Enlight Renewable Energy Ltd (ENLT) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Enlight Q3 2023 Earnings Call and Webcast. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Yosef Lefkovitz, VP and Corporate Finance. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Enlight 2023 年第三季財報電話會議和網路廣播。 （操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、企業財務副總裁 Yosef Lefkovitz。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining our third quarter 2023 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 opportunity and potential growth.

謝謝你，接線生。大家早安，感謝您參加我們的光線再生能源 2023 年第三季財報電話會議。在開始本次電話會議之前，我想提請與會者註意以下事項。今天在電話會議上發表的某些聲明，包括但不限於有關業務策略和計劃、我們的專案組合、市場機會和潛在成長的聲明。

Discussions with commercial counterparties and financing sources, progress of company projects, including anticipated timing of related approvals and anticipated production delays, expected impact from various regulatory developments, completion of development, the potential impact of the current conflict in Israel on our operations and financial condition and Company actions designed to mitigate such impacts and the Company's future financial and operational results and guidance, including revenue and adjusted EBITDA are forward-looking statements within the meaning of the U.S. federal securities laws, which reflect management's best judgment based on current available information. We reference certain project metrics in this earnings call and additional information about such metrics can be found in our earnings release.

與商業對手方和融資來源的討論、公司專案的進展情況，包括相關批准的預期時間和預期的生產延遲、各種監管發展的預期影響、開發的完成情況、以色列當前衝突對我們的營運和財務狀況的潛在影響公司旨在減輕此類影響的行動以及公司未來的財務和運營業績和指導（包括收入和調整後的EBITDA）均為美國聯邦證券法含義內的前瞻性陳述，反映了管理層根據目前可用資訊做出的最佳判斷。我們在本次財報電話會議中引用了某些項目指標，有關此類指標的更多資訊可以在我們的財報發布中找到。

These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our annual report filed with the SEC on March 30, 2023, and other filings for more information on the specific factors that could cause actual results to differ materially from our forward-looking information. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

這些陳述涉及風險和不確定性，可能導致實際結果與我們的預期不同。請參閱我們於 2023 年 3 月 30 日向 SEC 提交的年度報告以及其他文件，以了解有關可能導致實際結果與我們的前瞻性資訊有重大差異的具體因素的更多資​​訊。儘管我們認為這些期望是合理的，但我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。

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.

此外，電話會議上可能會討論非國際財務報告準則的財務指標。這些非國際財務報告準則措施應作為我們根據國際財務報告準則所編製的結果的補充，而不是替代或孤立地考慮。

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 website.

今天電話會議的收益發布和收益演示中提供了與最直接可比較的 IFRS 財務指標的對賬，這些數據發佈在我們的投資者關係網站上。

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 will then turn the call over to Jason for a review of our U.S. activity and then to Nir for a review of our financials. Our executive team will then be available to answer your questions.

今天早上和我在一起的有 Enlight 執行長兼聯合創始人吉拉德·亞維茨 (Gilad Yavetz)； Nir Yehuda，Enlight 財務長；以及 Clenera 執行長兼聯合創始人 Jason Ellsworth。吉拉德將發表一些開場白，然後將電話轉給傑森，以審查我們在美國的活動，然後轉給尼爾，以審查我們的財務狀況。然後我們的執行團隊將可以回答您的問題。

Thank you, Yosef, and thank you all for joining us today.

謝謝你，約瑟夫，也謝謝大家今天加入我們。

Before talking about the business and our quarterly performance, I would like to address the current situation in Israel. Over a month ago, Israel was brutally attacked by a terrorist organization and now find itself in a state of war with the aim to defend its civil population as well as the values of freedom and democracy. Given all the extreme events taking place in our country, we are quite proud that Enlight has succeeded in maintaining its normal operations and in parallel, engaging in support for our society with extensive community outreach and act of goodwill during this difficult period.

在談論業務和季度業績之前，我想先談談以色列目前的情況。一個多月前，以色列遭到恐怖組織的殘酷攻擊，現在處於戰爭狀態，目的是保衛其平民以及自由和民主的價值。鑑於我國發生的所有極端事件，我們感到非常自豪，光線能夠成功地維持正常運營，同時在這個困難時期透過廣泛的社區外展和善意行動為我們的社會提供支持。

It's a tribute to our employees and our company's values that we are able to maintain our commercial growth and success while at the same time, looking after families and small businesses that have been affected by the war. In terms of our operational project in Israel, all are producing power hardly without interruption. Moreover, our geographically diversified portfolio is a source of strength for our company.

我們能夠保持商業成長和成功，同時照顧受戰爭影響的家庭和小型企業，這是對我們員工和公司價值觀的致敬。就我們在以色列的營運項目而言，所有項目幾乎不間斷地發電。此外，我們的地域多元化投資組合是我們公司的力量來源。

In the first 9 months of 2023, 74% of our revenues were generated in European and in the U.S. with the remaining 26% in Israel. Moving on to a discussion of our business, Enlight results for the third quarter and 9 months were solid. Third quarter revenue grew 3% year-over-year to $58 million, whereas net income grew 35% to $26 million, and adjusted EBITDA grew 32% to $47 million in the quarter. Revenue for the first 9 months of 2023 grew 39% year-over-year to $182 million, 9-month net income grew 201% to $82 million and adjusted EBITDA grew 64% to $142 million for the 9-month period.

2023 年前 9 個月，我們 74% 的收入來自歐洲和美國，其餘 26% 來自以色列。接下來討論我們的業務，Enlight 第三季和 9 個月的業績表現穩健。第三季營收年增 3%，達到 5,800 萬美元，淨利成長 35%，達到 2,600 萬美元，調整後 EBITDA 成長 32%，達到 4,700 萬美元。 2023 年前 9 個月的營收年增 39% 至 1.82 億美元，前 9 個月的淨利潤成長 201% 至 8,200 萬美元，調整後的 EBITDA 成長 64% 至 1.42 億美元。

We also saw significant growth in our operating cash flow, which reached $31 million during the quarter and $126 million for the first 9 months of 2023, an increase year-over-year of 57% and 135% respectively.

我們的營運現金流也顯著成長，本季達到 3,100 萬美元，2023 年前 9 個月達到 1.26 億美元，年比分別成長 57% 和 135%。

Continuing our momentum from last quarter, we are pleased with the progress made on Project Björnberget in Sweden, which has reached full production. On the back of solid third quarter results, we reaffirm our full year 2023 guidance.

延續上季度的勢頭，我們對瑞典 Björnberget 項目的進展感到高興，該項目已全面投產。在第三季業績穩健的背景下，我們重申 2023 年全年指引。

Before Jason and Nir go deeper into our project and results, I would like to focus on our company's 2 main objectives: delivering above-market project returns and delivering above-market growth. First, let's discuss returns. In recent months, there has been a growing debate amongst investors as to whether project returns are high enough to withstand rising interest rates. This concern has grown in light of light to recent announcement from several major companies in the renewable energy sector, cutting their outlook, whether across offshore wind, residential solar or utility yieldcos. I would like to tackle these concerns head on and be very direct.

在 Jason 和 Nir ​​深入探討我們的專案和結果之前，我想先談談我們公司的兩個主要目標：提供高於市場的專案回報和實現高於市場的成長。首先，我們來討論一下回報。近幾個月來，投資者對於專案回報率是否足以承受不斷上升的利率的爭論日益激烈。隨著再生能源領域幾家主要公司最近宣布下調離岸風電、住宅太陽能或公用事業收益公司的前景，這種擔憂加劇。我想直接解決這些問題。

Project returns at Enlight remain robust and are increasing. This has been achieved through our clear and defined strategy, which includes: one, amending existing PPA pricing higher, while driving pricing significantly higher on newly signed PPAs. Two, remaining nimble on supply chain, enabling us to capture the value of rapidly easing cost across solar panels and batteries, and three, reaping the benefit of the IRA, which uniquely favor our portfolio.

Enlight 的專案回報依然強勁且不斷增加。這是透過我們清晰明確的策略實現的，其中包括：第一，提高現有購電協議的定價，同時大幅提高新簽署購電協議的定價。第二，在供應鏈上保持靈活性，使我們能夠抓住太陽能電池板和電池成本迅速降低的價值；第三，獲得 IRA 的好處，這對我們的產品組合特別有利。

I will now provide detail on each of these points. First, we amended over 1.8 gigawatts of legacy PPAs in the past 18 months with price increases on average of 25%. There are several more amendments currently under negotiation. Moreover, our newly contracted projects, PPA pricing has moved higher.

我現在將詳細介紹每一點。首先，我們在過去 18 個月內修改了超過 1.8 吉瓦的舊購電協議，價格平均上漲 25%。目前還有幾項修正案正在談判中。此外，我們新簽約的項目，PPA定價已經走高。

During the third quarter, we signed PPAs in the U.S. at prices on average 25% higher than what we were seeing a year ago. Similarly, in Europe, we signed an inflation-linked 15-year CfD at close to EUR 70 per megawatt hour. How have we managed to amend existing PPAs and drive new PPA pricing higher? With our interconnection advantage. Put simply, we are uniquely positioned to deliver large scale renewable energy projects to utilities who urgently need power now, and our customers are willing to pay. Second, we have secured a competitive advantage in supply chain. While many have opted to lock in module supply in the U.S. through long-term arrangement at a very high pricing, we chose to enter into flexible contracts that enable us to capture the value of wafer price decline.

第三季度，我們在美國簽署的購電協議價格比一年前平均高出 25%。同樣，在歐洲，我們以接近每兆瓦時 70 歐元的價格簽署了與通膨掛鉤的 15 年期差價合約。我們如何設法修改現有的購電協議並推高新的購電協議定價？憑藉我們的互聯優勢。簡而言之，我們擁有獨特的優勢，可以向目前急需電力的公用事業公司提供大型再生能源項目，而且我們的客戶也願意付費。二是我們在供應鏈上取得了競爭優勢。雖然許多公司選擇透過長期安排以非常高的價格鎖定美國的組件供應，但我們選擇簽訂靈活的合同，使我們能夠抓住晶圓價格下跌的價值。

As a result, today in the U.S., we can buy up to 2 gigawatts of panels at less than $0.30 a watt. We were modeling between $0.36 and $0.40 a watt across our U.S. projects just a few months ago. In Europe, the decline has been more dramatic. We can acquire panels today in Europe at less than $0.20 a watt. Similarly, battery container pricing has come down dramatically in the last 3 months from $250 to $180 per kilowatt hour on average - a nearly 30% decline.

因此，如今在美國，我們可以以每瓦不到 0.30 美元的價格購買高達 2 吉瓦的面板。就在幾個月前，我們在美國的專案中的模型為每瓦 0.36 美元到 0.40 美元。在歐洲，下降幅度更為顯著。如今，我們在歐洲可以以每瓦不到 0.20 美元的價格購買面板。同樣，電池容器的價格在過去 3 個月中也大幅下降，從平均每千瓦時 250 美元降至 180 美元，降幅近 30%。

In short, some in this sector have been dragged down by legacy PPAs, which have not been amended, coupled with take-or-pay equipment contracts at high pricing. On the other hand, we've been able to generate significant operating leverage from declining equipment costs while pushing PPA prices higher, driving robust project returns.

簡而言之，該行業的一些企業受到未經修訂的遺留購電協議以及高價照付不議設備合約的拖累。另一方面，我們能夠透過設備成本下降產生顯著的營運槓桿，同時推高購電協議價格，推動強勁的專案回報。

Finally, we are reaping the benefit of the IRA in the U.S. in addition to the increased tax equity we can raise on projects under the PTC track, which benefits our Westech focused portfolio. We also stand to benefit from tax credit adders. Approximately 1/4 of our U.S. projects are eligible for the energy community adder. The most recent examples of this are Atrisco, Quail Ranch and Rustic Hill, all of which are in our mature portfolio.

最後，除了我們可以在 PTC 軌道下的項目上籌集的增加的稅收公平之外，我們還受益於美國 IRA，這有利於我們以 Westech 為重點的投資組合。我們也可以從稅收抵免增加中受益。我們大約 1/4 的美國項目符合能源社區附加計劃的資格。最近的例子是 Atrisco、Quail Ranch 和 Rustic Hill，所有這些都在我們成熟的投資組合中。

Putting this all together, based on the above factors, we are now modeling a substantial improvement in the returns we expect to generate from our 3.6 gigawatt and 5.5 gigawatt hour of projects that are expected to COD between 2024 and 2026. This portfolio is now expected to generate an unleveraged ratio of around 10%, approximately 80 basis points higher than our expectation for models we prepared in the second quarter.

綜上所述，基於上述因素，我們現在正在建模，預計我們的3.6 吉瓦和5.5 吉瓦時專案將產生顯著的回報，這些專案預計在2024 年至2026 年之間實現COD。現在預計該投資組合產生約 10% 的無槓桿率，比我們對第二季準備的模型的預期高出約 80 個基點。

Even in a higher base rate environment, with this unlevered returns, we expect to deliver healthy mid-teen levered project returns. And to be very clear, our focus on returns is a fundamental feature for a joint developer and IPP business model. The alignment of interest that results from both the developer and IPP being under one umbrella means that Enlight is focused on developing projects that our internal IPP can profitably hold.

即使在較高的基本利率環境下，憑藉這種無槓桿回報，我們預計也能實現健康的中青少年槓桿項目回報。需要明確的是，我們對回報的關注是聯合開發商和 IPP 業務模式的基本特徵。開發商和 IPP 都在一個保護傘下，因此利益一致，這意味著 Enlight 專注於開發我們內部 IPP 可以獲利的專案。

Driven by the strong project fundamentals, we aren't giving up on our growth. We are continuing to accelerate it. We reached commercial operation on 256 megawatts of generation and 90-megawatt hours of energy storage during the quarter, including Genesis Wind, the largest renewable energy project in Israel. We have thus completed the entirety of our plan to reach 1.8 gigawatt of operational generation by the end of 2023.

在強大的專案基礎的推動下，我們不會放棄我們的成長。我們正在繼續加速它。本季度，我們實現了 256 兆瓦發電量和 90 兆瓦時儲能專案的商業運營，其中包括以色列最大的再生能源專案 Genesis Wind。我們已經完成了 2023 年底實現營運發電量達到 1.8 吉瓦的全部計畫。

We also made significant strides on the conversion of our development portfolio. We added 530 megawatts and 1.3 gigawatt hour through our Mature Project portfolio, including Country Acres, a new and substantial projects in California, as well as Quail Ranch in the second phase of our flagship Atrisco project. Both projects which have signed PPAs and signed interconnection agreements are targeted for commercial operation in '26 and '25 respectively. However, I do want to note that we are now expecting a delay at Project CO Bar, which is expected to COD in '26 versus our original expectation in '25. The delay has been driven by an interconnection queue reform being implemented by APS in Arizona, which will delay the receipt of our interconnection agreement.

我們在開發組合的轉換方面也取得了重大進展。我們透過我們的成熟專案組合增加了 530 兆瓦和 1.3 吉瓦時，包括加州的一個新的大型專案 Country Acres，以及我們旗艦 Atrisco 專案第二階段的 Quail Ranch。已簽署購電協議和互連協議的兩個項目均計劃分別於'26'和'25年商業運營。然而，我確實想指出的是，我們現在預計 CO Bar 專案會延遲，預計在 26 年實現 COD，而我們最初的預期是在 25 年。此次延遲是由亞利桑那州 APS 實施的互連隊列改革造成的，這將延遲收到我們的互連協議。

To compensate for the delay, we've been able to accelerate some of our other major projects from '26 to '25, highlighting the depth of our development engine. Jason will elaborate more on CO Bar and our plan for 2025 and 2026 in the U.S.

為了彌補延遲，我們已經能夠從 26 年到 25 年加速一些其他主要項目，突顯了我們開發引擎的深度。 Jason 將詳細介紹 CO Bar 以及我們 2025 年和 2026 年在美國的計劃。

Finally, to deliver above-market growth and above-market project returns, we are working also to optimize the access to high-quality capital and debt. We are in the final stages of achieving financial close on 2 major projects, the solar portion of Atrisco in the U.S. as well as the solar plus storage cluster in Israel.

最後，為了實現高於市場的成長和高於市場的專案回報，我們也努力優化獲得高品質資本和債務的管道。我們的兩個主要項目正處於財務結算的最後階段，即美國 Atrisco 的太陽能部分以及以色列的太陽能加儲存集群。

In total, we expect to secure above $500 million of project finance. We hope to be able to update you in the coming weeks as we complete each of these transactions. Post closing, we expect to recycle $300 million of excess equity invested in this project back to Enlight. The capital recouped from this project plus the cash we have on hand and cash flow we expect from operational projects is expected to provide us with the equity required to deliver a total operational portfolio of 4.6 gigawatts and 3.6 gigawatt hour extending into 2026 CODs.

總的來說，我們預計將獲得超過 5 億美元的專案融資。我們希望能夠在未來幾週內完成每筆交易後向您通報最新情況。交割後，我們預計將該專案投資的 3 億美元多餘股權回收迴光線公司。從該專案收回的資本加上我們手頭上的現金和我們預期從營運項目中獲得的現金流預計將為我們提供所需的股本，以交付4.6 吉瓦和3.6 吉瓦時的總營運投資組合，並延伸至2026 年COD。

To fund further growth thereafter, we expect to execute on our capital recycling strategy - selling down minority stakes in projects. We began to execute this capital recycling strategy during the third quarter. We sold off our 10% stake in Faraday, a 680 megawatts pre-NTP project in Utah for $190,000 per megawatt, obtaining $13 million of capital for future years.

為了為此後的進一步成長提供資金，我們預計將執行我們的資本回收策略—出售專案的少數股權。我們在第三季開始執行這項資本回收策略。我們以每兆瓦 19 萬美元的價格出售了 Faraday 10% 的股份，這是猶他州 680 兆瓦的 NTP 前項目，為未來幾年獲得了 1,300 萬美元的資本。

We also sold our 50% share in several small operation projects totaling 25 megawatts in Israel for $6 million. These transactions, while small, nevertheless, illustrates the potential to unlock value and growth capital through sell-down. In summary, we see attractive fundamentals in our business, pricing power for our projects and easing supply chain and access to product finance which will all enable us to deliver on our twofold objective of above-market project returns and above-market growth.

我們也以 600 萬美元的價格出售了以色列幾個總計 25 兆瓦的小型營運項目 50% 的股份。這些交易雖然規模較小，但說明了透過拋售釋放價值和成長資本的潛力。總而言之，我們看到我們的業務具有有吸引力的基本面、我們專案的定價能力、寬鬆的供應鏈以及產品融資的機會，這些都將使我們能夠實現高於市場的專案回報和高於市場的成長的雙重目標。

I will now hand it off to Jason, who will provide more details on some of our U.S. projects.

我現在將其交給傑森，他將提供有關我們的一些美國項目的更多詳細資訊。

Thank you, Gilad. In the U.S. project, fundamentals remain strong. PPA prices are increasing and equipment pricing is falling. At the same time, we are making steady progress in growing and advancing our project portfolio. Against that positive backdrop, it is likely that our flagship CO Bar project will be delayed approximately one year due to an interconnection queue reform by Arizona Public Services.

謝謝你，吉拉德。美國專案的基本面依然強勁。 PPA 價格上漲，設備價格下降。同時，我們在擴大和推進我們的專案組合方面正在穩步取得進展。在這種積極的背景下，由於亞利桑那州公共服務部門的互連隊列改革，我們的旗艦 CO Bar 計畫可能會推遲約一年。

Construction on the solar portion of Atrisco in New Mexico, comprising 364 megawatts remains on schedule. All major equipment is on site. Our project racking is 99% complete and 96% of modules are installed. We plan to achieve COD at the beginning of the third quarter of 2024. And as Gilad mentioned, we've materially finalized the definitive documents required for project finance on the solar portion of Atrisco, including term debt and tax equity and closing is expected imminently. However, the storage portion of Atrisco, comprising 1.2 gigawatt hours is now delayed due to supplier issues. COD is expected during the fourth quarter of 2024.

新墨西哥州 Atrisco 太陽能發電站（容量為 364 兆瓦）的建設仍在按計劃進行。所有主要設備均在現場。我們的專案貨架已完成 99%，模組已安裝 96%。我們計劃在 2024 年第三季初實現 COD。正如 Gilad 所提到的，我們已經實質上敲定了 Atrisco 太陽能部分專案融資所需的最終文件，包括定期債務和稅收股權，預計即將完成。然而，由於供應商問題，Atrisco 的儲存部分（包括 1.2 吉瓦時）現已延遲。預計貨到付款將於 2024 年第四季進行。

We are evaluating the possibility of a change of storage supplier to meet project time lines and bank financing requirements. In parallel, we are expanding the potential of our Atrisco complex under our land-and-expand strategy. We are pleased to announce that in October 2023, we signed a PPA with PNM, the current offtaker of Atrisco for an expansion of Atrisco. The new project called Quail Ranch is sized at 120 megawatts of solar and 400-megawatt hours of storage. The project will benefit from Atrisco's completed development status and therefore, has been added to our mature project portfolio this quarter. Moreover, like Atrisco, Quail Ranch will benefit from an energy community tax credit adder. Under our land-and-expand strategy, we can reduce risk and compress development time lines while increasing returns. We plan to start construction in 2024 and achieve COD in 2025.

我們正在評估更換儲存供應商的可能性，以滿足專案時間表和銀行融資要求。同時，我們正在土地擴張策略下擴大 Atrisco 綜合體的潛力。我們很高興地宣布，2023 年 10 月，我們與 PNM（Atrisco 的當前承購商）簽署了一份購電協議，以擴大 Atrisco 的規模。這個名為 Quail Ranch 的新專案規模為 120 兆瓦太陽能和 400 兆瓦時儲能。該專案將受益於 Atrisco 已完成的開發狀態，因此已在本季度添加到我們的成熟專案組合中。此外，與 Atrisco 一樣，Quail Ranch 將受益於能源社區稅收抵免加值。根據我們的土地擴張策略，我們可以降低風險並壓縮開發時間，同時增加回報。我們計劃於2024年動工建設，並於2025年實現COD。

In addition to Quail Ranch, we also added a large new project to the mature portfolio this quarter called Country Acres. Located in California, it is sized at 392 megawatts of solar and 688 megawatt hours of storage.

除了鵪鶉牧場之外，本季我們還在成熟的投資組合中增加了一個名為 Country Acres 的大型新項目。該項目位於加州，太陽能發電容量為 392 兆瓦，儲能容量為 688 兆瓦時。

We recently executed a PPA and interconnection agreement with Sacramento Municipal Utility District. The solar is contracted for 30 years and storage for 20 years under [busbar] agreements. Clenera has a long history of project development in California, and we are excited about this new major project and the quality of our partner. We expect construction on Country Acres to begin in 2024 and commercial operations in 2026. Finally, we expanded our Roadrunner project with Arizona's AEPCO by additional 44 megawatts of solar and 140-megawatt hours. We continue to work with AEPCO to meet their growing need for clean and reliable power and capacity.

我們最近與薩克拉門托市政公用事業區簽署了購電協議和互連協議。根據[母線]協議，太陽能合約期限為 30 年，儲存合約期限為 20 年。 Clenera 在加州擁有悠久的專案開發歷史，我們對這個新的重大專案和我們合作夥伴的品質感到興奮。我們預計 Country Acres 的建設將於 2024 年開始，商業運營將於 2026 年開始。最後，我們與亞利桑那州的 AEPCO 合作擴大了 Roadrunner 項目，增加了 44 兆瓦的太陽能和 140 兆瓦時的發電量。我們繼續與 AEPCO 合作，滿足他們對清潔可靠的電力和容量日益增長的需求。

In total, between Quail Ranch, Country Acres and the Roadrunner expansion, we added 556 megawatts of solar and 1,228 megawatt hours of storage to our mature portfolio in the U.S. during the quarter. On CO Bar, our 1.2 gigawatt solar and 800-megawatt hour storage project located in Arizona, we expect to see a 1 year delay. As Gilad mentioned in September, Arizona Public Services enacted a reform of its interconnection queue process. The reform changes APS' interconnection study review from a first-come-first-served basis to a first-ready-first-served approach. While CO Bar's real estate, permitting, offtake and system impact study are already secured, it is expected that the revised process will cause an approximate 1 year delay to the project. As a result, we have moved the project's expected COD from 2025 to 2026. We are working with our partners in the state to try and shorten this delay given the project's advanced status. To help offset the impact of the CO Bar delay, we are accelerating the scheduled COD for Roadrunner, that's 294 megawatts of solar and 940-megawatt hours of storage from a 2026 to a 2025 COD.

總的來說，本季度，Quail Ranch、Country Acres 和 Roadrunner 擴建計畫為我們在美國的成熟投資組合增加了 556 兆瓦太陽能和 1,228 兆瓦時儲能。對於我們位於亞利桑那州的 1.2 吉瓦太陽能和 800 兆瓦時儲能專案 CO Bar，我們預計會延遲 1 年。正如吉拉德在 9 月提到的，亞利桑那州公共服務部門對其互連隊列流程進行了改革。此次改革將 APS 的互聯研究審查從先到先服務的基礎改為先準備先服務的方式。雖然 CO Bar 的房地產、許可、承購和系統影響研究已經確定，但預計修訂後的流程將導致該專案延遲約 1 年。因此，我們將該專案的預期 COD 從 2025 年推遲到 2026 年。鑑於該專案的進展狀態，我們正在與該州的合作夥伴合作，嘗試縮短這一延遲。為了幫助抵消 CO Bar 延遲的影響，我們正在加快 Roadrunner 的預定 COD，從 2026 年到 2025 年 COD，需要 294 兆瓦的太陽能和 940 兆瓦時的儲存。

As I mentioned a moment ago, Quail Ranch, including 120 megawatts and 400 megawatt hours entered the mature project portfolio and is also expected to reach COD in 2025. These projects are both mature and well suited for 2025 completion. While we are disappointed with the delay to CO Bar, the depth of our development portfolio affords us the ability to be nimble.

正如我剛才提到的，Quail Ranch包括120兆瓦和400兆瓦時進入成熟專案組合，預計也將在2025年達到COD。這些專案都很成熟，非常適合2025年竣工。雖然我們對 CO Bar 的延遲感到失望，但我們開發組合的深度使我們有能力保持靈活性。

Recapping. We are encouraged by our team's progress in the development and construction of our U.S. portfolio; where there are delays, we are advancing other portfolio projects to fill our schedule and continue to deliver strong results. Our projects are well sited and well developed, evoking strong demand from off-takers and we are benefiting from falling equipment prices. Overall project returns are robust, and we are encouraged by the strength of the U.S. market.

回顧一下。我們的團隊在美國投資組合的開發和建設方面取得的進展令我們感到鼓舞；在延誤的情況下，我們正在推進其他投資組合項目，以填補我們的日程安排並繼續取得強勁成果。我們的專案位置優越、開發完善，激發了承購商的強勁需求，我們也受益於設備價格下降。整體專案回報強勁，我們對美國市場的強勁表現感到鼓舞。

With that, I'll turn it over to Nir to review the company's financials.

這樣，我會將其交給 Nir ​​來審查公司的財務狀況。

Thank you, Jason. In the third quarter of 2023, the company's revenue increased to $58 million, up from $56 million last year, a growth rate of 3% year-over-year. Growth was mainly driven by the revenue contribution of new operational projects and inflation indexation embedded in PPS for already operational projects. This was largely offset by a decline in revenues at Gecama year-over-year driven by lower electricity price relative to the price observed in the same quarter last year.

謝謝你，傑森。 2023年第三季度，該公司營收從去年的5,600萬美元增至5,800萬美元，年成長率為3%。成長主要是由新營運項目的收入貢獻以及已營運項目的 PPS 中嵌入的通膨指數所推動的。這在很大程度上被 Gecama 收入同比下降所抵消，原因是電價相對於去年同期觀察到的價格較低。

Since the third quarter of last year, 544-megawatt and 81-megawatt hour of projects started selling electricity, including Björnberget in Sweden, Apex Solar in the U.S., ACDC in Hungary and several small solar and storage projects in Israel. This project collectively contributed $8 million revenue during the third quarter of '23. The biggest contributor was Björnberget $5 million, which is now operating at full production. Gecama revenues fell year-over-year by 38%, $8 million year-over-year driven by lower power price relative to last year's peak electricity pricing.

自去年第三季以來，已有544兆瓦和81兆瓦時的計畫開始售電，其中包括瑞典的Björnberget、美國的Apex Solar、匈牙利的ACDC以及以色列的幾個小型太陽能和儲能計畫。該項目在 2023 年第三季總共貢獻了 800 萬美元的收入。最大的貢獻者是 Björnberget 500 萬美元，該工廠目前已滿載生產。由於電價低於去年的峰值電價，Gecama 營收年減 38%，年減 800 萬美元。

Finally, the company also benefited from inflation indexation embedded in its PPA which contributed an additional $3 million of revenue during the quarter. This reflected on average indexation of 7.2% across 592 megawatts of PPAs for projects that have been operational for a full year. Net FX impact was immaterial to results for the quarter. Net income increased to $26 million, a growth rate of 35% year-over-year. There was a noncash benefit of $8 million this quarter attributed to the mark-to-market of interest rate hedge the company entered into ahead of financial close process at Aristo.

最後，該公司還受益於其購電協議中嵌入的通膨指數化，在本季額外貢獻了 300 萬美元的收入。這反映了全年營運項目的 592 兆瓦購電協議的平均指數為 7.2%。淨外匯影響對該季度的業績並不重要。淨利增至2600萬美元，年增35%。本季有 800 萬美元的非現金收益，這歸因於公司在 Aristo 財務結算流程之前進行的按市價計價的利率對沖。

The residual change in net income was driven by a reduction in the expectation for earn-out payment linked to the acquisition of Clenera of $12 million. compared to $18 million reduction during the same period in '22 and again recognized on project divestitures of $8 million. In the third quarter of '23, the company adjusted EBITDA grew by 32% to $47 million compared to $36 million for the same period in '22. Aside from the factor which affected our revenues growth, important items included gains recognized from project divestiture and the final $2 million installment of compensation payment from Siemens Gamesa linked to the delay in reaching full production at Björnberget.

淨利潤的剩餘變化是由於與收購 Clenera 相關的 1200 萬美元盈利支付預期的減少所致。與 2022 年同期相比減少了 1800 萬美元，並在項目剝離中再次確認了 800 萬美元。 23 年第三季度，該公司調整後的 EBITDA 成長了 32%，達到 4,700 萬美元，而 22 年同期為 3,600 萬美元。除了影響我們收入成長的因素外，重要的項目還包括項目剝離所確認的收益以及西門子歌美颯因 Björnberget 延遲全面投產而支付的最後 200 萬美元補償金。

With respect to the divestiture, the company sold its 10% stake in the Faraday solar project in the U.S. for $190,000 per megawatt. We recognized a gain of $3 million in the third quarter and expect to recognize an additional gain of $2 million in the fourth quarter. Similarly, the company sold 50% of several small operational projects in Israel, so $465,000 per megawatt recognizing again in the third quarter of $5 million. These gains were offset by $1 million increase in overhead.

在剝離方面，該公司以每兆瓦19萬美元的價格出售了其在美國法拉第太陽能專案10%的股份。我們在第三季確認了 300 萬美元的收益，並預計在第四季將額外確認 200 萬美元的收益。同樣，該公司出售了以色列幾個小型營運項目的 50%，因此每兆瓦售價為 46.5 萬美元，第三季再次確認為 500 萬美元。這些收益被 100 萬美元的管理費用增加所抵銷。

Moving to 23 guidance. We are pleased to reaffirm our full year '23 outlook provided last quarter. We expect annual revenue between $265 million to $275 million, with adjusted EBITDA between $188 million and $199 million. Looking to our balance sheet, Enlight engaged in a number of capital raising transactions during the quarter. In September, the company raised 309 million shekels, approximately $84 million at the time of unsecured corporate debt in Israel at an effective rate of 5.8%, expanding on the existing senior unsecured 6 series.

轉向 23 指導。我們很高興重申上季度提供的 23 年全年展望。我們預計年收入在 2.65 億美元至 2.75 億美元之間，調整後 EBITDA 在 1.88 億美元至 1.99 億美元之間。從我們的資產負債表來看，Enlight 在本季進行了多項融資交易。 9月份，該公司在以色列發行無擔保公司債務時籌集了3.09億謝克爾，約合8,400萬美元，有效利率為5.8%，擴大了現有優先無擔保6系列債券的規模。

We have also been working to achieve financial closing on both Atrisco Solar in the U.S. and our Solar plus Storage project in Israel. We have almost reached the finish line, as definitive documents have been finalized. We hope to be able to update you in coming weeks as we close each of these transactions. The combined sum of these 2 transactions is expected to be more than $500 million. From this amount, there is more than $300 million of excess equity capital, which we expect to recycle back to Enlight. This transaction should further strengthen our balance sheet reinforcing the financial footing needed to deliver the future growth of our business.

我們也一直致力於實現美國 Atrisco Solar 和以色列 Solar plus Storage 專案的財務結算。我們即將到達終點線，因為最終文件已經敲定。我們希望能夠在未來幾週內完成每筆交易時向您通報最新情況。這兩筆交易的總金額預計將超過 5 億美元。從這筆金額中，還有超過 3 億美元的超額股本，我們預計將其回收回 Enlight。這項交易將進一步強化我們的資產負債表，增強實現我們業務未來成長所需的財務基礎。

Finally, as of the end of the quarter, we had $170 million of revolving credit facility at several Israeli banks, of which $110 million remain undrawn. The facilities provide us with additional financial firepower and flexibility as we allocate equity investment in projects and optimize project financing over time.

最後，截至本季末，我們在幾家以色列銀行擁有 1.7 億美元的循環信貸額度，其中 1.1 億美元尚未提取。這些設施為我們分配專案股權投資並隨著時間的推移優化專案融資提供了額外的財務實力和靈活性。

In conclusion, we benefit from a strong funding position and access to capital with clear plans to deliver on our mature portfolio. We are executing well and are very excited about the future.

總之，我們受益於強大的融資地位和獲得資本的機會，並有明確的計劃來實現我們成熟的投資組合。我們執行得很好，並對未來感到非常興奮。

With that, I will turn it over to the operator for your questions. Operator?

這樣，我會將其轉交給接線員，以解答您的疑問。操作員？

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

（操作員指示）您的問題來自摩根大通的 Mark Strouse。

Jason, I wanted to go back to the interconnection reform with the CO Bar project. Thanks for the color there. Can you -- when you look at your other projects that are pending over the next few years, let's say, are there other utilities, other states kind of any level that are looking at similar reforms? And how do you think about the risk on some of the other projects?

Jason，我想回到 CO Bar 計畫的互聯互通改革上來。感謝那裡的顏色。當你審視未來幾年懸而未決的其他項目時，是否還有其他公用事業公司、其他任何級別的州正在考慮類似的改革？您如何看待其他一些項目的風險？

Yes. That's a great question, Mark. We're watching that carefully across all of the utilities. The fortunate thing is we have such an advanced status across all of our portfolio, including approximately 10 gigawatts of solar. And that has put us in a position to be well out ahead of changes. The impact on CO Bar is procedural. And as we work through that, certainly, that has a delay, but it is not impacting the remainder of our projects in Arizona. So it's very specific to CO Bar and we don't currently see a risk to our other projects in terms of interconnection, Q reform and changes there. Of course, there are overall delays in the market in terms of queue and projects that are sitting in the back of those queues are seeing delays. And many of those are seeing significant delays if they are to be successful at all, projects that are at the head of the queues as much of our portfolio are advancing and continuing to move forward.

是的。這是一個很好的問題，馬克。我們正在所有公用事業公司中仔細觀察這一情況。幸運的是，我們的所有產品組合都處於如此先進的地位，其中包括大約 10 吉瓦的太陽能。這使我們能夠遠遠領先於變革。對 CO Bar 的影響是程序性的。當我們解決這個問題時，當然會有延遲，但它不會影響我們在亞利桑那州的其餘項目。因此，它是針對 CO Bar 的，目前我們沒有看到我們其他項目在互連、Q 改革和變化方面有風險。當然，市場上的排隊情況總體上存在延遲，而位於隊列後面的項目也出現了延遲。其中許多專案要想獲得成功，就面臨著嚴重的延誤，這些專案在我們的投資組合中處於領先地位，而我們的大部分專案都在推進並繼續向前推進。

We're also continuing to -- as we've said in the past, engineering and procurement agreements with utilities in order to accelerate the process that allows the utility to advance the work on their side in advance of having the facility studies complete or in advance of an LGIA in such a way that project time lines are benefited.

正如我們過去所說，我們也將繼續與公用事業公司簽訂工程和採購協議，以加快進程，使公用事業公司能夠在設施研究完成或完成之前推進自己的工作。以有利於專案時間表的方式推進LGIA。

And then a follow-up probably for Gilad. You obviously want to be sensitive to the -- what's happening in Israel right now, but I do want to ask if there have been any employees that have been called out for service, kind of how we should think about what roles might be impacted there and kind of your ability to kind of backfill for that?

然後可能是吉拉德的後續行動。您顯然希望對以色列目前正在發生的事情保持敏感，但我確實想問是否有任何員工被要求提供服務，我們應該如何考慮那裡的哪些角色可能會受到影響你有能力對此進行補充嗎？

It's a great question. So I will start with the answer by saying that what we see in Israel right now is that we continue -- we are able to continue the operations of all our sites in close to 100% despite all the events. In terms of the employees, so first, as a matter of figures, so about 45% of the total employees of the group are located in Israel, 120, more or less out of close to 300. About, I would say, 1/4 of them are either in reserve service or spouses of people that are in reserve service, but the remainder of the employees are supporting all the operations. So we are very confident, but also very proud in our employees in the way they are handling the situation and also in parallel supporting the civil society in many, many actions that we are doing to support other businesses and also civil populations. We feel that this is part of the values of the company and we are doing it without affecting the business side.

這是一個很好的問題。因此，我首先要說的是，我們現在在以色列看到的是，儘管發生了所有這些事件，我們仍能夠繼續以接近 100% 的速度繼續運營所有站點。就員工而言，首先從數字上看，該集團大約有 45% 的員工位於以色列，在近 300 名員工中，大約有 120 名。我想說，大約是 1/其中4 人要么是預備役軍人，要么是預備役軍人的配偶，但其餘員工支持所有營運。因此，我們非常有信心，但也為我們的員工處理這種情況的方式感到非常自豪，同時我們也為支持其他企業和公民而採取的許多行動支持民間社會。我們認為這是公司價值觀的一部分，我們這樣做不會影響業務方面。

We will now go to our next question. And the next question comes from the line of Julien Dumoulin-Smith from Bank of America.

現在我們將討論下一個問題。下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Its [Alex Gravel] on for Julien today. I wanted to press a little bit more just on the sort of financing environment that you guys are operating in. Obviously, at Atrisco, good to see that sort of fully termed out and ready to close at this point. We believe that it's still a little bit delayed from your expectations and beyond just the sort of back and forth between investors and counterparties across the space on returns, there's also been a lot of debate around ability to get tax equity, the transfer market and the evolution there. I'm just curious if you can kind of give us what you guys are seeing the latest. Do you expect to use PTC or ITC transfer deals here forward? And if you can add, I mean, how would that impact the return profile that you guys sort of elegantly laid out at the beginning of the call relative to sort of your underwriting assumptions?

今天朱利安的節目是[亞歷克斯·格拉維爾]。我想進一步強調你們所處的融資環境。顯然，在 Atrisco，很高興看到這種融資環境已經完全確定並準備在此時關閉。我們認為，與您的預期相比，這仍然有點延遲，並且除了投資者和交易對手之間在回報方面的來回討論之外，關於獲得稅收公平的能力、轉讓市場和回報也存在很多爭論。那裡的進化。我只是好奇你能否為我們介紹一下你們最新看到的情況。您希望在此使用 PTC 或 ITC 轉讓交易嗎？如果你可以補充一下，我的意思是，這將如何影響你們在電話會議開始時相對於承保假設優雅地列出的回報情況？

Yes. So first, I'm very happy to update that we did close already the tax equity transaction for the solar portion of Atrisco with Bank of America. It's a major transaction and an important milestone for the project. And I hope that in the coming days or weeks, we're going to close also the debt side of the project and the solar side of it. And then we'll go for the next milestone of closing tax equity and debt for the battery storage project.

是的。首先，我很高興地宣布，我們已經與美國銀行完成了 Atrisco 太陽能部分的稅收股權交易。這是一項重大交易，也是該專案的一個重要里程碑。我希望在未來幾天或幾週內，我們也將關閉該專案的債務部分和太陽能部分。然後我們將邁向下一個里程碑，即關閉電池儲存專案的稅務股權和債務。

So first, in terms of Atrisco, we are very confident in executing the project finance and tax equity for the project, the suppliers out there of the equity and the debt and it's more about the operation of the facility agreements in the current environment in the U.S. We are working very closely to optimize also the financial terms of the deal in order to make sure that we keep executing on profitability also. And I think this is also shown in our quarterly numbers where profitability has increased. And this is what we are doing in Atrisco.

所以首先，就Atrisco而言，我們對執行該專案的專案融資和稅收股權、股權和債務的供應商非常有信心，更多的是關於融資協議在當前環境下的運作美國我們正在密切合作，優化交易的財務條款，以確保我們繼續實現盈利。我認為這也體現在我們獲利能力增加的季度數據中。這就是我們在 Atrisco 所做的事情。

So I agree that they were around one project -- one quarter delay, but I think we are very confident. And as you see, the project is advancing both in terms of its construction and also in terms of financing.

所以我同意他們圍繞著一個項目——延遲了四分之一，但我認為我們非常有信心。正如您所看到的，該專案無論是在建設方面還是在融資方面都在取得進展。

Yosef, here. just to touch on the strategy kind of in terms of underwriting for the longer term, when we model our projects, particularly for the strategic lens, we're looking to use tax equity in the places which are strategic for us, for the large scale, very material projects in our portfolio. When we look towards some of our projects, which may be smaller, we may look to transferability for both ease of execution and liquidity of that market. So we believe we have access to the tax equity market, but we also want to be selective and use that tax equity for the projects which are most important and meaningful for us.

約瑟夫，在這裡。只是為了觸及長期承保方面的策略，當我們為專案建模時，特別是從戰略角度來看，我們希望在對我們具有戰略意義的地方使用稅收公平，以實現大規模，我們的投資組合中非常重要的項目。當我們考慮一些較小的項目時，我們可能會考慮可轉讓性，以方便執行和該市場的流動性。因此，我們相信我們可以進入稅收股權市場，但我們也希望有選擇性地將稅收股權用於對我們來說最重要和最有意義的項目。

Got it. Yes, makes a ton of sense given the backdrop and the amount of demand out there. On the other side, I mean, congrats again, I guess, on the amount of PPAs you guys sort of continue to reprice and renegotiate. Again, I wanted to ask, there's another sort of key debate in the space, how do those discussions go for you guys? And also sort of what are you hearing across the space? Obviously, you operate in mostly a physical power market, others do some things around virtual PPAs, et cetera. I'm curious sort of like what you're hearing from your customers when you go back to them for those things, what you're hearing from others and how you expect that to evolve from here given the sort of push full of higher rates against much lower equipment costs that you guys alluded to at the beginning of the call.

知道了。是的，考慮到背景和需求量，這是很有意義的。另一方面，我想，再次恭喜你們繼續重新定價和重新談判的購電協議數量。我想再問一下，這個領域還有另一個關鍵辯論，這些討論對你們來說怎麼樣？您在整個空間中聽到了什麼？顯然，您主要在實體電力市場運營，其他人則圍繞虛擬購電協議開展一些工作，等等。我很好奇，當你回到客戶那裡詢問這些事情時，你會從他們那裡聽到什麼，你從其他人那裡聽到什麼，以及考慮到更高費率的推動，你期望從這裡開始如何發展你們在電話會議開始時提到的設備成本要低得多。

Maybe I can start, Jason, and then you can complement me, okay? So I would say that first, it's very important to reiterate, as we said in previous quarters that all the discussions we are doing with the utilities on the repricing are doing in goodwill and in mutual interest. There is nothing that is legal about this discussion and I think this means that there is a mutual interest. And the interest is to see projects that are becoming operational soon because the utilities need the electricity and as we all see, there are some delays in the market.

也許我可以開始，傑森，然後你可以補充我，好嗎？因此，我想說，首先，重申這一點非常重要，正如我們在前幾個季度所說的那樣，我們與公用事業公司就重新定價進行的所有討論都是出於善意和共同利益。這次討論沒有任何合法之處，我認為這意味著有共同利益。人們感興趣的是看到專案很快就投入運營，因為公用事業公司需要電力，而且正如我們都看到的那樣，市場存在一些延遲。

So whenever projects are more ready to get constructed, and to support the need of the utilities, I think there is a strong support from the utilities to help them get there. It is true that prices of equipment are going down; from the other side, the steel prices of electricity in the market, which are the alternatives are much higher and also interest rates are still very high. So I think this still supports, I would say, this kind of actions that we are doing, and we are still seeing also new PPAs that we've signed in the last quarter that were -- they were 25% higher than the price of PPAs on average that we close on comparing the period last year. So we see that the environment of PPA pricing in market is also influencing our ability to reprice.

因此，每當專案準備好建造並支持公用事業公司的需求時，我認為公用事業公司都會提供強大的支援來幫助他們實現目標。設備價格確實在下降；另一方面，市場上替代品電力的鋼材價格要高得多，而且利率仍然很高。因此，我認為這仍然支持我們正在採取的這種行動，而且我們仍然看到我們在上個季度簽署的新購電協議——它們比價格高出 25%。我們接近去年同期的平均購電協定.所以我們看到PPA定價的市場環境也在影響我們重新定價的能力。

Thanks, Gilad. Yes. I would reiterate that project readiness is a key characteristic of those discussions right now. It is so important to the utilities to have line of sight to projects coming on to the grid, supplying the needs of their customer base. And so in that environment, we found a lot of support for repricing, though, those conversations are never, never easy. They're done respectfully and carefully with the utilities considering their needs and the needs of the project and we have been consistently successful in that. We are not looking to advance those beyond what the needs of the projects are in terms of obtaining the increases that are necessary to keep pace with the inflationary environment, especially rate inflation.

謝謝，吉拉德。是的。我想重申，專案準備就緒是目前這些討論的關鍵特徵。對於公用事業公司來說，了解併網專案、滿足客戶群的需求非常重要。因此，在那種環境下，我們發現了很多對重新定價的支持，但這些對話從來都不是一件容易的事。他們尊重並仔細對待公用事業公司，考慮到他們的需求和專案的需求，我們在這方面一直取得成功。我們不希望推進超出項目需求的項目，以獲得與通膨環境（尤其是利率通膨）保持同步所需的成長。

But with that in mind, the utilities have been very understanding and helpful in that process. And as Gilad has noted, even our new PPAs are seeing roughly the same level of increase versus some months and even years ago. So at a roughly 25% average increase across the board, we continue to find reception and support from utilities, though, as mentioned, those discussions are carefully orchestrated and done respectfully with the utilities. They're not easy, but they are and have been successful. Got it.

但考慮到這一點，公用事業公司在這過程中非常理解並提供了幫助。正如吉拉德所指出的，即使是我們的新購電協議也與幾個月甚至幾年前大致相同的成長水準。因此，在整體平均增幅約為 25% 的情況下，我們繼續得到公用事業公司的接待和支持，儘管如前所述，這些討論是經過精心策劃並尊重公用事業公司進行的。他們並不容易，但他們現在並且已經取得了成功。知道了。

(Operator Instructions) We will now go to our next question. And your next question comes from the line of Justin Clare from ROTH MKM.

（操作員說明）我們現在將討論下一個問題。您的下一個問題來自 ROTH MKM 的 Justin Clare。

So I wanted to go back to the CO Bar project. So it sounds like it's now planned to be completed in 2026. So I just wanted to understand a little bit better, the potential for that time line to change, whether it could be accelerated back into 2025 or what the risk is that it could be delayed into 2027? And then wondering what you're waiting on in order to be able to start construction for that project? So that would be helpful.

所以我想回到 CO Bar 計畫。所以聽起來現在計劃在 2026 年完成。所以我只是想更好地了解時間線改變的可能性，是否可以加速回到 2025 年，或者可能存在什麼風險推遲到2027年？然後想知道您還在等待什麼才能開始該專案的建設？所以這會很有幫助。

Jason, would you like to take that question?

傑森，你願意回答這個問題嗎？

That's a good question. So in terms of the delay by way of specifics, there is a cluster-type process that is proceeding. And in that process, the time lines, if a reasonably measured out, we'll put the project into 2026. We are comfortably into 2026. We are work together with the utility and our offtake. APS is the interconnection utility, the offtake -- the primary offtake on the CO Bar project is SRP. We also have an offtake contract with APS at that site.

這是個好問題。所以從具體的延遲來看，有一個集群式的過程正在進行中。在這個過程中，如果合理衡量的話，我們將把該專案推遲到 2026 年。我們很輕鬆地進入了 2026 年。我們正在與公用事業公司和我們的承購商合作。 APS 是互連公用事業、承購－CO Bar 專案的主要承購是 SRP。我們也在該地點與 APS 簽訂了承購合約。

With all of those parties, we are discussing the potential to accelerate given the advanced nature of this project. Affected systems studies were completed already by all affected parties. And so there is potential that the project can be accelerated given its readiness. We don't have details on that. It is unlikely right now that the project would be accelerated so much as to move it back into 2025. But the current time lines point to a comfortable completion in 2026.

鑑於該專案的先進性，我們正在與所有各方討論加速的潛力。所有受影響的各方均已完成受影響的系統研究。因此，鑑於其準備就緒，該項目有可能加速。我們沒有這方面的詳細資料。目前該專案不太可能加速到 2025 年。但目前的時間表顯示 2026 年將順利完成。

And Justin, you asked about the potential to accelerate the build on that project or start construction and what might gate that. Of course, the interconnection time line is important for that for purposes of timing out the project. And we have already begun engineering and procurement with the utilities. So we executed an E&P agreement with APS already. And so there is certain level of procurement and work associated with the interconnection that has already begun.

賈斯汀，您詢問了加速該項目建設或開始建設的潛力，以及什麼可能阻止這一點。當然，互連時間線對於專案逾時而言非常重要。我們已經開始與公用事業公司一起進行工程設計和採購。因此我們已經與 APS 簽署了勘探開發協議。因此，與互連相關的某種程度的採購和工作已經開始。

That's very helpful. And then just shifting gears a little bit here. So you closed the tax equity portion of the financing for the Atrisco project. Was wondering if you could share how much of the project CapEx could be supported by the tax equity investments and then is that project -- did you elect for the PTC there? And then were you able to also secure the energy community adder as a part of the tax equity investment and then when we look to future projects, if there are projects that are similar to this with the PTC and energy community, would you expect similar terms for a tax equity investment?

這非常有幫助。然後在這裡稍微換一下檔位。因此，您關閉了 Atrisco 專案融資的稅務權益部分。想知道您是否可以分享該項目的資本支出有多少可以由稅收股權投資支持，那麼該項目 - 您是否選擇了 PTC？然後，您是否能夠將能源社區加法器作為稅收股權投資的一部分，然後當我們展望未來的項目時，如果有與 PTC 和能源社區類似的項目，您是否會期望類似的條款進行稅務股權投資？

So for PTC deal, just given the generation profile and where it sits in New Mexico naturally, the adder is not part of the PTC quantum. It is something that we will be monetizing ourselves through the transfer market. And the base tax equity check basically reflects around 50%, a bit north of 50% of project CapEx.

因此，對於 PTC 交易，只要考慮到發電概況以及自然位於新墨西哥州的位置，加法器就不是 PTC 量子的一部分。我們將透過轉會市場將自己貨幣化。基本稅收股權檢查基本上反映了 50% 左右，略高於專案資本支出的 50%。

And then the timing of monetizing it in the transferability market, what would that timing be? Is that -- does it need to be closer to COD or after COD, or?

然後在可轉讓市場上將其貨幣化的時機是什麼？那是——它需要更接近 COD 還是在 COD 之後，或者？

Yes, exactly right. That's exactly right. That will be closer to COD.

是的，完全正確。完全正確。這將更接近COD。

And then one other one, just on the capital recycling. So this quarter, you had completed some minority sales. I was wondering if you could just speak to your plans for either the remainder of 2023 or 2024, any meaningful sized projects that you're looking to complete a minority sell-down? And then are any of your project time line dependent on completing those sell-downs in order to acquire the equity capital?

然後是另一項，只是關於資本回收。因此，本季度，您完成了一些少數族裔銷售。我想知道您是否可以談談您在 2023 年剩餘時間或 2024 年的計劃，您希望完成少數股權出售的任何有意義的規模項目？那麼您的專案時間表是否依賴完成這些拋售以獲得股權資本？

I will start by saying that there is no project time that is dependent on any sell down. With the equity that we have right now in hand, we are fully funded to construct the whole material portfolio pipeline, which is about 4.3 gigawatts plus a significant amount of storage; this is the first part. The second part is that we do, I would say, part of our strategy is to perform sell-down in 2024. I don't see additional material sell-down in '23, but '24 is -- part, I would say, part of our strategy will be to perform sell-downs. This is in order to improve the profitability and also recycling equity for the future project because we will continue to grow also towards 26%, 27%, and we would like the sell-downs in the equity that we recycle through sell-downs to be part of our resources. And by doing that, really minimize the need of equity from the market.

首先我要說的是，專案時間不依賴任何拋售。憑藉我們現在手頭上的股權，我們有足夠的資金來建造整個材料組合管道，大約 4.3 吉瓦加上大量的儲存；這是第一部分。第二部分是，我想說，我們策略的一部分是在 2024 年進行拋售。我認為 23 年不會有額外的實質拋售，但我想說，24 年是一部分，我們策略的一部分將是進行拋售。這是為了提高未來專案的獲利能力和回收股本，因為我們將繼續朝 26%、27% 的方向成長，我們希望透過拋售回收的股本減持為我們資源的一部分。透過這樣做，真正減少了市場對股權的需求。

We will now go to our final question for today. And the final question comes from the line of David Paz from Wolfe.

現在我們將討論今天的最後一個問題。最後一個問題來自沃爾夫的大衛·帕斯。

I just wanted to touch back on the Atrisco storage supplier delay that I believe you mentioned. Are you -- well, first, maybe any more color you can give that you did not address in the call? And then are you using the same supplier for your other storage -- for your other projects that have storage? And if so, which projects?

我只是想回顧一下您提到的 Atrisco 儲存供應商的延遲問題。嗯，首先，您是否可以提供您在電話中未提及的更多顏色？那麼您的其他儲存是否使用相同供應商 - 用於其他擁有儲存的項目？如果是的話，哪些項目？

Thank you for the question. First, I will say that currently, we are optimistic not to have delays in the supply of the storage part in the project. We are considering replacement of the battery supplier in the project, while EPC will remain the same in order to meet or to be more confident in meeting the timetable of the project and some finance ability that will be improved, but we are confident on the ability to deliver the project on -- in the time framework that we estimated.

感謝你的提問。首先我要說的是，目前我們樂觀地認為專案中儲存部分的供應不會出現延誤。我們正在考慮更換專案中的電池供應商，而EPC將保持不變，以便滿足或更有信心滿足專案的時間表以及一些將得到提高的財務能力，但我們對能力有信心在我們估計的時間框架內交付該項目。

Regarding future -- the second part of the question was on future projects. So as always as part of our supply strategy, we are working with multiple suppliers without exclusivity to any suppliers. So we do work also with other channels, not only in this project, but in the future projects. So we have the flexibility to do the same thing also in the future projects.

關於未來—問題的第二部分是關於未來的專案。因此，作為我們供應策略的一部分，我們一如既往地與多家供應商合作，而不是對任何供應商具有排他性。因此，我們也與其他管道合作，不僅在這個項目中，而且在未來的項目中。因此，我們可以靈活地在未來的專案中做同樣的事情。

Got it. And then just given some of the project shifts that you mentioned some -- pushed out, some brought forward, do you still anticipate the same EBITDA growth rate through '26 as you did, say, a quarter ago? And do you also anticipate -- do you anticipate any new common equity through 2026.

知道了。然後，考慮到您提到的一些項目轉變——一些被推遲，一些被提前，您是否仍然預計 26 年的 EBITDA 增長率與您（例如，一個季度前）相同？您是否也預期到 2026 年會有任何新的普通股？

So what we've articulated and you will see it in the release as well that we have sufficient equity to -- in terms of the capital we have on hand plus recycled capital. We have enough for 4.6 gigawatts and 3.6 gigawatt hours. Anything in excess of that, we intend to focus on our capital recycling strategy, the minority sell-downs and some of the dispositions that we've outlined. And remind me, what was your first question?

因此，我們已經闡明了這一點，您也會在新聞稿中看到，我們擁有足夠的股本——就我們手頭上的資本加上回收資本而言。我們的電量足以滿足 4.6 吉瓦和 3.6 吉瓦時的需求。除此之外，我們打算專注於我們的資本回收策略、少數股權出售以及我們概述的一些處置。提醒我，你的第一個問題是什麼？

Just do you still anticipate the same EBITDA growth rate through '26?

只是您仍然預計 26 年的 EBITDA 成長率會保持不變嗎？

So we've obviously accelerated some of the projects, roughly 400 megawatts and 1.3 gigawatt hours of projects from '26 to '25. Obviously, that doesn't account for the full delay of the COR project to 2026. But again, as we look towards the end of 2026, the growth is just more back-ended as CO Bar will come in 2026, and we'll be benefiting from the growth of that project in 2026.

因此，我們顯然加快了一些專案的進度，從 26 年到 25 年，大約有 400 兆瓦和 1.3 吉瓦時的專案。顯然，這並不能解釋 COR 項目完全推遲到 2026 年的情況。但是，當我們展望 2026 年底時，增長只是更加後端，因為 CO Bar 將在 2026 年推出，我們將到2026 年，我們將受益於該項目的成長。

We do have a follow-up question, one moment please. And a follow-up question comes from the line of Julien Dumoulin-Smith from Bank of America.

我們確實有一個後續問題，請稍等。後續問題來自美國銀行的 Julien Dumoulin-Smith。

One quick follow-up here, if I can. Just on the panel prices you alluded to and sort of the cost items, curious like if that's sort of what you're seeing across the broader market? Or do you think that's somewhat unique to some of the supply contracts that you negotiated, I think, over a year ago with some parties in India or otherwise? And how are you planning to sort of, I guess, expand that panel strategy into the coming years given the amount of sort of construction or execution that you guys have ahead of you?

如果可以的話，請快速跟進。就您提到的面板價格和成本項目進行排序，好奇這是否是您在更廣泛的市場中看到的情況？或者您認為這對於您一年多前與印度或其他地方的某些方談判的一些供應合約來說有些獨特？我想，考慮到你們面前的建設或執行量，你們打算如何將該小組策略擴展到未來幾年？

So I would say, and I can start, Jason then again, can complement me. So first, I would say that in an existing contract with where we were able to benefit from the reduction in prices, although the contract was already signed because it had some linkage mechanism to the price of polysilicon. So I think this was a very strong upside we got from the, I think, wise supply chain strategy, we conducted. And on the broader term, yes, we do see the panel price dropping also on the broader market, also internationally and maybe even more dramatically internationally. So going forward, we believe we will continue to benefit from that on increased returns in the project while being able to do that also on the existing projects that we are entering into construction.

所以我想說，我可以開始，傑森可以補充我。首先，我想說的是，在與我們簽訂的現有合約中，我們能夠從價格下降中受益，儘管該合約已經簽署，因為它與多晶矽的價格有某種聯繫機制。因此，我認為這是我們從我們實施的明智的供應鏈策略中獲得的非常強勁的優勢。從更廣泛的角度來看，是的，我們確實看到面板價格在更廣泛的市場上也在下降，在國際上也是如此，甚至可能在國際上更為顯著。因此，展望未來，我們相信我們將繼續受益於專案回報的增加，同時也能夠在我們正在建造的現有專案上做到這一點。

Thanks, Gilad. I would add that the India contract was structured in such a way that it was indexed to certain floating prices in the industry, and we have benefited from that. That indexing also provides an anchor for our other negotiations. And so we are seeing similar pricing levels from alternative suppliers, other supplier relationships that we have. And that is benefiting multiple projects beyond the existing India contract.

謝謝，吉拉德。我想補充一點，印度合約的結構是與行業中的某些浮動價格掛鉤，我們從中受益。該索引也為我們的其他談判提供了基礎。因此，我們看到替代供應商和我們擁有的其他供應商關係的定價水準相似。這使現有印度合約之外的多個項目受益。

So we expect to see broader application of those prices and that benefit across the portfolio. And are going to -- as we look forward to the coming years, we continue to expect softness on pricing in terms of modules, given the module supply situation across the industry as it impacts our business here in the U.S.

因此，我們預計這些價格將得到更廣泛的應用，從而使整個投資組合受益。展望未來幾年，考慮到整個行業的模組供應情況，我們繼續預計模組定價將疲軟，因為這會影響我們在美國的業務。

Yes, makes sense given kind of what we're seeing as well. And just one last one as far as I know I asked about the renegotiation and sort of how those discussions go earlier. I'm curious also just -- I mean, you guys have alluded, I think, mostly to the solar end of it or the generation stack. On the capacity side, we're seeing some really robust pricing there. I think, frankly, it's almost counterintuitive to what you would see on the cost deflation side for batteries themselves. I'm curious if you're seeing the same and then sort of how capacity prices or tolling agreements, if you will, on storage have evolved in parallel around these rate generations and the cost of equipment movements.

是的，考慮到我們所看到的情況也是有道理的。據我所知，最後一個問題是我詢問了重新談判以及這些討論如何儘早進行的問題。我也很好奇——我的意思是，我想你們提到的主要是太陽能端或發電堆。在容量方面，我們看到了一些非常強勁的定價。坦白說，我認為這與電池本身成本下降的情況幾乎是違反直覺的。我很好奇您是否也看到了同樣的情況，以及存儲方面的容量價格或收費協議（如果您願意的話）是如何圍繞這些費率生成和設備移動成本並行演變的。

Jason, why wouldn't you take it?

傑森，你為什麼不接受呢？

Yes, I'll be happy to take that. And thanks for pointing that out. It is a really good time for capacity, especially in the West and over 2/3 of our portfolio is focused in the Western United States where capacity is in great demand and those markets have advanced rather rapidly. We are seeing significant demand that is having a positive impact on rates especially as we are negotiating multiple contracts and continue to see a demand with every solar contract we're seeing here in the West, demand for capacity. The one fundamental driver for that is the limited interconnection capacity that's there. So when we have a solar project or other interconnection capacity, the utilities are looking for the opportunity to put battery on there. And the demand remains super strong. We will continue to have some positive announcements as it relates to battery as we move forward. As you can see from the information shared here today, a lot of battery attached to the solar that we are announcing.

是的，我很樂意接受。感謝您指出這一點。現在確實是產能的好時機，尤其是在西部地區，我們超過 2/3 的投資組合集中在美國西部，那裡的產能需求很大，而且這些市場發展相當迅速。我們看到巨大的需求對費率產生積極影響，特別是當我們正在談判多個合約並繼續看到我們在西方看到的每份太陽能合約的需求時，即對容量的需求。造成這種情況的一個基本驅動因素是現有的有限的互連能力。因此，當我們擁有太陽能專案或其他互連能力時，公用事業公司就會尋找在那裡安裝電池的機會。而且需求仍然非常強勁。隨著我們的前進，我們將繼續發布一些與電池相關的積極公告。正如您從今天分享的資訊中看到的那樣，我們宣布的太陽能電池配備了大量電池。

I will now hand over to Gilad Yavetz, CEO and Co-founder of Enlight for closing remarks.

現在請 Enlight 執行長兼共同創辦人 Gilad Yavetz 致閉幕詞。

Thank you, operator. Thank you, everyone, for your time. We see strong fundamentals for our project and are excited about the year ahead as we execute an above-market project returns and above-market growth. Thank you. See you next quarter.

謝謝你，接線生。謝謝大家抽出時間。我們看到我們項目的強勁基礎，並對未來一年感到興奮，因為我們執行了高於市場的項目回報和高於市場的成長。謝謝。下季見。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。