S. Our first project, Apex Solar was sourced with solar panels from Waaree, a Tier 1 Indian supplier, and we continue to receive deliveries to the project site. We have since expanded our relationship with Waaree and now have the ability to purchase up to 2 gigawatts from Waaree for our U.S. portfolio through 2025.

在供應鏈方面，我們相信我們一直處於領先地位，尤其是在美國。我們的第一個項目 Apex Solar 是從印度一級供應商 Waaree 採購太陽能電池板的，我們將繼續接收到項目現場的交付。此後，我們擴大了與 Waaree 的關係，現在有能力從 Waaree 購買多達 2 吉瓦的電力，用於我們在 2025 年之前的美國投資組合。

Similarly, on battery, we have acquired utility scale battery solutions from a U.S.-based supplier. This will enable us to benefit from the domestic content adder on storage, a unique advantage in battery, where there are very few U.S.-based suppliers.

同樣，在電池方面，我們從一家美國供應商那裡獲得了公用事業規模的電池解決方案。這將使我們能夠受益於國內存儲內容的增加，這是電池的獨特優勢，美國供應商很少。

Looking to 2023 and beyond. We benefit from what we see as healthy adjusted PPA prices, derisked supply chain, material regulatory benefits and certainty post the IRA and REPowerEU and a substantial pipeline of advanced development projects in addition to the Mature Portfolio, which totaled 4.2 gigawatts. We are also seeing significant demand for battery storage, especially from offtakers in Western U.S. Battery helps us accelerate our growth and increases project returns on the same development effort. These are all tailwinds for our business.

展望 2023 年及以後。我們受益於我們認為健康的調整後 PPA 價格、去風險的供應鏈、重大監管利益和 IRA 和 REPowerEU 之後的確定性，以及除了總計 4.2 吉瓦的成熟投資組合之外的大量高級開發項目管道。我們還看到對電池存儲的巨大需求，特別是來自美國西部的承購商。電池幫助我們加速增長並增加相同開發工作的項目回報。這些都是我們業務的順風。

Based on the positive trend in the business and the factors I described, we are increasing our mid-range annual deployment guidance from 1 to 1.2 gigawatts per year to 1.5 gigawatt per year starting from 2026 and beyond. Over time, we also expect that the U.S.-based project will represent at least 50% of our business.

基於業務的積極趨勢和我描述的因素，我們將從 2026 年及以後開始將我們的中檔年度部署指導從每年 1 到 1.2 吉瓦增加到每年 1.5 吉瓦。隨著時間的推移，我們還預計美國項目將至少占我們業務的 50%。

I'll now hand it over to Nir to discuss our results and 2023 outlook.

我現在將其交給 Nir 來討論我們的結果和 2023 年的展望。

Thank you, Gilad. Before I provide an update on 2022 performance and 2023 guidance, I would like to discuss some of the recent volatility in the Israeli financial markets over the past few weeks, which has been driven by political uncertainty around the proposed judicial reform.

謝謝你，吉拉德。在我提供 2022 年業績和 2023 年指導的最新情況之前，我想討論一下過去幾週以色列金融市場最近的一些波動，這是由圍繞擬議司法改革的政治不確定性推動的。

While Enlight is headquartered in Israel, ultimately, we are largely an international company. Pro forma for the IPO, 81% of the company's cash as of year-end was held in dollars or euros. In the fourth quarter of 2022, approximately 80% of our revenues were denominated in either euros or other European currencies. We have limited exposure to the Israeli shekel, which reflects the growing part of our business in Europe and the U.S. And it's important to note that we have not made any deposits or other investments with Silicon Valley Bank and to the best of our knowledge, we have no exposure to it.

雖然 Enlight 的總部位於以色列，但歸根結底，我們基本上是一家國際公司。 IPO 的備考數據顯示，截至年底，該公司 81% 的現金以美元或歐元持有。 2022 年第四季度，我們大約 80% 的收入以歐元或其他歐洲貨幣計價。我們對以色列謝克爾的敞口有限，這反映了我們在歐洲和美國業務的增長部分。重要的是要注意，我們沒有在矽谷銀行進行任何存款或其他投資，據我們所知，我們沒有接觸過它。

In the fourth quarter of 2022, the company's revenue increased to $61 million, up from $35 million in the same period in 2021. The growth was mainly driven by the addition of new projects, including Gecama, Emek Habacha and Selac, which contributed an additional $32 million in the fourth quarter and the recognition of all proceeds from the sale electricity by the Halutziot project from the second quarter of 2022 as revenue following its reclassification, which contributed an additional $2 million to revenue in the fourth quarter.

2022 年第四季度，公司收入從 2021 年同期的 3500 萬美元增至 6100 萬美元。增長的主要推動力是新增項目，包括 Gecama、Emek Habacha 和 Selac，它們貢獻了額外的收入第四季度為 3200 萬美元，並將 Halutziot 項目從 2022 年第二季度開始銷售電力的所有收益確認為重新分類後的收入，這為第四季度的收入增加了 200 萬美元。

This positive impact was partially offset by lower production and onetime events, which reduced availability that had a $6 million impact and weaker FX, which had a $3 million impact. In addition, we sold $2 million of electricity in projects treated as financial assets in the quarter, which under IFRS, we are required to account for the financing income or other non-P&L metrics.

這一積極影響被較低的產量和一次性事件部分抵消，這降低了可用性，產生了 600 萬美元的影響，而外匯疲軟，產生了 300 萬美元的影響。此外，本季度我們在被視為金融資產的項目中出售了 200 萬美元的電力，根據國際財務報告準則，我們需要對融資收入或其他非損益指標進行核算。

In the full year 2022, the company's revenues were $192 million versus $102 million in the full year 2021. The increase in revenues was mainly driven by the addition of new projects, which contributed an additional $86 million, the reclassification of Halutziot, which contributed an additional $12 million and $2 million from PPA inflation indexation. This positive impact was partially offset by lower production and onetime events, which reduced availability that had an $8 million impact and weaker FX, which had a $6 million impact. In addition, we sold $80 million of electricity from project treated as financial asset in 2022, which under IFRS, we are required to account for a financing income or other non-P&L metrics.

2022 年全年，公司的收入為 1.92 億美元，而 2021 年全年為 1.02 億美元。收入的增長主要是由於新項目的增加，貢獻了額外的 8600 萬美元，Halutziot 的重新分類，貢獻了額外的 1200 萬美元和 200 萬美元來自 PPA 通貨膨脹指數化。這種積極影響被較低的產量和一次性事件部分抵消，這降低了可用性，產生了 800 萬美元的影響，而外匯疲軟，產生了 600 萬美元的影響。此外，我們在 2022 年從被視為金融資產的項目中出售了 8000 萬美元的電力，根據國際財務報告準則，我們需要核算融資收入或其他非損益指標。

In the fourth quarter of 2022, the company's adjusted EBITDA almost doubled to $43 million compared to $22 million for the same period in 2021. The increase was driven by the same factors, which affected our revenue increase in the same period. For the full year 2022, the company's adjusted EBITDA also nearly doubled to $130 million compared to $66 million in 2021. The increase was driven by the same factors, which affected our revenue increase in the same period that was offset by an additional $8 million from corporate overhead expenses.

2022 年第四季度，公司調整後的 EBITDA 幾乎翻了一番，達到 4300 萬美元，而 2021 年同期為 2200 萬美元。增長的驅動因素相同，影響了我們同期的收入增長。對於 2022 年全年，公司調整後的 EBITDA 也從 2021 年的 6600 萬美元增長了近一倍，達到 1.3 億美元。這一增長是由相同的因素推動的，這些因素影響了我們同期的收入增長，但被額外的 800 萬美元所抵消公司管理費用。

I would like also to reiterate Gilad's comment on the company's growing cash flow. For the full year 2022, the company reported $90 million of net cash from operating activity versus $52 million for the same period in 2021, an increase of 73%. Our IPP arm is beginning to generate substantial cash flow, which will help finance our growth going forward.

我還想重申吉拉德對公司不斷增長的現金流的評論。 2022 年全年，該公司報告經營活動產生的淨現金為 9000 萬美元，而 2021 年同期為 5200 萬美元，增長 73%。我們的 IPP 部門開始產生大量現金流，這將有助於為我們未來的增長提供資金。

Moving to 2023 guidance. We are pleased to issue our outlook for 2023, including revenues between $290 million and $300 million; adjusted EBITDA between $188 million and $198 million; 1.8 gigawatt operational by year-end 2023. Our guidance for 2023 is based, amongst others, on the following assumptions: full COD of Bjorn by end of Q2 2023; Genesis Wind to reach COD by end of Q3 2023; Apex Solar to COD by the end of Q2 2023; euro to U.S. dollar of 1.04 and U.S. dollar to shekel of 3.65.

轉向 2023 年指南。我們很高興發布我們對 2023 年的展望，包括收入在 2.9 億美元至 3 億美元之間；調整後的 EBITDA 在 1.88 億美元至 1.98 億美元之間；到 2023 年底運營 1.8 吉瓦。我們對 2023 年的指導除其他外基於以下假設：到 2023 年第二季度末 Bjorn 的全部 COD； Genesis Wind 將於 2023 年第三季度末達到 COD； Apex Solar 到 2023 年第二季度末的 COD；歐元兌美元匯率為 1.04，美元兌謝克爾匯率為 3.65。

It is important to note that our adjusted EBITDA estimate does not include the tax credit to be received at the COD of Apex Solar. We also note that following the reclassification of the Halutziot project, we still expect proceeds from the sale of electricity generated for the projects treated as the financial assets, that are not reflected as revenue or adjusted EBITDA, to reach approximately $15 million in 2023.

重要的是要注意，我們調整後的 EBITDA 估計不包括 Apex Solar COD 收到的稅收抵免。我們還注意到，在 Halutziot 項目重新分類後，我們仍然預計，作為金融資產的項目所發電力的銷售收益（未反映為收入或調整後的 EBITDA）將在 2023 年達到約 1500 萬美元。

We are pleased also -- we are pleased to also share project tables at the back of our earnings release and in excel format on our website. These tables provide significant detail on our Mature Project portfolio, particularly projects under construction and preconstruction. We hope to provide best-in-class transparency on our business. It is important to note that our adjusted EBITDA estimate per project does not include tax credit recognition and possesses forward looking information, which is subject to the disclaimers provided in our earnings release and in our projects tables.

我們也很高興——我們也很高興在我們的收益發布後以 excel 格式在我們的網站上分享項目表。這些表格提供了我們成熟項目組合的重要細節，特別是在建和預建項目。我們希望為我們的業務提供一流的透明度。重要的是要注意，我們調整後的每個項目的 EBITDA 估計不包括稅收抵免確認和擁有前瞻性信息，這些信息受我們的收益發布和項目表中提供的免責聲明的約束。

I will now hand it over to Jason, who will get into detail a bit more on our U.S. projects.

我現在將其交給 Jason，他將更詳細地介紹我們的美國項目。

Thank you, Nir. While I was part of the U.S. IPO roadshow for those who haven't met me, I'm the Founder, President and CEO of Clenera, based in Boise, Idaho. Enlight acquired Clenera in August of 2021. This has been an exceptionally synergistic partnership as the company share the same DNA, vision and entrepreneurial spirit. The company is executing successfully across its U.S. project portfolio, focus continues to be on progressing a large volume of projects to maturity through the development process.

謝謝你，尼爾。雖然我是美國 IPO 路演的一部分，但我是位於愛達荷州博伊西的 Clenera 的創始人、總裁兼首席執行官。 Enlight 於 2021 年 8 月收購了 Clenera。這是一次非常協同的合作夥伴關係，因為公司擁有相同的 DNA、願景和創業精神。該公司在其美國項目組合中成功執行，重點繼續放在通過開發過程將大量項目推進到成熟。

Apex Solar, located in Montana, is progressing as planned. Commercial operation date is expected by the end of June 2023. Atrisco Solar, located in New Mexico and totaling 360 megawatts DC solar and 1,200 megawatts or megawatt hours of storage, commenced construction during the fourth quarter of 2022. Major equipment is ordered, and the construction agreement has been executed. All interconnection studies are complete. The draft interconnection agreement is underway and expected to be signed in April. The company is advancing negotiations with financing providers, debt and tax equity. There are strong benefits for Atrisco under the Inflation Reduction Act, including PTC on solar tax equity and the possibility of a domestic content adder on the battery energy storage system.

位於蒙大拿州的 Apex Solar 正在按計劃進行。預計商業運營日期為 2023 年 6 月底。位於新墨西哥州的 Atrisco Solar 總裝機容量為 360 兆瓦直流太陽能和 1,200 兆瓦或兆瓦時儲能，於 2022 年第四季度開始建設。主要設備已訂購，並且施工合同已簽訂。所有互連研究均已完成。互連協議草案正在進行中，預計將於 4 月簽署。該公司正在推進與融資提供者、債務和稅收權益的談判。根據《降低通貨膨脹法案》，Atrisco 有很多好處，包括 PTC 在太陽能稅收公平方面的優勢，以及在電池儲能係統上增加國內內容的可能性。

COD is expected by mid-2024. The company has made significant progress on one of the largest projects in its portfolio, CO Bar. It's located in Arizona and totals 1,200 megawatts DC solar and 824 megawatt hours of storage. The initial 580 megawatts DC of solar is contracted and the remaining capacity, including storage, is in advanced negotiation with offtakers. The project has secured its primary real estate and conditional use permit. The system impact study is complete, and facilities study is nearing completion. CO Bar is expected to start construction in second half of 2023 and achieve COD in phases through 2025. Like Atrisco, the CO Bar project stands to benefit from the Inflation Reduction Act, including PTC on solar tax equity and the possibility of a domestic content adder on the battery energy storage system.

COD 預計到 2024 年年中。該公司在其投資組合中最大的項目之一 CO Bar 上取得了重大進展。它位於亞利桑那州，總計 1,200 兆瓦的直流太陽能和 824 兆瓦時的存儲。最初的 580 兆瓦太陽能直流電已簽約，剩餘容量（包括存儲）正在與承購商進行高級談判。該項目已獲得其主要房地產和有條件使用許可證。系統影響研究已經完成，設施研究也即將完成。 CO Bar 預計將於 2023 年下半年開始建設，並在 2025 年之前分階段實現 COD。與 Atrisco 一樣，CO Bar 項目將受益於《通貨膨脹減少法案》，包括 PTC 太陽能稅收權益和國內內容增加的可能性在電池儲能係統上。

There is further potential to contract an additional 3.2 gigawatt hours of storage at CO Bar in the future, as our land -- as part of our land-and-expand strategy. CO Bar is a good example of our land-and-expand strategy, where we have succeeded in securing large and cost-effective interconnect and developing one of the largest solar projects in the region.

未來還有可能在 CO Bar 額外承包 3.2 吉瓦時的存儲，作為我們的土地——作為我們土地和擴張戰略的一部分。 CO Bar 是我們土地擴張戰略的一個很好的例子，我們成功地確保了大型且具有成本效益的互連，並開發了該地區最大的太陽能項目之一。

With respect to the supply chain, the company continues to derisk its project portfolio. The company executed an agreement with Waaree for up to 2 gigawatts of modules with delivery through 2025. Together with other module procurement contracts, the company had clarity on meeting module supply needs for its mature project portfolio in the United States. Amidst increasing interconnection queue congestion across the United States, the company continues to see strong interconnection results, thanks to its advanced portfolio and market-specific knowledge.

在供應鏈方面，公司繼續降低其項目組合的風險。該公司與 Waaree 簽署了一項至多 2 吉瓦組件的協議，交付期至 2025 年。連同其他組件採購合同，該公司明確了滿足其在美國的成熟項目組合的組件供應需求。在美國各地日益嚴重的互連隊列擁堵中，該公司繼續看到強大的互連結果，這要歸功於其先進的產品組合和市場特定知識。

In the quarter, the company increased the projects beyond system impact study, known as -- that is the point in which we know interconnection costs and time line, by approximately 2,000 megawatts DC. With more than 8.4 gigawatts DC of projects past system impact study, the company is positioned to accelerate its growth in the United State. Given strong results across our U.S. portfolio, we are confident in our ability to deliver above market returns and above market growth.

在本季度，公司增加了超出系統影響研究的項目，即我們知道的互連成本和時間線，增加了大約 2,000 兆瓦直流電。憑藉超過 8.4 吉瓦的 DC 項目通過系統影響研究，該公司有望加速其在美國的發展。鑑於我們在美國投資組合的強勁業績，我們有信心實現高於市場的回報和高於市場的增長。

I will now hand it back to Gilad to discuss the company's European and Israeli projects.

我現在將它交還給吉拉德，討論公司的歐洲和以色列項目。

Thanks, Jason. Enlight continues to benefit from the strong demand for power across Europe. Despite declining natural gas prices, natural gas remain significantly above historical average. Moreover, the steep increase in recent months in the price of carbon, recently eclipsing EUR 100 per tonne, has kept thermal generation expensive. For example, in the fourth quarter, Gecama, our merchant asset in Spain sold electricity at an average net price of EUR 115 per megawatt hour. 82% of which was hedged.

謝謝，傑森。 Enlight 繼續受益於整個歐洲對電力的強勁需求。儘管天然氣價格下跌，但天然氣價格仍遠高於歷史平均水平。此外，最近幾個月碳價格急劇上漲，最近超過每噸 100 歐元，這使得熱力發電的成本一直很高。例如，在第四季度，我們在西班牙的商業資產 Gecama 以每兆瓦時 115 歐元的平均淨價出售電力。其中 82% 被對沖。

Project Beyond in Sweden, one of the largest onshore wind farms in Europe, totaling 372 megawatts, continues to progress with 26 turbines operational out of 60 as of the date of this release. 52 turbines are fully erected. In Sweden, we can generate revenues from the sale of electricity for operational turbines even before the project reaches full COD. We expect Bjorn to reach full COD by the end of H1 2023.

瑞典的 Project Beyond 是歐洲最大的陸上風電場之一，總裝機容量為 372 兆瓦，截至本新聞稿發布之日，60 台渦輪機中有 26 台正在運行，該項目繼續取得進展。 52台渦輪機全部安裝完畢。在瑞典，甚至在項目達到完全 COD 之前，我們就可以通過銷售運行中的渦輪機的電力來產生收入。我們預計 Bjorn 將在 2023 年上半年末達到完整的 COD。

On the development front, Gecama Solar, a 250-megawatt solar and 200-megawatt hour storage project at the same site as Gecama wind, advances as planned. With real estate and interconnection already secured, the project awaits its environmental and construction purpose. Construction is expected to commence by the end of H2 2023 with COD expected by year-end 2024. Once the whole complex is built, we intend to reassess the commercial strategy and financing for the asset.

在開發方面，與 Gecama 風能位於同一地點的 250 兆瓦太陽能和 200 兆瓦時儲能項目 Gecama Solar 按計劃推進。房地產和互連已經獲得保障，該項目正在等待其環境和建設目的。預計將於 2023 年下半年開始施工，預計到 2024 年底完成 COD。一旦整個綜合體建成，我們打算重新評估資產的商業戰略和融資。

In Israel, in the fourth quarter, we commenced construction on Solar + Storage 2, totaling 163 megawatts and 328-megawatt hour storage. Corporate PPA negotiations are ongoing with COD expected over the course of 2024. In addition, Genesis Wind, the largest renewable energy project in Israel, totaling 189 megawatts, has completed erection of all its wind turbines. Commissioning tests have begun with COD slated for end of Q3 2023.

在以色列，第四季度，我們開始建設 Solar + Storage 2，總計 163 兆瓦和 328 兆瓦時的存儲。公司 PPA 談判正在進行中，COD 預計在 2024 年進行。此外，Genesis Wind 是以色列最大的可再生能源項目，總裝機容量為 189 兆瓦，已完成所有風力渦輪機的安裝。調試測試已經開始，COD 定於 2023 年第三季度末進行。

We also signed a collaboration agreement with NewMed Energy, the largest natural gas player in the Eastern Mediterranean, to develop renewable energy projects in the region. While we are market leaders in Israel, developing in Israel can often be slow and bureaucratic. Israel has ambitious renewable energy goals of 30% by 2030, yet the pace of development of projects is insufficient to achieve this goal. We believe that together with NewMed, we will be able to unlock projects of very significant scale and high returns outside of Israel borders with Israel as the ultimate offtake.

我們還與東地中海最大的天然氣公司 NewMed Energy 簽署了合作協議，在該地區開發可再生能源項目。雖然我們是以色列的市場領導者，但在以色列的發展往往緩慢且官僚主義。以色列制定了到 2030 年可再生能源佔 30% 的雄心勃勃的目標，但項目的開發速度不足以實現這一目標。我們相信，與 NewMed 一起，我們將能夠在以以色列為最終承銷商的以色列邊界以外開啟規模非常大、回報率很高的項目。

To sum up, we have never been better positioned or more excited about our business. Our U.S. IPO is an unmistakable signal that Enlight become a major force in renewable power on a global scale. As you can see from our guidance, we expect another year of profitable growth in 2023, but that is just a small part of our story. Despite being public for more than 10 years, we are still in the very early stages of our opportunity.

總而言之，我們從未像現在這樣處於更好的地位或對我們的業務更加興奮。我們在美國的 IPO 是一個明確的信號，表明 Enlight 已成為全球範圍內可再生能源的主要力量。正如您從我們的指南中看到的那樣，我們預計 2023 年將再次實現盈利增長，但這只是我們故事的一小部分。儘管上市已超過 10 年，但我們仍處於機會的早期階段。

I'd like to thank our employees, customers and partners around the world for their support, and we look forward to keeping investors updated on our progress. Before we open the call up for Q&A, we would like to note that we intend to be active with regard to investor relations and plan to conduct a number of non-deal roadshows and attending various investor conferences after our first quarter earnings report in May.

我要感謝我們在世界各地的員工、客戶和合作夥伴的支持，我們期待讓投資者了解我們的最新進展。在我們開始問答之前，我們想指出，我們打算積極處理投資者關係，併計劃在 5 月份的第一季度收益報告之後進行一些非交易路演並參加各種投資者會議。

With that, I'll turn it over to the operator for questions. Operator?

有了這個，我會把它交給接線員提問。操作員？

(Operator Instructions) Our first question comes from the line of Mark Strouse from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Mark Strouse。

Welcome to the U.S. public markets. Can we start with just kind of looking at your Mature Portfolio and the -- just the pipeline you have through the year-end 2025? Can you talk about the funding that you have in place, both from an equity perspective and from a debt perspective? And I know you already mentioned that you don't have any exposure to Silicon Valley Bank, but can you just kind of talk about your general views regarding your access to capital going forward?

歡迎來到美國公開市場。我們可以先看看你的成熟投資組合，以及到 2025 年年底你擁有的管道嗎？你能從股權和債務的角度談談你所擁有的資金嗎？我知道你已經提到你沒有接觸過矽谷銀行，但你能談談你對未來獲得資本的一般看法嗎？

Mark, I'll refer the question to Yosef, and I can complement it further on the capital side.

馬克，我會把這個問題轉給約瑟夫，我可以在資本方面進一步補充。

Thanks, Gilad. So Mark, as you've seen from the disclosure, our Mature Portfolio now comprises 4.5 gigawatts and 2.7 gigawatt hours of storage. The equity that we've raised in the U.S. IPO will be sufficient to finance the completion of the Mature Project portfolio from an equity perspective. Obviously, there are certain projects there we need to raise tax equity and that project finance more broadly, but the equity for the Mature Portfolio is largely funded.

謝謝，吉拉德。所以馬克，正如你從披露中看到的那樣，我們的成熟投資組合現在包括 4.5 吉瓦和 2.7 吉瓦時的存儲。從股權的角度來看，我們在美國 IPO 中籌集的股權將足以為完成成熟項目組合提供資金。顯然，我們需要在某些項目中籌集稅收股權，並在更廣泛的範圍內為項目融資，但成熟投資組合的股權大部分都得到了資助。

Yes. I will just add to that to the second part of the question, Mark, on our capital funding strategy. So as you know, we base our capital strategy on 4 tracks. One of them only is equity raise, which we successfully completed recently, and we are very excited about that. But we do have an increase in cash flow coming from the project. We just completed 2022 with $90 million of cash flow coming from operations, and this is something that contributes to the growth of the company. In addition to that, we have full flexibility also to raise through corporate bonds, which we've done very successfully in the Israeli market, and we believe this is the edge of the company with its flexibility today not only in the U.S. stock exchange, but also in the Israeli stock exchange.

是的。馬克，我將在問題的第二部分添加關於我們的資本融資策略的內容。如您所知，我們的資本戰略基於 4 個軌道。其中之一是股權融資，我們最近成功完成了，我們對此感到非常興奮。但我們確實有來自該項目的現金流量增加。我們剛剛結束了 2022 年，運營現金流為 9000 萬美元，這有助於公司的發展。除此之外，我們還擁有充分的靈活性來通過公司債券籌集資金，我們在以色列市場上做得非常成功，我們相信這是公司的優勢，其靈活性不僅在美國證券交易所，而且在以色列證券交易所。

And we can complement that always with minority sell-downs at COD when projects, especially in the U.S., come to fruition. We still hold 100% of the portfolio in the U.S., and we believe there is significant upside that will reduce our equity check and further increase our returns by performing from time to time also minority sell-downs and keeping the IPP model with the majority of the holdings like we do in Europe.

當項目（尤其是在美國）取得成果時，我們可以通過 COD 的少數股權拋售來補充這一點。我們仍然持有 100% 的美國投資組合，我們相信存在顯著的上行空間，可以減少我們的股權支票，並通過不時執行少數股權拋售並保持 IPP 模型與大多數股權來進一步增加我們的回報就像我們在歐洲所做的那樣。

Okay. Great. And then just for a follow-up. The industry continues to wait for the treasury within the U.S. to give us more guidelines about the IRA. The longer that goes on, does that impact any of your project timing looking out over the next 18, 24 months? And then kind of similarly, in Europe, does the talk about incremental incentives from here, does that potentially put things on hold for a period of time?

好的。偉大的。然後只是為了跟進。該行業繼續等待美國財政部為我們提供更多有關 IRA 的指導方針。持續的時間越長，這是否會影響您在接下來的 18、24 個月內的任何項目時間安排？然後有點類似，在歐洲，是否從這裡談論增量激勵，這是否有可能將事情擱置一段時間？

Yes. Well, for the first part, Jason, why don't you take it, and I'll complement on Europe.

是的。好吧，對於第一部分，傑森，你為什麼不接受它，我將補充歐洲。

Yes. No, thank you. For the U.S., absolutely, the lack of clarity is a challenge. However, much of that is around content adders -- U.S. content adders and other incentives beyond the baseline that we've already budgeted in our models. That is not a cause for delay on our projects. In fact, projects are proceeding as planned and on time.

是的。不，謝謝。對於美國來說，缺乏明確性絕對是一個挑戰。然而，其中大部分是圍繞內容添加者——美國內容添加者和其他超出我們已經在模型中預算的基線的激勵措施。這不是我們項目延遲的原因。事實上，項目正在按計劃按時進行。

Thanks, Jason. Just complementing on the Europe side. So we've seen a huge growth in Europe this year, 34% in renewable energy installations. We see a strong push for renewable energy going forward, '23, '24 because of the lack of energy in Europe and the low cost of renewable energy versus the traditional price setters in Europe. So currently, we believe that we will gain and we will benefit from this increased need even before additional Regulation Act in Europe. And in the future, we are also attentive to the new incentives that may arise. We believe that this will only accelerate, but we don't see any (inaudible) to the opposite.

謝謝，傑森。只是在歐洲方面進行補充。因此，我們今年在歐洲看到了巨大的增長，可再生能源裝置增長了 34%。我們看到可再生能源在 23 年和 24 年的強勁推動力，因為歐洲缺乏能源，而且與歐洲傳統的價格製定者相比，可再生能源的成本較低。因此，目前，我們相信即使在歐洲出台額外的監管法案之前，我們也會從這種增加的需求中獲益。並且在未來，我們也在關注可能出現的新激勵措施。我們相信這只會加速，但我們沒有看到任何（聽不清）相反的情況。

Your next question comes from the line of Julien Dumoulin-Smith from Bank of America.

你的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Congratulations, again, I should add. Welcome to the U.S. market indeed. So I wanted to come back to the first point you made earlier around the increase in the 2026 and onwards targets here. Can you break down a little bit as to why now and specifically what data points led you to the outcome, including how do you think about the geographic breakdown of that pro forma 1.5 gigawatt target now as you think about the contributor?

再次恭喜，我應該補充一下。歡迎來到美國市場。所以我想回到你之前提出的關於增加 2026 年及以後目標的第一點。您能否詳細說明一下為什麼現在以及具體是什麼數據點導致您得出結果，包括您如何考慮貢獻者時如何考慮 1.5 吉瓦的備考目標的地理細分？

Well, I can start generally and then Jason, you can complement me on the details. So on the overall, about 70% of our portfolio comes from the [West] states in the U.S., and we see increasing conversion of this portfolio into advanced phases in many areas. So we see very strong indicators for our portfolio. And therefore, we see a higher level of implementation from '26 and on. And Jason, if you want to complement me on the details and on the breakdown.

好吧，我可以先大致介紹一下，然後 Jason，你可以在細節上補充我。因此，總的來說，我們大約 70% 的投資組合來自美國的 [西部] 州，而且我們看到該投資組合在許多領域越來越多地轉化為高級階段。因此，我們看到了我們投資組合的非常強勁的指標。因此，我們從 26 年及以後看到了更高級別的實施。傑森，如果你想在細節和細分方面補充我的話。

No, that's great. Thank you. And great question, Julien. We have -- since the acquisition, we've been able to move 2.6 gigawatts of projects to mature and advanced status. We now have 1.7 gigs in mature category here in the U.S., with 8.4 gigawatts through system impact study. So across the portfolio, things have accelerated. We're experiencing strong demand for our projects. In fact, over the last several months, we have been awarded through RFPs, approximately 1.5 gigawatts DC of solar projects and 2.1 megawatts -- or 2.1 giga hours of storage. All of that is driving an increase of momentum across the U.S. portfolio, most of which is, to Gilad's point, centered of in the Western U.S.

不，那太好了。謝謝。好問題，朱利安。我們已經 - 自收購以來，我們已經能夠將 2.6 吉瓦的項目推向成熟和先進的狀態。我們現在在美國有 1.7 個成熟類別的演出，通過系統影響研究有 8.4 吉瓦。因此，在整個投資組合中，事情都在加速。我們正在經歷對我們項目的強烈需求。事實上，在過去的幾個月裡，我們通過 RFP 獲得了大約 1.5 吉瓦直流太陽能項目和 2.1 兆瓦——或 2.1 千兆小時的存儲。所有這些都推動了整個美國投資組合的增長勢頭，在 Gilad 看來，其中大部分集中在美國西部。

For example, we are planning to start construction on our CO Bar project here in second half as noted already. And that is for the first half of the project already contracted, roughly 600 megawatts of the total 1.2 gigawatts. The remaining 600 megawatts has been awarded through RFP and is in negotiation -- advanced negotiation now, and we expect to, over the coming months, announce a number of completed PPAs. So lots of momentum that is carrying us forward and giving support to increased guidance for future years. And again, much of that is located in the West, where we're benefiting from PTC and other benefits under the IRA. So yes, thanks for the question.

例如，如前所述，我們計劃在下半年在這裡開始建設我們的 CO Bar 項目。這是已經簽約的項目的上半年，總 1.2 吉瓦中的大約 600 兆瓦。剩餘的 600 兆瓦已通過 RFP 授予並正在進行談判——現在是高級談判，我們預計將在未來幾個月內宣布一些已完成的購電協議。如此多的動力正在推動我們前進，並為未來幾年增加的指導提供支持。而且，其中大部分位於西方，我們從 PTC 和 IRA 下的其他好處中受益。所以是的，謝謝你的提問。

And then related to -- sorry, go for it.

然後與 - 抱歉，繼續吧。

Julien, just to add into Jason's great inputs of 8.4 gigawatts past system impact studies, we were just in the roadshow presentation, and I suppose you remember that at this time, it was 6.5. So we grew from 6.5 to 8.4 past system impact studies on a short term, and I think this adds up to our confidence.

朱利安，只是為了增加 Jason 在過去系統影響研究中 8.4 吉瓦的巨大投入，我們剛剛在路演演示中，我想你還記得此時是 6.5。所以我們在短期內從 6.5 增加到 8.4 過去的系統影響研究，我認為這增加了我們的信心。

Got it. And then specifically, if you can elaborate, you guys talked about some fairly large developments in PJM. I think there's north of 1 gigawatt of potential development. Is that included in that '26 number? What is the status on that piece? And then related -- I know you gave some updates on CO Bar and Atrisco here, but the expansions at those sites seem pretty meaningful and chunky. Can you just give us a quick update on potentially the commercial progress on those expansions -- further expansions?

知道了。然後具體來說，如果你能詳細說明的話，你們談到了 PJM 的一些相當大的發展。我認為有超過 1 吉瓦的潛在發展潛力。那包括在那個'26號碼中嗎？那件作品的狀態是什麼？然後是相關的——我知道你在這裡提供了一些關於 CO Bar 和 Atrisco 的更新，但這些網站的擴展似乎非常有意義和笨拙。您能否快速向我們介紹一下這些擴展的潛在商業進展——進一步擴展？

So Yosef, you will start with the data and then Jason on CO Bar.

所以 Yosef，你將從數據開始，然後是 CO Bar 上的 Jason。

Yes . So thanks, Julien. So for PJM, the gigawatt that we have there, that's not a 2026 COD, that's a bid after driven by the (inaudible). Maybe I'll hand it over to Jason to talk a bit about what we're seeing on the commercial strategy for the second phases of these large-scale clusters we have in the West.

是的 。所以謝謝，朱利安。所以對於 PJM，我們那裡的千兆瓦，這不是 2026 COD，這是在（聽不清）驅動下的出價。也許我會把它交給 Jason，談談我們在西方擁有的這些大型集群的第二階段的商業戰略中看到的內容。

Yes. No, thank you. So the second phases of those large cell clusters are, again, coming together well. So on CO Bar project, as mentioned, what we're looking at is completing contracts here in the second half. And the intent is to have -- to kick off our continuous -- our construction here this year in the second half on the first bit of contracted projects with the intent to have maintained continuous construction through the end of 2025, achieving full COD on the 1.2 gigawatts at that site through the end of 2025.

是的。不，謝謝。因此，那些大型細胞群的第二階段再次很好地結合在一起。因此，如前所述，關於 CO Bar 項目，我們正在尋找的是在下半年完成合同。並且我們的目的是 - 開始我們今年下半年在這裡的第一批合同項目的建設，目的是在 2025 年底之前保持持續建設，實現完整的 COD到 2025 年底，該站點的容量為 1.2 吉瓦。

Following the strategy we have of really the pieces are coming together on this land and expand with these large projects where what we're doing is adjusting the seats of the table in such a way that we have efficiency on the EPC contracting and can emphasize sort of continuous construction without a mobilization and demobilization. So for example, on CO Bar, we'll be achieving COD at the beginning of 2025 on the first half that has already been contracted. And by the end of 2025 and in the second half complete the remaining 600 megawatts through a carefully planned set of activities at the site.

按照我們的戰略，我們真正的各個部分都聚集在這片土地上，並通過這些大型項目進行擴展，我們正在做的是調整桌子的座位，以便我們在 EPC 承包方面具有效率並可以強調排序在沒有動員和復員的情況下進行連續建設。因此，例如，在 CO Bar 上，我們將在 2025 年初實現已經簽約的上半年的 COD。到 2025 年底和下半年，通過現場精心策劃的一系列活動，完成剩餘的 600 兆瓦。

Your next question comes from the line of Maheep Mandloi from Credit Suisse.

你的下一個問題來自瑞士信貸的 Maheep Mandloi。

Congratulations, indeed, coming to the U.S. markets here. Just depending on the previous question here on the 1.5 gigawatt per year kind of run rate you talked about. Can you remind us how much of that is funded by the cash flows from the existing projects? Just trying to see if that would require any additional capital raise beyond what talked about here?

確實，恭喜您來到這裡的美國市場。僅取決於之前關於您談到的每年 1.5 吉瓦的運行率的問題。您能否提醒我們其中有多少是由現有項目的現金流資助的？只是想看看除了這裡討論的內容之外，是否還需要任何額外的融資？

Yes. So I'll refer the question to Yosef.

是的。所以我會將問題提交給 Yosef。

Thank you, Gilad. So in terms of the 4.5 gigawatts of mature projects and 2.7 gigawatt hours, we're generating significant free cash flow from our existing portfolio of operational projects. We have, as you can see in the earnings release, a significant liquidity position as well, and we have access to additional corporate-level facilities and the corporate bond market here in Israel. So through those sources, we will be able to reach the 4.5 gigawatts and gives us a lot of certainty on our funding plan to reach that project at capacity and operational capacity.

謝謝你，吉拉德。因此，就 4.5 吉瓦的成熟項目和 2.7 吉瓦時而言，我們正在從現有的運營項目組合中產生大量的自由現金流。正如您在收益發布中看到的那樣，我們也擁有重要的流動性頭寸，並且我們可以使用額外的公司級設施和以色列這裡的公司債券市場。因此，通過這些來源，我們將能夠達到 4.5 吉瓦，並為我們的資金計劃提供很大的確定性，以達到該項目的產能和運營能力。

One thing to add is, we've made significant progress on the Atrisco project financing, and we have significant confidence in our ability to secure project finance and tax equity across our U.S. project portfolio. You will see in the tables in the back of our earnings release are equity assumptions that we've made per project, which is driven by some of the quotes we've received from lenders and the equity requirement for each of those projects.

要補充的一件事是，我們在 Atrisco 項目融資方面取得了重大進展，我們對我們在美國項目組合中確保項目融資和稅收公平的能力充滿信心。您將在我們的收益發布後面的表格中看到我們對每個項目所做的股權假設，這是由我們從貸方收到的一些報價以及每個項目的股權要求驅動的。

Yes. Just adding to that, on a general note, you can see cost of CapEx for the project, which is roughly $1 billion per each gigawatt going forward. Today, with us benefiting from locations in the West and having the PTC track, we can get down to an equity check of 15% only through $150 million per each new gigawatts. And if we perform about 30% sell down of the project, we can get it down to around 7.5% to $75 million per each gigawatt, and this allows us a lot of flexibility together with our, I think, very solid liquidity position right now.

是的。除此之外，一般來說，您可以看到該項目的資本支出成本，未來每千兆瓦大約為 10 億美元。今天，由於我們受益於西方的位置並擁有 PTC 軌道，我們可以通過每新千兆瓦 1.5 億美元來降低 15% 的股權支票。如果我們對該項目進行約 30% 的銷售，我們可以將其降低到每千瓦 7.5% 至 7500 萬美元，這讓我們有很大的靈活性，我認為，我們現在的流動性狀況非常穩固.

Got it. Got it. And separately, just on the IRA here. Can you just remind us what is the status of all the guidance you're expecting from the treasury here on energy community or domestic content adders, any time line you're looking forward here?

知道了。知道了。另外，就在這裡的愛爾蘭共和軍。您能否提醒我們，您期望財政部提供的關於能源社區或國內內容添加器的所有指導的狀態如何，您在這裡期待的任何時間線？

Yes. Thank you. Jason, would you like to refer to that?

是的。謝謝。傑森，你想參考一下嗎？

Yes. No, I'll take that. That is a wonderful question. I think we're all standing at the ready, awaiting that guidance, as mentioned, while that's really important to our upside, it is not necessary for the mainline track of projects. The baseline models do not include the upside on content or energy community. We are hopeful that we'll achieve that upside.

是的。不，我會接受的。這是一個很好的問題。我認為我們都已做好準備，等待該指導，如前所述，雖然這對我們的優勢非常重要，但對於項目的主線軌道來說並不是必需的。基準模型不包括內容或能源社區的優勢。我們希望我們能夠實現這一優勢。

So for example, on our battery supply, while we're not disclosing details on the battery supplier for Atrisco, we are noting that the supplier is on track and meeting key milestones, including ramp-up of U.S. supply. So we see a great deal of growing confidence in our ability to deliver a U.S. content equation on battery for Atrisco, which is further upside to our model. But like you, we're anxiously waiting guidance.

因此，例如，在我們的電池供應方面，雖然我們沒有透露 Atrisco 電池供應商的詳細信息，但我們注意到供應商正在走上正軌並達到關鍵里程碑，包括美國供應的增加。因此，我們看到人們對我們為 Atrisco 提供美國電池內容方程式的能力越來越有信心，這進一步提升了我們的模型。但和你一樣，我們也在焦急地等待指導。

Gilad, anything you'd like to add to that?

吉拉德，你還有什麼要補充的嗎？

No, that's prefect. Thanks.

不，那是完美的。謝謝。

The next question comes from the line of David Paz from Wolfe.

下一個問題來自 Wolfe 的 David Paz。

For my first question, for the potential PPA amendments, do you expect similar PPA increases as you've seen in the last year or so?

對於我的第一個問題，對於潛在的 PPA 修正案，您是否預計 PPA 會像您在去年左右看到的那樣增加？

Yes. So I'll start and Jason, feel free to complement me. So we are now negotiating additional PPA increases in the volume of 900 megawatts. So we do see an upside on an opportunity to further increase PPA, and we do see PPA price continue to rise in the U.S. according to the data that arrived from the latest quarters. And Jason, would you like to add to that?

是的。所以我會開始，傑森，請隨時補充我。因此，我們現在正在談判額外增加 900 兆瓦的 PPA。因此，我們確實看到了進一步增加 PPA 的機會，而且根據最近幾個季度的數據，我們確實看到美國的 PPA 價格繼續上漲。傑森，你想補充一下嗎？

So we have a volume of PPAs here in the U.S. that are continuing down that same path as Gilad has mentioned. We are consistently achieving the same 20% to 25% increase from those existing rates. And when we note PPAs, that includes awarded projects, some of our historical awarded projects, the process of being negotiated. So those have all largely been adjusted in terms of rates. And as we announce those numbers looking forward as those are contracted, what you'll see are the adjusted -- the numbers that have been adjusted upward, reflecting an increase in our price in the marketplace. And a lot of that ability to price is emphasized with our increased volume through system impact study.

因此，我們在美國這裡有大量 PPA，它們正沿著 Gilad 提到的相同路徑繼續前進。我們始終如一地將現有費率提高 20% 至 25%。當我們注意到 PPA 時，它包括授予的項目、我們的一些歷史授予項目、談判過程。所以這些都在很大程度上根據利率進行了調整。當我們宣布這些數字時，您會看到這些數字是經過調整的——已經向上調整的數字，反映了我們在市場上的價格上漲。通過系統影響研究，我們增加了數量，強調了很多定價能力。

What we're finding is that there are very few -- the supply of projects that are interconnection ready and have advanced status in terms of land and permitting are, in fact, limited. There are very few of those and a great deal of (inaudible), which is giving us pricing power in the market and that continues. And we're seeing that also in our -- on the (inaudible) side, again, noting that over the last several months, we've garnered 1.5 gigawatts of solar awards and another 2.1 gigawatt hours of storage, and we'll have more to announce in the next few months.

我們發現的是，已經準備好互連並且在土地和許可方面具有先進地位的項目的供應實際上是有限的。這些很少，但很多（聽不清），這給了我們在市場上的定價權，而且這種情況還在繼續。我們也在我們的 - 在（聽不清）方面再次看到，在過去的幾個月裡，我們已經獲得了 1.5 吉瓦的太陽能獎勵和另外 2.1 吉瓦時的存儲，我們將有更多信息將在未來幾個月內公佈。

Back to you, Gilad.

回到你身邊，吉拉德。

Thank you very much, Jason.

非常感謝你，傑森。

Great. My last question, just what is the expected annual cash generation from your updated mature projects?

偉大的。我的最後一個問題，您更新的成熟項目的預期年度現金產生是多少？

Yes. so Nir, would you like to refer to that?

是的。那麼 Nir，你想參考一下嗎？

Yes. So first of all, from the -- on consolidated basis, based on the current production and generation of cash flow during '22, as you can see in the financials, we generated around $90 million cash flow from operating activities, and our shares is around 65%. We presume that while all the mature portfolio will start generation on a run rate basis, will produce something around 150 based on the current assumption.

是的。因此，首先，從合併的基礎上，根據 22 年期間的當前生產和現金流產生，正如您在財務中看到的那樣，我們從經營活動中產生了大約 9000 萬美元的現金流，我們的股票是約 65%。我們假設，雖然所有成熟的投資組合都將開始按運行率生成，但根據當前假設，將生成大約 150 個。

(Operator Instructions) We will take our final question. And your question comes from the line of Justin Clare from MKM.

（操作員說明）我們將提出最後一個問題。你的問題來自 MKM 的 Justin Clare。

I guess, first off here, I just wanted to ask about your merchant exposure in 2023 and what you've kind of baked into guidance, how much should we expect in terms of merchant sales? And maybe how much of that have you hedged today? And how are you thinking about hedging your merchant exposure either this year or even into next year?

我想，首先在這裡，我只想問一下您在 2023 年的商家曝光率以及您在指導中融入了什麼，我們應該對商家銷售有多少期望？也許你今天對沖了多少？您如何考慮在今年甚至明年對沖您的商家風險？

Yes. Thank you very much for the question. I'll start and then Nir can complement me on the detailed data. So in general, as can you see, our Mature Portfolio is blend in -- around 20% coming from merchant and 80% coming from long-term PPAs with the fact that in the U.S., all our projects are for long-term PPAs on 100% of production. So going forward, we see a declining percentage of revenues coming from merchants.

是的。非常感謝你的提問。我會開始，然後 Nir 可以補充我的詳細數據。所以總的來說，正如你所看到的，我們的成熟投資組合融合在一起——大約 20% 來自商家，80% 來自長期購電協議，事實上在美國，我們所有的項目都是針對長期購電協議的100%的生產。因此，展望未來，我們看到來自商家的收入比例下降。

In Europe, in the year of 2023, we might see areas where in the blend, to some quarters, it will be a little bit more than 20%. But what we see currently is that the level of prices of electricity in the market -- in the forward and future for 2023 are much higher than our original financial model. So even in the trend that we see and by the way, we believe is positive of the stabilization of electricity prices in Europe and normalization of electricity prices, we still see levels that are significantly higher than the original financial models, driving higher returns on the project.

在歐洲，到 2023 年，我們可能會看到混合區域，在某些方面，它會略高於 20%。但我們目前看到的是，2023 年的未來和未來市場電價水平遠高於我們最初的財務模型。因此，即使在我們看到的趨勢中，順便說一下，我們認為歐洲電價穩定和電價正常化是積極的，我們仍然看到明顯高於原始金融模型的水平，從而推動更高的回報項目。

And going forward in the global perspective, we believe that this level of around 15% of exposure to merchant in selected markets with liquidity and good visibility towards the price setters in this market is going to provide a good hedge against volatility to the company.

從全球的角度來看，我們認為，在具有流動性和對該市場價格製定者的良好知名度的選定市場中，這種約 15% 的商戶敞口水平將為公司提供良好的波動性對沖。

Okay. Great. That's really -- go ahead.

好的。偉大的。這真的是 - 繼續。

Okay. Thank you very much.

好的。非常感謝。

And then I had one more, if I could,take one more in here. You had mentioned earlier, there are still some uncertainties that need to be resolved by the treasury regarding the IRA and the tax credits. Was wondering how that's being treated in your tax equity negotiations? Is there any potential for tax equity investments to be delayed if the guidance is delayed? Or are you expected essentially to be funded at kind of baseline levels and then there could be upside later if you do get the adders successfully?

然後我又多了一個，如果可以的話，在這裡多拿一個。你之前提到過，關於 IRA 和稅收抵免，仍然有一些不確定性需要財政部解決。想知道在您的稅收公平談判中是如何處理的嗎？如果指南延遲，是否有可能延遲稅收股權投資？或者你是否期望基本上在某種基線水平上獲得資金，然後如果你成功獲得加法器，以後可能會有上升空間？

Yes. So I think, as Jason mentioned, first, the baseline assumption of our coming project, like Atrisco, our flagship project, around $900 million project in terms of CapEx are based on the current incentives that provide very high return, solid double digits. And potential upside from energy community and the domestic content will only add to that if they occur. While currently, we negotiate on the tax equity on Atrisco, PTC track for the solar and ITC track for the batteries. So this is the base case.

是的。因此，我認為，正如 Jason 提到的，首先，我們即將推出的項目的基線假設，例如我們的旗艦項目 Atrisco，就資本支出而言約為 9 億美元的項目是基於當前的激勵措施，這些激勵措施提供非常高的回報，穩固的兩位數。能源社區和國內內容的潛在好處只會在它們發生時增加。目前，我們就 Atrisco、太陽能的 PTC 軌道和電池的 ITC 軌道進行稅收公平談判。所以這是基本情況。

We believe that in case we can be on time with domestic content on the batteries, we might have this adder even as early as in Atrisco already and maybe also the energy zone. But these are all upside on top of a very solid return on this project. Going forward, we do build a strategy that will allow us to gain the adder for the domestic content on the battery. And on several positions of the company, we believe that we have a nice potential also in the energy zones, but we will wait for that.

我們相信，如果我們能按時在電池上使用國內內容，我們可能早在 Atrisco 就已經擁有這個加法器，也許還有能源區。但這些都是在這個項目非常可觀的回報之上的好處。展望未來，我們確實制定了一項戰略，使我們能夠獲得電池上國內內容的加法器。在公司的幾個職位上，我們相信我們在能源領域也有很大的潛力，但我們會等待。

I would now like to turn the conference back to management for closing remarks.

我現在想把會議轉回管理層作閉幕詞。

Yes. So we are very excited to be here on our first call. Thank you, everybody, for your time. We are very positive, as you saw on all main indicators of the company both for the performance we've shown in '22 and also the guidance that we provided for '23 that shows an additional increase of more than 50% in the main indicators. So it's something that we are looking forward to our next quarterly meeting. Thank you.

是的。所以我們很高興能在我們的第一個電話會議上來到這裡。謝謝大家抽出寶貴時間。我們非常積極，正如您在公司的所有主要指標上看到的那樣，無論是我們在 22 年的業績表現，還是我們為 23 年提供的指導，顯示主要指標的額外增長超過 50% .所以這是我們期待下一次季度會議的事情。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。