Enlight Renewable Energy Ltd (ENLT) 2023 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining our fourth quarter and full year 2022 Earnings Conference Call for Enlight Renewable Energy.

大家早安，感謝您參加我們的光線再生能源 2022 年第四季和全年財報電話會議。

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, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of company projects, including anticipated timing of related approvals and project completion and anticipated production delays, expected impact from various regulatory developments, completion of developments, the potential impact of the current conflict in Israel on our operations and financial condition, and company actions designed to mitigate such impacts, expected changes in Clēnera's leadership, and the company's future financial and operational results and guidance, including revenue and adjusted EBITDA, are forward-looking statements within the meaning of US federal securities law, which reflect management's best judgment based on currently available information.

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戰略和計劃、我們的項目組合、市場機會、公用事業需求和潛在增長、與商業對手方和融資來源的討論、材料的定價趨勢、專案進度的聲明。公司項目，包括相關批准和專案完成的預期時間以及預期的生產延遲、各種監管發展的預期影響、開發完成情況、以色列當前衝突對我們的營運和財務狀況的潛在影響，以及旨在減輕影響的公司行動此類影響、Clänera 領導層的預期變化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，反映了管理層基於當前情況的最佳判斷。可用資訊。

We reference certain project metrics in this earnings call and additional information about such metrics can be found in our earnings release. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our 2022 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 statements. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

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。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 2022 年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陳述存在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. Reconciliations to the most directly comparable IFRS financial measures are available in the earnings release and the earnings presentation for today's earnings call, which are posted on our Investor Relations web page.

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。今天的收益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 財務指標的調節，這些數據發佈在我們的投資者關係網頁上。

With me this morning are Gilad Yavetz, CEO and Co-Founder of Enlight; Nir Yehuda, CFO of Enlight; Jason Ellsworth, CEO and Co-Founder of Clēnera; and Adam Pishl, COO and Co-Founder of Clēnera. Gilad will provide some opening remarks and will then turn the call over to Jason and Adam for a review of our US activity, and then to Nir for our review of our fourth quarter and full year results. 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； Jason Ellsworth，Clänera 執行長兼共同創辦人；以及 Clänera 營運長兼共同創辦人 Adam Pishl。吉拉德將發表一些開場白，然後將電話轉給傑森和亞當，以審查我們在美國的活動，然後轉給尼爾，以審查我們的第四季度和全年業績。然後我們的執行團隊將可以回答您的問題。

Thank you all for joining us today for Enlight's fourth quarter and full year 2023 earnings call. In 2023, we continue to deliver on the Enlight's story. Above market growth and above market project returns. Moreover, we built the necessary foundation to take the next major step in 2024 and beyond. Enlight is now on the cusp of another major expansion as we begin the construction of several flagship solar and storage projects, particularly in the United States.

感謝大家今天參加我們的 Enlight 第四季和 2023 年全年財報電話會議。2023年，我們將繼續講述Enlight的故事。高於市場成長和高於市場項目回報。此外，我們也為 2024 年及以後採取下一個重大步驟奠定了必要的基礎。隨著我們開始建造幾個旗艦太陽能和儲存項目，特別是在美國，Enlight 現在正處於另一次重大擴張的風口浪尖。

I will first review the important achievements we've made in 2023, and I will then describe our outlook into 2024 and beyond. Let's start with our strong full year 2023 financial results. Revenue for the whole of 2023 grew 33% over last year to $256 million. Net income grew 157% to $98 million, and adjusted EBITDA grew 45% to $189 million annually. We also saw significant growth in our operating cash flow, which reached $150 million for the full year, an increase of 66% over 2022.

我首先回顧2023年我們所取得的重要成就，然後再描述我們對2024年及未來的展望。讓我們從我們強勁的 2023 年全年財務業績開始。2023 年全年營收較去年成長 33%，達到 2.56 億美元。淨利潤每年增長 157% 至 9,800 萬美元，調整後 EBITDA 成長 45% 至 1.89 億美元。我們的營運現金流也顯著成長，全年達到 1.5 億美元，比 2022 年成長 66%。

In the fourth quarter, revenue grew 21% over last year to $74 million. Net income grew 48% to $16 million, and adjusted EBITDA grew 8% to $47 million. Overall, we delivered strong growth and profitability in 2023, even amidst a challenging macroeconomic backdrop.

第四季營收比去年同期成長 21%，達到 7,400 萬美元。淨利潤成長 48%，達到 1,600 萬美元，調整後 EBITDA 成長 8%，達到 4,700 萬美元。總體而言，即使在充滿挑戰的宏觀經濟背景下，我們在 2023 年仍實現了強勁的成長和獲利能力。

Driving the growth in our financial parameters was our project addition. In 2023, we connected over 480 megawatts across Israel, Europe, and the US, a growth of 33%. This included Genesis Wind in Israel and Apex Solar in the US, while we also ramped up production at Björnberget in Sweden. As of today, we have 1.9 gigawatts of operational duration as well as our first operational storage project with a capacity of 277 megawatt hour. This result testifies to the strength and resilience of the enlarged geography and technology diversification, combined with our developer plus IPP model. As a result, we benefit from recurring and growing income from our IPP, where our greenfield development activities fields continued growth at high return.

推動我們財務參數成長的是我們的專案增加。2023 年，我們在以色列、歐洲和美國的併網容量超過 480 兆瓦，成長了 33%。其中包括以色列的 Genesis Wind 和美國的 Apex Solar，同時我們也提高了瑞典 Björnberget 的產量。截至目前，我們的營運期容量為 1.9 吉瓦，且我們的第一個營運儲存專案的容量為 277 兆瓦時。這一結果證明了擴大的地理和技術多元化與我們的開發商加 IPP 模型相結合的實力和彈性。因此，我們受益於我們的獨立發電廠的經常性和不斷增長的收入，我們的綠地開發活動在其中帶來了高回報的持續成長。

In 2023, we also saw a rapidly improving outlook for electricity demand. Electricity demand is rising in the US for the first time in two decades, driving increased PPA pricing. Moreover, equipment costs have come down significantly while the cost of finance is now in decline. As a result, we expect to see continued demand for our projects at attractive returns.

2023年，我們也看到電力需求前景迅速改善。美國電力需求二十年來首次成長，推動購電協議定價上漲。此外，設備成本大幅下降，而融資成本也在下降。因此，我們預計我們的專案的需求將持續成長，並帶來可觀的回報。

We demonstrated that in 2023 by successfully amended PPA pricing upwards from over 1.8 gigawatts by an average of 25%, while timing new PPAs at even higher level. Our pipeline of large-scale projects and competitive access to the grid allows us to continue to capitalize on the need for electricity with favorable prices.

我們在 2023 年成功地將購電協議定價從 1.8 吉瓦以上平均上調了 25%，同時將新購電協議安排在更高水平，證明了這一點。我們的大型專案管道和具有競爭力的電網接入使我們能夠繼續以優惠的價格利用電力需求。

At the same time, power and battery pricing fell considerably throughout the year. These trends have continued to consolidate in the fourth quarter.

與此同時，動力和電池價格全年大幅下降。這些趨勢在第四季繼續鞏固。

Higher PPA pricing and lower construction costs contributed to the improving project returns, which we expect to reach 10% on an unlevered basis for project reaching COD between 2024 and 2026. On top of that, in the fourth quarter, we saw nearly 70 basis points decline in interest rates. When overlaying this with our unlevered project returns of 10%, we can generate average levered equity IRRs in the mid to high teens. In some cases, even higher.

較高的購電協議定價和較低的建設成本有助於提高專案回報，我們預計在無槓桿基礎上，專案在 2024 年至 2026 年間達到 COD 的回報將達到 10%。最重要的是，第四季利率下降了近 70 個基點。當將此與我們 10% 的無槓桿專案回報率疊加時，我們可以產生中到高的平均槓桿股權 IRR。在某些情況下，甚至更高。

In 2023, we also continued to convert additions to our Mature portfolio. Our greenfield development team converted 871 megawatts and 2.7 gigawatt hours from our large development pipeline into Mature project. The additions included several major flagship projects in the United States, such as Roadrunner and Country Acres, which will commence construction in 2024.

2023 年，我們也持續對成熟產品組合進行轉換。我們的綠地開發團隊將大型開發管道中的 871 兆瓦和 2.7 吉瓦時轉化為成熟專案。新增項目包括美國的幾個主要旗艦項目，例如將於 2024 年動工的 Roadrunner 和 Country Acres。

And finally, substantial financing is required to sustain and accelerate that growth. And in 2023, we successfully raised capital from a diverse set of sources. Given the constrained financing environment, this constitutes a notable achievement.

最後，需要大量融資來維持和加速成長。2023 年，我們成功地從多種來源籌集了資金。在融資環境受限的情況下，這是一項了不起的成就。

We raised $271 million in equity through an IPO on the Nasdaq at the start of the year and secured over half a billion dollars in project finance and tax equity. Also important was the completion of our first asset sell-down in the US and some sell-downs in Israel totaling $19 million. While this initial disposal were small, did set the precedent for sell-downs to become an increasingly important source of funds in the future.

今年年初，我們透過在納斯達克上市籌集了 2.71 億美元的股本，並獲得了超過 5 億美元的專案融資和稅務股本。同樣重要的是，我們完成了在美國的首次資產出售以及在以色列的部分資產出售，總額達 1,900 萬美元。雖然最初的處置規模很小，但確實為拋售成為未來日益重要的資金來源奠定了先例。

To sum up, 2023 was a year in which Enlight delivered on its above market growth and above market returns. We secured, via sources of financing, expanded the portfolio of projects to be built in the near term and improved future project returns, both amid a challenging macro-economic environment.

綜上所述，2023年是光線實現高於市場成長和高於市場回報的一年。在宏觀經濟環境充滿挑戰的情況下，我們透過融資管道，擴大了近期建設的專案組合，提高了未來專案的回報。

Looking to 2024, we forecast further revenue growth and profitability. We expect to add 543 megawatts of generation and 1.6 gigawatt hours of energy storage to our operational assets among the Atrisco project in the US. This represents our major move into energy storage with 580% growth at this segment.

展望 2024 年，我們預期收入和獲利能力將進一步成長。我們預計將為美國 Atrisco 專案的營運資產增加 543 兆瓦的發電量和 1.6 吉瓦時的儲能容量。這是我們進軍能源儲存領域的重大舉措，該領域成長了 580%。

Moreover, we expect to commence construction on upwards of 1 gigawatt and 2.9 gigawatt hours of capacity in 2024, which reflects an over 55% increase on our current operational generation and 1,040% increase on our operational storage. This includes major projects such as Roadrunner, Country Acres, and Quail Ranch in the US, Gecama Hybrid in Spain, and several stand-alone storage projects in Israel and Italy.

此外，我們預計到 2024 年將開始建造超過 1 吉瓦和 2.9 吉瓦時的容量，這反映出我們目前的營運發電量增加了 55% 以上，營運儲存量增加了 1,040%。其中包括美國的 Roadrunner、Country Acres 和 Quail Ranch 等大型項目、西班牙的 Gecama Hybrid 以及以色列和義大利的幾個獨立儲存項目。

In total, including Atrisco, this project are expected to generate $307 million in revenues and $221 million in EBITDA in their first full year of operation. This is a massive step in the growth of the company, and therefore, execution of this project is our highest priority. This newbuild will also have diversified Enlight current geographical mix, introducing significant US exposure while adding a major element of solar and storage to our technological mix which is largely wind today.

總的來說，包括 Atrisco 在內，該項目預計在其第一個完整運營年將產生 3.07 億美元的收入和 2.21 億美元的 EBITDA。這是公司發展的重要一步，因此，執行該專案是我們的首要任務。這艘新船還將擁有多元化的 Enlight 目前的地理組合，引入大量的美國業務，同時在我們目前主要是風能的技術組合中添加太陽能和儲存的主要元素。

In 2024, we also expect to convert more of our large development pipeline into mature projects. Examples of this include our unique portfolio of solar and storage in PJM in the US, totaling 1.4 gigawatts and 2.2 gigawatt hours of storage. This project, which benefit from exceedingly lower interconnection costs, is being moved to PJM's interconnection fast-track, significantly easing their path to further development.

到 2024 年，我們也預計將更多大型開發案轉化為成熟專案。這方面的例子包括我們在美國 PJM 的獨特太陽能和儲存組合，總計 1.4 吉瓦和 2.2 吉瓦時的儲存。該專案受益於極低的互連成本，正在進入 PJM 的互連快速通道，大大簡化了其進一步發展的道路。

In addition, we have additional large-scale solar and storage projects across the Western US and wind project in Europe that are approaching maturity. The depth and breadth of our development pipeline is a strategic resource for Enlight. With 15 gigawatts and 25 gigawatt hours of storage of potential, it ensures that we maintain a sizable buffer of imminently available reproject in which we can work.

此外，我們在美國西部還有其他大型太陽能和儲存項目以及歐洲的風能項目，這些項目已接近成熟。我們開發管線的深度和廣度是光線的戰略資源。憑藉 15 吉瓦和 25 吉瓦時的儲存潛力，它可以確保我們為即將進行的重新項目保持相當大的緩衝區，以便我們可以工作。

Finally, it is important for me to stress that with the capital we raised last year, we have all the equity needed to fund 2024's activity. We will have to secure significant project finance commitments. However, the success in raising project finance during 2023 provides us with confidence that we will achieve this.

最後，我要強調的是，憑藉我們去年籌集的資金，我們擁有為 2024 年活動提供資金所需的所有股本。我們必須確保重大專案融資承諾。然而，2023 年專案融資的成功讓我們對實現這一目標充滿信心。

With macroeconomic conditions now more settled, our all in interest rate for project finance now stand at 5.25% to 5.75%. In 2024, we also plan to execute large asset sell-downs, either off minority or majority stakes in the US project, further underpinning the company's financial position.

隨著宏觀經濟情勢更加穩定，我們的專案融資利率目前為5.25%至5.75%。2024年，我們也計劃進行大規模資產出售，出售美國專案的少數或多數股權，進一步鞏固公司的財務狀況。

As Enlight continues to grow, our ability to self-finance also gathered steam. A larger IPP provide more operating cash flow, while additional conversion of projects increases the potential for sell-downs. Both these represent sources of funds for future growth and when combined with our extensive pipeline of development projects, provide a path for growth, which are the need for external capital.

隨著Enlight的不斷發展，我們的自籌資金能力也不斷增強。較大的獨立發電廠可提供更多的營運現金流，而專案的額外轉換則增加了拋售的可能性。這兩者都是未來成長的資金來源，與我們廣泛的開發項目相結合，提供了成長的路徑，這就是對外部資本的需求。

Turning to our 2024 guidance, we expect revenues between $335 million and $360 million, 36% higher than in 2023 at the midpoint and adjusted EBITDA between $235 million and $255 million, 30% above that of 2023 at the midpoint. Growth continues to be robust as we add new projects to our operational portfolio. Nir will describe in detail the assumptions that underlie this guidance later in the call.

談到我們的2024 年指引，我們預期營收在3.35 億美元至3.6 億美元之間，比2023 年中點高出36%，調整後EBITDA 在2.35 億美元至2.55 億美元之間，比2023 年中點高30%。隨著我們在營運組合中添加新項目，成長繼續強勁。尼爾將在稍後的電話會議中詳細描述該指南背後的假設。

To tie it all together, in 2024, Enlight will harness its resources to grow considerably in all markets, but especially in the US. And as before, we aim to continue delivering on our twofold objective above market growth and above market project return.

為了將這一切結合在一起，到 2024 年，Enlight 將利用其資源在所有市場（尤其是美國）實現大幅成長。和以前一樣，我們的目標是繼續實現高於市場成長和高於市場項目回報的雙重目標。

Before handing the call over to Jason for his remarks, I'd like to comment on the Clēnera leadership transition we announced in January. After more than 10 years as CEO of Clēnera, Jason accepted a call from The Church of Jesus Christ of Latter-day Saints to serve as a full-time Mission President in Chile. He will leave his post with Clēnera at the end of June.

在將電話轉交給 Jason 發表演說之前，我想先對我們 1 月宣布的 Clänera 領導層換屆發表評論。在擔任 Clänera 執行長 10 多年後，Jason 接受了耶穌基督後期聖徒教會的召喚，擔任智利的全職宣教會長。他將於六月底離開 Clänera 的職位。

Clēnera's COO and Co-Founder, Adam Pishl, will assume the role of CEO. Adam is an amazing leader and responsible for building Clēnera beside Jason, during the last 10 years.

Clänera 的營運長兼聯合創始人 Adam Pishl 將擔任執行長。Adam 是一位出色的領導者，在過去 10 年裡，他與 Jason 一起創建了 Clänera。

We anticipate a smooth transition over the next six months as Adam and the amazing Clēnera leadership team remain and continue to move the company and its project forward.

我們預計在接下來的六個月內將實現平穩過渡，因為 Adam 和出色的 Clänera 領導團隊將留下來並繼續推動公司及其專案向前發展。

I thank Jason for his leadership and expertise in creating and cultivating Clēnera. His vision, leadership, and tireless work, coupled with his talented and dedicated propelled the company to make a huge impact on the US renewable market. Adam has always been a big part of Clēnera success, and I'm fully confident in the skills, experience, and leadership, his ability to take Clēnera to the next level which we at Enlight should continue to support and accelerate. Jason?

我感謝 Jason 在創建和培養 Clänera 方面的領導能力和專業知識。他的遠見、領導力和孜孜不倦的工作，加上他的才華和奉獻精神，推動該公司對美國再生能源市場產生了巨大影響。Adam 一直是 Clänera 成功的重要組成部分，我對他的技能、經驗和領導能力充滿信心，他有能力將 Clänera 帶到一個新的水平，我們 Enlight 應繼續支持和加速這一水平。傑森？

Thank you, Gilad. And I will certainly miss working with you and the rest of our amazing team at Enlight and Clēnera. Regarding our US business, 2023 was foundational. And in 2024, we expect to launch from that foundation into a period of significant growth.

謝謝你，吉拉德。我肯定會懷念與您以及 Enlight 和 Clänera 團隊其他成員的合作。對我們的美國業務來說，2023 年是基礎年。到 2024 年，我們預計將在此基礎上進入顯著成長的時期。

During 2023, we successfully completed Apex Solar, a 106 megawatt project located outside Dillon, Montana. Apex was the first project completed together by Enlight and Clēnera in the US. We also made progress toward completing our at-risk solar project in New Mexico. As of today, equipment supporting the full 364 megawatts is installed and work is underway to finalize mechanical completion.

2023 年，我們成功完成了位於蒙大拿州狄龍郊外的 106 兆瓦專案 Apex Solar。Apex是Enlight和Clänera在美國合作完成的第一個專案。我們在完成新墨西哥州面臨風險的太陽能專案方面也取得了進展。截至今天，支援 364 兆瓦電力的設備已安裝完畢，機械完工工作正在進行中。

Further, during the fourth quarter, we closed tax equity and debt financing on Atrisco Solar raising $300 million of construction and term debt and $198 million in PTC tax equity. The transaction which released $204 million of excess equity back to Enlight's balance sheet demonstrated our continued access to competitive project financing, including tax equity.

此外，在第四季度，我們完成了 Atrisco Solar 的稅務股權和債務融資，籌集了 3 億美元的建設和定期債務以及 1.98 億美元的 PTC 稅務股權。此交易將 2.04 億美元的超額股權釋放回 Enlight 的資產負債表，這表明我們能夠繼續獲得有競爭力的專案融資，包括稅收股權。

We have reached a mutual resolution of a supplier matter on the 1.2 gigawatt hour battery storage portion of Atrisco and now expect the solar site will reach COD in third quarter of '24 and the storage installation in fourth quarter of '24. Our overall project portfolio in the US advanced steadily in 2023 with approximately 10 gigawatts through system impact study.

我們已經就 Atrisco 1.2 吉瓦時電池儲存部分的供應商問題達成了共同解決方案，現在預計該太陽能站點將在 2024 年第三季度達到 COD，並在 24 年第四季度實現儲存安裝。透過系統影響研究，我們在美國的整體專案組合在 2023 年穩步推進，達到約 10 吉瓦。

We signed PPAs on 806 megawatts and 2 gigawatt hours that will enter construction in 2024. This includes Country Acres, a 392 megawatt and 688 megawatt hour project delivering to Sacramento Utility District in California; Roadrunner, a 294 megawatts and 940 megawatt hour facility contracted with AEPCO in Arizona; and Quail Ranch, a 120 megawatt and 400 megawatt hour project that represents the second phase of our Atrisco of facility in New Mexico and delivers to PNM. The full 806 megawatts and 2 gigawatt hours will start construction during 2024, launching a new phase of Clēnera's expansion and growth in the US.

我們簽署了 806 兆瓦和 2 吉瓦時的購電協議，將於 2024 年投入建造。其中包括 Country Acres，一個向加州薩克拉門托公用事業區供電的 392 兆瓦和 688 兆瓦時專案； Roadrunner，與亞利桑那州 AEPCO 簽約的 294 兆瓦和 940 兆瓦時設施； Quail Ranch 是一個 120 兆瓦和 400 兆瓦時項目，代表我們位於新墨西哥州的 Atrisco 工廠的第二階段，並向 PNM 供貨。全部 806 兆瓦和 2 吉瓦時發電量將於 2024 年開始建設，開啟 Clänera 在美國擴張和成長的新階段。

In addition to advancing and constructing projects in the US, we improved returns by amending many of our existing PPAs. Over the past 18 months, our team successfully raised prices by an average of 25% on contracts covering 1.8 gigawatts of capacity. Strong utility relationships and large sized projects that are deliverable in the near term, made these pricing negotiations possible. And as Gilad mentioned, we are also experiencing economic tailwinds by way of falling equipment prices.

除了在美國推進和建設項目外，我們還透過修改許多現有的購電協議來提高回報。在過去 18 個月中，我們的團隊成功地將 1.8 吉瓦容量的合約價格平均提高了 25%。強大的公用事業關係和近期可交付的大型專案使這些定價談判成為可能。正如吉拉德所提到的，我們也透過設備價格下降經歷了經濟順風。

Since the beginning of 2023, we've seen our solar panel prices drop by approximately 25% and battery prices by more than 30%. We continue to focus on converting our early stage development projects into mature projects. As an example, in PJM, we are advancing a portfolio of projects totaling 1.4 gigawatts and 2.2 gigawatt hours capacity that has negligible interconnection costs. Prices in the regions where these projects are being developed are high due to a growing appetite for renewable energy and limited availability of feasible interconnections.

自 2023 年初以來，我們的太陽能板價格下降了約 25%，電池價格下降了 30% 以上。我們繼續專注於將早期開發專案轉化為成熟專案。例如，在 PJM 中，我們正在推進總計 1.4 吉瓦和 2.2 吉瓦時容量的專案組合，其互連成本可以忽略不計。由於對再生能源的需求不斷增長以及可行互連的可用性有限，這些項目正在開發的地區的價格很高。

With final interconnection agreements expected by the end of 2024, we anticipate achieving attractive PPA terms on these assets. In the Western US, we continue to see significant utility demand for our solar and storage projects. With power demand continuously on the rise, our roughly 10 gigawatts portfolio of developing and mature projects, all with advanced interconnections puts us in prime position to meet rising demand with attractively priced generation.

最終的互連協議預計將於 2024 年底簽署，我們預計這些資產將達成具有吸引力的購電協議條款。在美國西部，我們繼續看到公用事業對我們的太陽能和儲存項目的巨大需求。隨著電力需求不斷增長，我們約 10 吉瓦的開發中和成熟項目組合，全部配備先進的互連技術，使我們處於有利地位，能夠以具有吸引力的發電價格滿足不斷增長的需求。

Finally, as previously announced, I will be stepping down from my position as Clēnera as CEO at the end of June, Adam Pishl, Clēnera's Co-founder and current COO, will take my place. I'm supremely grateful for the years I've had to work with Gilad, Adam, and the Clēnera and Enlight teams.

最後，正如先前宣布的那樣，我將於 6 月底辭去 Clänera 執行長的職務，Clänera 聯合創始人兼現任營運長 Adam Pishl 將接替我的位置。我非常感謝這些年來與 Gilad、Adam、Clänera 和 Enlight 團隊的合作。

The company is an industry leader because the organization and its partners are comprised of, what I consider to be, the most dedicated, talented, and genuinely good people in the business. Both Gilad and Adam are dear friends and trusted leaders. I'm excited to see all the great projects and exciting developments they deliver in coming years.

該公司是行業領導者，因為我認為該組織及其合作夥伴由業內最敬業、最有才華和真正優秀的人才組成。吉拉德和亞當都是親密的朋友和值得信賴的領導人。我很高興看到他們在未來幾年交付的所有偉大項目和令人興奮的發展。

Now I'll let Adam Pishl introduce himself and add some comments.

現在我將讓 Adam Pishl 自我介紹並添加一些評論。

Thank you, Jason. Living alongside Jason, for nearly two decades, has been an incredible journey. Together, we have built three renewable energy companies, developed hundreds of solar projects, and most importantly, have built an incredible team of professionals who are now leading Clēnera into its greatest period of growth.

謝謝你，傑森。與傑森一起生活了近二十年，是一段令人難以置信的旅程。我們共同創建了三家可再生能源公司，開發了數百個太陽能項目，最重要的是，我們建立了一支令人難以置信的專業團隊，他們正在帶領 Clänera 進入其最大的成長時期。

While execution is our highest priority for 2024, Enlight and Clēnera continue to invest in our growing development portfolio that will take us through the next decade and beyond. I am passionate about renewable energy, this incredible organization, and our dedicated team. And I'm excited about this expanded role. I am confident in our 2024 execution plan and look forward to sharing more of this developing growth story during future earnings calls.

雖然執行力是我們 2024 年的首要任務，但 Enlight 和 Clänera 繼續投資於我們不斷成長的開發組合，這將帶領我們度過下一個十年及更長的時間。我對再生能源、這個令人難以置信的組織和我們敬業的團隊充滿熱情。我對這個擴大的角色感到興奮。我對我們 2024 年的執行計劃充滿信心，並期待在未來的財報電話會議上分享更多關於這項發展中的成長故事。

Thank you, and I'll now turn the call over to Nir.

謝謝您，我現在將把電話轉給 Nir。

Thank you, Adam. In the fourth quarter of '23, the company's revenue increased to $74 million, up from $61 million last year, a growth rate of 21% year over year. Growth was mainly driven by new operational projects compared to last year when being offset by a decline in revenue caused by much lower electricity prices in Spain relative to the prices observed in the same quarter last year.

謝謝你，亞當。23年第四季，該公司營收從去年的6,100萬美元增至7,400萬美元，年成長率為21%。與去年相比，成長主要是由新營運項目推動的，但西班牙電價相對於去年同期觀察到的價格大幅下降導致收入下降，抵消了收入下降。

Since the fourth quarter of last year, project in the US, Hungary, and Israel started selling electricity. The most important of this is Genesis Wind, which contributed $9 million to revenue. In addition, Björnberget, which barely sold power in '22 contributed $6 million in this quarter. Gecama generated revenue approximately $40 million in revenue. However, its contribution fell 36% year-over-year due to much lower Spanish power prices compared to Q4 '22 and relative to expected prices in Q4 23.

去年第四季以來，美國、匈牙利、以色列計畫開始售電。其中最重要的是Genesis Wind，它貢獻了900萬美元的收入。此外，Björnberget 在 22 年幾乎沒有出售電力，本季貢獻了 600 萬美元。Gecama 的收入約為 4000 萬美元。然而，由於西班牙電價與 22 年第四季相比以及相對於 23 年第四季的預期價格要低得多，其貢獻同比下降了 36%。

We saw [borrowings] spent at an average price of EUR50 per megawatt this quarter versus EUR115 per megawatt in the same period last year. In addition, we were impacted by the slower than expected ramp-up in production at Genesis Wind and these (technical difficulty)

我們看到本季[借款]的平均價格為每兆瓦 50 歐元，而去年同期為每兆瓦 115 歐元。此外，我們也受到 Genesis Wind 產量成長慢於預期的影響（技術難度）

Fourth-quarter net income increased to $16 million, a growth rate of 48% year-over-year (technical difficulty) Three noncash items this quarter. A mark-to-market loss related to interest rate hedges on the financial growth process at Atrisco growth storage of $8 million. Again, it's related to the reduction in expected earn-out payments linked to the acquisition of Clēnera of $12 million and a loss of $5 million due to the impact of Israeli shekel volatility on foreign currency liabilities. These figures are all net of tax.

第四季淨利增至1,600萬美元，年成長率48%（技術難度） 本季三項非現金項目。Atrisco 成長儲存財務成長過程中與利率對沖相關的市值計價的損失為 800 萬美元。同樣，這與收購 Clänera 相關的預期收益支付減少 1200 萬美元以及由於以色列謝克爾波動對外幣負債的影響而損失 500 萬美元有關。這些數字均為稅後淨值。

In the fourth quarter of '23, the company adjusted EBITDA grew by 8% to $47 million compared to $43 million for the same period in '22. Aside from the positive factor, which affected our revenues growth, the year-over-year decline in revenues at Gecama as well as slower than expected ramp-up of project in Israel, and $3 million increase in overhead resulted in lower profit margin and solid growth in adjusted EBITDA year over year. We recorded $2 million as final payment recognized from the sell-down of Faraday completed last quarter.

23 年第四季度，該公司調整後的 EBITDA 成長了 8%，達到 4,700 萬美元，而 22 年同期為 4,300 萬美元。除了影響我們收入成長的正面因素外，Gecama 的營收年減以及以色列專案的成長速度慢於預期，以及 300 萬美元的管理費用增加導致利潤率下降和穩定調整後 EBITDA 同比成長。我們記錄了 200 萬美元，作為上季度完成的法拉第未來出售所確認的最終付款。

Looking to our balance sheet, Enlight completed a large financing deal during this quarter, reaching the closing of Atrisco Solar in the US and a solar plus storage project in Israel. This was a combined $511 million in project finance, from which $325 million of excess equity capital will recycle back to Enlight. This transaction strengthened our balance sheet and reinforced the financial footing needed to deliver the growth of our business in '24.

從我們的資產負債表來看，Enlight在本季完成了一項大型融資交易，完成了美國Atrisco Solar和以色列太陽能+儲能專案的交割。該項目融資總額為 5.11 億美元，其中 3.25 億美元的超額股本將返還給 Enlight。這項交易增強了我們的資產負債表，並增強了實現 24 年業務成長所需的財務基礎。

To reiterate, no new equity capital is needed to deliver on our plans for this year. As of the date of today's report, we have $260 million of revolving credit facility at several Israeli banks, none of which have been drawn. This is $90 million above what we reported in our Q3 '23 results.

重申一下，不需要新的股本來實現我們今年的計畫。截至今天的報告發布之日，我們在幾家以色列銀行擁有 2.6 億美元的循環信貸額度，但尚未提取。這比我們在 23 年第三季的業績報告中高出 9,000 萬美元。

Moving to '24 guidance, we expect annual revenues between $335 million to $360 million with adjusted EBITDA between $235 million and $255 million. Also, our total forecasted revenues, 40% are expected to be denominated in Israeli shekel, 55% in Euros, and 5% in US dollar.

根據 24 年指引，我們預計年收入將在 3.35 億美元至 3.6 億美元之間，調整後的 EBITDA 將在 2.35 億美元至 2.55 億美元之間。此外，我們預計總收入中，40% 將以以色列謝克爾計價，55% 以歐元計價，5% 以美元計價。

Noting our large exposure to the shekel and the current high degree of volatility in this currency, our guidance is predicated on the average annual exchange rate assumption of ILS3.8 to the dollar, and EUR1.05 to the dollar, which are lower than the current levels. In addition, 90% of our '24 generation output will be sold at fixed price either through hedges or PPAs. Our guidance reflects annual growth of 36% and 30% at the midpoint compared to '23 respectively, demonstrating our accelerated growth back in '24 and the years ahead.

考慮到我們對謝克爾的敞口很大以及該貨幣目前的高度波動性，我們的指導基於美元兌 ILS3.8 和美元兌 1.05 歐元的年平均匯率假設，這些假設均低於當前水平。此外，我們 24 代產品的 90% 將透過對沖或購電協議以固定價格出售。我們的指導反映了與 23 年相比，年增長率分別為 36% 和 30%，這表明我們在 24 年和未來幾年的加速成長。

I will now turn it over to the operator for questions.

我現在將其交給接線員詢問。

(Operator Instructions) Justin Clare, Roth MKM.

（操作員說明）Justin Clare，Roth MKM。

Hi, thanks for taking our questions. So first off, here, you did mention plans to execute larger asset sell-downs in 2024. I was wondering if you could give us a sense for the possible magnitude of those sell-downs. How much equity capital you might be looking to raise? And what would be needed to support your 2025 developments? And then the projects in the US: Quail Ranch, Roadrunner, Country Acres, are those projects that you're looking at for potentially selling minority interest?

您好，感謝您回答我們的問題。首先，您確實提到了 2024 年執行更大規模資產出售的計劃。我想知道您能否讓我們了解這些拋售可能的規模。您可能希望籌集多少股本？需要什麼來支持您 2025 年的發展？然後是美國的項目：Quail Ranch、Roadrunner、Country Acres，這些項目是您正在尋找的可能出售少數股權的項目嗎？

Hi. Thank you very much for the question, Justin. So first on the sell downs, so yes, as you said, part of our strategy is to perform some sell downs on our very large portfolio that is maturing next year. So we intend to construct and hold the main projects that we are going to construct next year, Country Acres, Roadrunner, Quail Ranch, and the other project in Europe and Israel. But there is a potential for additional large sell-downs.

你好。非常感謝你提出這個問題，賈斯汀。首先是拋售，是的，正如您所說，我們策略的一部分是對明年到期的龐大投資組合進行一些拋售。所以我們打算建造並持有明年要建造的主要項目，Country Acres、Roadrunner、Quail Ranch，以及歐洲和以色列的另一個項目。但還有可能出現額外的大規模拋售。

Currently, in the current guidance that we provided to the market, we assumed total sell-downs of $15 million. But of course, the potential can be higher. And it's important to say, based on your second question is that we are already fully funded in terms of the equity ticket that we need to invest for all the growth that we are going to construct next year.

目前，在我們向市場提供的當前指引中，我們假設總拋售額為 1500 萬美元。但當然，潛力還可以更高。重要的是，根據你的第二個問題，我們已經在股權方面獲得了充分的資金，我們需要投資這些股權來實現明年的所有成長。

So we are talking about roughly 900 megawatts of new project and 2.7 gigawatt hours of new storage projects. All are fully funded and we do not have to perform any sell-downs or any capital raise or debt raise in terms of the corporate in order to raise the equity. It is already in the company. So the effort in terms of finance will be more on the construction debt and the tax equity side, so project finance.

因此，我們正在討論大約 900 兆瓦的新項目和 2.7 吉瓦時的新儲存項目。所有這些都資金充足，我們不必為了籌集股本而對公司進行任何拋售或任何融資或債務融資。已經在公司了。因此，融資方面的努力將更多地集中在建立債務和稅收權益方面，因此專案融資也是如此。

Got it. Okay. Very helpful.

知道了。好的。很有幫助。

And then you did secure a large number of PPA amendments in 2023. Was wondering what we could expect going forward here. Are there additional possible amendments for PPAs for any of your projects that you're developing here?

然後你們確實在 2023 年獲得了大量 PPA 修正案。想知道我們在這裡可以期待什麼。對於您在這裡開發的任何項目，購電協議是否還有其他可能的修訂？

And then also just wondering on the general trend, we've seen a decline in module prices, battery prices. What are you seeing in terms of the PPA trend? Has that started to level off or potentially decline? Or is demand so high that things are potentially moving even higher here?

然後我們也想知道整體趨勢，我們看到模組價格、電池價格都在下降。您對 PPA 趨勢有何看法？這種情況是否開始趨於平穩或可能下降？或者需求是否如此之高以至於這裡的情況可能會進一步上漲？

Yeah. So I can start with the answer. And then, Jason, you can complement me on the US market, if you like. So basically, what we are seeing an overall in the different markets, but especially in the US, is that the PPA price curves are continuing to rise. Although, natural gas prices have already normalized. This is because we see for the first time in two decades, a rise for the demand of electricity in the US market, and we believe these are very positive conditions that will continue to fuel our growth in the coming years.

是的。所以我可以從答案開始。然後，傑森，如果你願意的話，你可以在美國市場上補充我。基本上，我們在不同市場（尤其是美國）看到的整體情況是購電協議價格曲線正在持續上升。儘管如此，天然氣價格已經正常化。這是因為我們二十年來首次看到美國市場電力需求的成長，我們相信這些都是非常積極的條件，將繼續推動我們未來幾年的成長。

Now that we have amended the majority of our PPAs at preconstruction, we believe that the next PPA that we are going to sign are going to be new PPAs, I would say, materially. But the level of pricing in the new PPAs that we have signed recently and we expect to sign the next year, we expect to maintain the higher level than in the past of around 25%. So again, reflecting a higher level of electricity pricing and higher demand for electricity in the US.

現在我們已經在施工前修改了大部分購電協議，我們相信我們將要簽署的下一份購電協議將是新的購電協議，我想說，實質上是新的購電協議。但我們最近簽署的以及預計明年簽署的新購電協議的定價水平預計將保持比過去更高的水平，即 25% 左右。這再次反映出美國更高的電價水準和更高的電力需求。

What we see in Europe is that electricity prices are continuing to normalize based on the historical peaks that were in the last two years. But still, as we said in previous discussions, the new norm of electricity prices after the decline is still very high comparing our levelized cost of electricity in our project in wind or solar in Europe. And therefore, the returns are very high.

我們在歐洲看到的是，電價在過去兩年的歷史高峰的基礎上繼續正常化。但正如我們在先前的討論中所說，與我們歐洲風能或太陽能專案的平準化電力成本相比，下降後的新電價標準仍然非常高。因此，回報率非常高。

So we expect electricity prices in Europe to continue and normalize on the level of 50 to 60. And this level is still a high level that reflects very good return for our project.

因此我們預計歐洲電價將繼續在 50 至 60 的水平上正常化。而這個水平仍然是一個很高的水平，反映出我們專案的回報非常好。

Jason, if you want to complement me on the US?

傑森，你想補充我關於美國的情況嗎？

You bet. Justin, great question, and Gilad answered this very well. And we have a small number of PPAs that that we are discussing (technical difficulty) price increases with. But as Gilad has noted, the emphasis is on the new pricing and we are seeing steady growth on the heels of dramatic growth in terms of demand and strong (technical difficulty) some of what is advantaging the company is our interconnection position where we have projects roughly 10 gigawatts through system impact study. Projects that are advanced and mature and ready to deliver to utilities where queues are clogged up and projects are behind schedule with competing (technical difficulty) and therefore, giving us the opportunity to deliver at strong pricing.

你打賭。賈斯汀，問得好，吉拉德回答得很好。我們正在與少數購電協議討論（技術難度）價格上漲。但正如吉拉德所指出的，重點是新的定價，我們看到需求急劇增長之後的穩定增長，以及強大的（技術難度）對公司有利的一些因素是我們擁有項目的互連地位通過系統影響研究約10 吉瓦。先進且成熟的專案已準備好交付給公用事業公司，但這些公用事業公司的隊列堵塞，專案因競爭（技術難度）而落後於計劃，因此，使我們有機會以強勁的價格交付。

We see long term that this steady increase in demand here in the US, along with a limited supply of capacity, is driving prices are incrementally higher year over year. So (technical difficulty) for the long term, and we're experiencing that on the ground.

我們認為，從長遠來看，美國需求的穩定成長以及產能供應有限，正在推動價格逐年上漲。因此，從長遠來看（技術難度），我們正在實地經歷這一點。

Got it. Okay, very, very helpful. Maybe just one more. Curious on how you're positioned relative to securing the domestic content adder in the US, whether it's for the solar portion of a project or the storage part of a project. What's the timeframe that we should be thinking about in terms of when that could be secured?

知道了。好的，非常非常有幫助。也許只剩下一個了。很好奇您在保護美國國內內容添加器方面的定位如何，無論是專案的太陽能部分還是專案的儲存部分。我們應該考慮什麼時候可以確保這一點？

Jason, would you like to take this?

傑森，你願意接受這個嗎？

Yes, I'll take it. It's another great question. Each of these projects today is -- when Gilad and Nir are speaking of the economics on these projects or project finance, none of those include domestic content adders as a basis (technical difficulty) All of that is considered to be upside.

是的，我會接受的。這是另一個很好的問題。如今，當吉拉德和尼爾談到這些項目的經濟學或項目融資時，這些項目中的每一個都沒有將國內內容添加器作為基礎（技術難度）。所有這些都被認為是有利的。

We are working carefully along the path of confirming (technical difficulty) on a number of these projects, both in terms of storage as well as the overall PVC side. Some of that does depend on the advances our suppliers make in terms of their (technical difficulty) production. And we are seeing that accelerate but watching it carefully and we're not getting out over our (technical difficulty) there. We're making certain that that we're taking product from lines that are stable. (technical difficulty) to is making certain that we deliver on the projects on time and that those projects are producing (technical difficulty) in the coming years. So we are carefully pursuing domestic content but doing it in a way that supports the overall plan. Again, not included in our current forecast by way of (technical difficulty) EBITDA.

我們正在仔細地確認其中一些項目的（技術難度），無論是在存儲方面還是在整體 PVC 方面。其中一些確實取決於我們的供應商在（技術難度）生產方面的進步。我們看到這種情況正在加速，但仔細觀察，我們並沒有擺脫我們的（技術困難）。我們正在確保我們從穩定的生產線上獲取產品。 （技術困難）是確保我們按時交付項目，並且這些項目在未來幾年內產生（技術困難）。因此，我們正在謹慎地追求國內內容，但以支持整體計劃的方式進行。同樣，未透過（技術難度）EBITDA 納入我們目前的預測。

And Jeff, to reiterate that as a following to what Jason said, I think that we can now disclose that on Atrisco, we finally selected Tesla to build a battery supplier. And as Jason said, the current assumption for the project still does not assume a tax equity adder on the battery. However, we believe that there is a potential for that we'll see in the future. So this is some upside that we believe that it might be unlocked into future.

Jeff，重申一下，作為 Jason 所說的內容，我認為我們現在可以在 Atrisco 上透露，我們最終選擇了特斯拉來建立電池供應商。正如傑森所說，該項目目前的假設仍然沒有假設電池的稅收權益增加。然而，我們相信未來我們會看到這種潛力。因此，我們相信未來可能會釋放出一些優勢。

It may be worth noting just quickly as well. But we have been aggressive about capturing the community (technical difficulty) community adder and have included that on a number of projects thus far. So that is nice upside to the (technical difficulty)

這也可能很快就值得注意。但我們一直在積極爭取社區（技術難度）社區附加因素，並已將其納入迄今為止的許多項目中。所以這是一個很好的好處（技術難度）

Right. Okay. Thanks for the time.

正確的。好的。謝謝你的時間。

Mark Strouse, JP Morgan.

馬克‧斯特勞斯，摩根大通。

Great. Thank you very much for taking our questions. I just like to start by thanking Jason for all of your help since prior to the IPO. And best of luck with your next chapter.

偉大的。非常感謝您接受我們的提問。首先，我想感謝 Jason 自 IPO 以來提供的所有幫助。祝你下一章好運。

Our questions, I think, just maybe one multipart question, if I can. The 4Q revenue shortfall, you mentioned, kind of slower ramp at Genesis when the Israeli -- or the Israel cluster, just checking, are those now fully ramped? And then on the next part, with the 2024 guide, we didn't notice any major project pushouts, but the EBITDA guide is a little bit lower than what consensus expectations were. So just seeing if you can bridge that gap between. It sounds like asset sales might be part of that driver.

我想，如果可以的話，我們的問題可能只是一個由多個部分組成的問題。您提到，第四季度的收入短缺，創世紀的成長速度較慢，而以色列或以色列集群正在檢查，這些現在是否已完全成長？接下來，在 2024 年指南中，我們沒有註意到任何重大項目推出，但 EBITDA 指南略低於共識預期。所以只是看看你是否能彌合兩者之間的差距。聽起來資產出售可能是該驅動因素的一部分。

Can you talk about any conservatism that you're baking and projects you're ramping or FX? Anything else that you think might be driving that? Thank you very much.

您能談談您正在醞釀的保守主義以及您正在加強的專案或外匯嗎？您認為還有其他因素可能推動這股趨勢嗎？非常感謝。

Yeah, hi, Mark. Thank you very much for the question. So for -- I would say, just in general, in terms of our guidance and the general way we look at the market and the company right now, I would say that after 15 years and founding the company, I think that the conditions that right now we see in the market and also for the company are maybe the best condition we've seen.

是的，嗨，馬克。非常感謝你的提問。因此，我想說，總的來說，就我們的指導以及我們目前看待市場和公司的總體方式而言，我想說的是，在成立公司 15 年後，我認為條件現在我們看到市場和公司可能是我們見過的最好的狀況。

We are seeing a very nice and accelerated growth, but also based on scale and very high returns. So if you look at our presentation, you can see that the average unlevered return of our projects for the next three years is around 10%, meaning that the leveraged return, the IRR will be in the mid of the teens or maybe higher.

我們看到了非常好的、加速的成長，但也是基於規模和非常高的回報。所以如果你看一下我們的演示，你會發現我們計畫未來三年的平均無槓桿回報率在10%左右，這意味著槓桿回報率，IRR將在十幾歲左右，甚至更高。

I think this is a very good, I would say, a number, especially for the large scale that we are going to build. And for the ones that we are entering into this year and this is a large capacity of almost 1 gigawatt of generation and almost 3 gigawatts of energy storage, so we are talking about even a higher IRR.

我認為這是一個非常好的數字，特別是對於我們將要建造的大規模項目。對於我們今年要進入的項目來說，這是一個近 1 吉瓦的發電容量和近 3 吉瓦的儲能容量，所以我們正在談論更高的 IRR。

So first, yes, there was a jump shortfall in the fourth quarter, but we still grew 40% on average between the EBITDA and the revenue and we are going to grow 35% next year. I think this kind of continuous growth will continue. Based on high returns and based on that, we are very positive.

首先，是的，第四季度出現了跳躍式的缺口，但我們的 EBITDA 和收入之間仍然平均成長了 40%，明年我們將成長 35%。我認為這種持續成長將會持續下去。基於高回報，基於此，我們非常積極。

On the EBITDA, there is no particular reason why the EBITDA is 30%. There is no trend. I would just like to point out that currently a big portion of our revenue mix is coming from the wind projects in Europe that are partially based on merchant price forecasting and on a tax mechanism that we include in our cost of sales. So basically, it reflects -- the net price is reflected in the gross margin, but we see the gross pricing, the revenues, and then the tax -- the price after tax in the EBITDA.

就 EBITDA 而言，EBITDA 為 30% 並沒有什麼特別的原因。沒有趨勢。我想指出的是，目前我們收入組合的很大一部分來自歐洲的風電項目，這些項目部分是基於商家價格預測和我們包含在銷售成本中的稅收機制。所以基本上，它反映了——淨價格反映在毛利率中，但我們看到了總定價、收入，然後是稅收——EBITDA 中的稅後價格。

So last year since the electricity prices were dropped a little bit more rapidly, also the tax mechanism, it created a lower tax. On the net electricity price, that reflects -- is reflected in our EBITDA, you see that we were more or less like our forecasts or I think in the mid of the forecast. But on the revenues, it can be a little bit a short.

因此，去年由於電價下降得更快一些，稅收機制也下降了一些，它創造了較低的稅收。關於淨電價，這反映在我們的 EBITDA 中，你會發現我們或多或少像我們的預測，或者我認為是在預測的中間。但就收入而言，可能有點少。

So I think that in terms of the growth of the company in the next year, we still see a very, very accelerated growth then based on, I think, high return. In terms of the projects that are coming to operation and ramping up, so I would say that in the large wind farms and maybe also in solar, I think, on the broad terms across geographies, we still see some supply chain issues. I think that the big suppliers such as Siemens, General Electric, and other suppliers still struggling a little bit after the COVID-19 with their supply chain. And this caused our project performance to ramp up, I would say, in three or four quarters to the through capacity and availability rather than three months or three to six months before.

因此，我認為就公司明年的成長而言，我們仍然會看到基於高回報的非常非常加速的成長。就即將投入營運和擴大規模的專案而言，我認為，在大型風電場，也許還有太陽能發電場，從跨地區的廣泛角度來看，我們仍然看到一些供應鏈問題。我認為，西門子、通用電氣等大型供應商和其他供應商在 COVID-19 疫情之後，其供應鏈仍然陷入困境。我想說，這導致我們的專案績效在三到四個季度內就達到了吞吐量和可用性，而不是之前的三個月或三到六個月。

This is not affecting the overall return of the project, the multi-year return of the project. That is still forecasted to be very high, so according to plan. So this is something that we will take into consideration in the project in the next years until we see that our supply chain is being, I would say, normalized across the geographies.

這並不影響專案的整體回報，即專案的多年回報。按照計劃，預計這一數字仍然非常高。因此，我們將在未來幾年的項目中考慮這一點，直到我們看到我們的供應鏈在各個地區實現正常化。

Very helpful. I'll take the rest offline. Thank you.

很有幫助。我會把剩下的部分離線。謝謝。

(Operator Instructions) Maheep Mandloi, Mizuho.

（操作員指示）Maheep Mandloi，Mizuho。

I know this is David Benjamin in for Maheep Mandloi. I have a question on your strategy with tax equity transferability versus traditional tax equity. Can you talk a little bit about where you guys are now and where you see that trending over the next year?

我知道這是大衛班傑明飾演馬希普曼德洛伊。我對你們的稅收公平可轉讓性策略與傳統稅收公平的策略有疑問。您能談談你們現在的情況以及明年的趨勢嗎？

Yosef will talk about. Thank you, Maheep.

尤瑟夫將談論。謝謝你，馬希普。

Yeah, thank you, David. What we're seeing in the market is the move towards traditional tax equity come with credits being transferred through the banks transfer desks. So the banks will come in and monetize the accelerated depreciation and some of the other attributes and the cash flow, obviously, in the pre flip period. But what they will look to do is syndicate the transfers to Fortune 500 customers through the bank services elsewhere.

是的，謝謝你，大衛。我們在市場上看到的是向傳統稅收公平的轉變，並透過銀行轉帳櫃檯轉移信貸。因此，銀行將介入並將加速折舊和其他一些屬性以及現金流貨幣化，顯然是在預翻轉期間。但他們希望透過其他地方的銀行服務向財富 500 強客戶進行聯合轉帳。

Now, what we think is important to emphasize is that the move towards the transfer market will also accelerate the path to construction finance. While in the past construction finance was predicated on full tax equity commitments, the ability for tax equity providers to use transfer and syndicate those credits will enable us to access construction capital earlier, and therefore, reduce the peak equity that we need for projects. I think that's where this is headed and the conversations we've had with the major banks.

現在，我們認為需要強調的是，轉向轉會市場也將加速建築融資之路。雖然過去的建設融資是以全額稅收股權承諾為基礎的，但稅收股權提供者利用轉讓和銀團這些信貸的能力將使我們能夠更早獲得建設資本，從而減少我們專案所需的峰值股權。我認為這就是我們與主要銀行對話的方向。

And [Jeff] as an addition, I would say that I believe because of the position of Enlight as a public company, its positioning in the market is such that we feel that once there is a bottleneck in tax equity, in the market, players like Enlight get prioritized. So this is why we believe we were able to complete tax equity last year with Atrisco and based on favorable terms.

[傑夫]作為補充，我想說的是，我相信由於光線作為一家上市公司的地位，它在市場中的定位是這樣的，我們覺得一旦稅收公平出現瓶頸，在市場上，參與者像Enlight一樣得到優先考慮。因此，這就是為什麼我們相信去年我們能夠根據優惠條件與 Atrisco 完成稅收公平。

In the future, I think, the tax favorability will ease up a little bit the bottleneck, but still player like us will be able to play between the traditional structure and transferability. And it's important to say that once we sell down more assets and we generate more profits on the corporate level, we will be able to monetize these profits in terms of depreciation also in the tax transferability structure. And thus, I would say, creates also a good alternative in terms of our tax structure versus the regular or traditional tax equity.

未來，我認為，稅收優惠會緩解一點瓶頸，但像我們這樣的玩家仍然可以在傳統結構和可轉移性之間發揮作用。重要的是，一旦我們出售更多資產並在公司層級產生更多利潤，我們將能夠在稅收可轉移結構中以折舊的形式將這些利潤貨幣化。因此，我想說，就我們的稅收結構而言，與常規或傳統的稅收公平相比，這也創造了一個很好的替代方案。

So I think that we are positioned very well today in the market to be able to select between the traditional structure and the new structure and be able to execute on the project on time based on that.

因此，我認為我們今天在市場上的定位非常好，能夠在傳統結構和新結構之間進行選擇，並能夠在此基礎上按時執行專案。

Great. Thanks. That's very helpful. I'll take the rest offline.

偉大的。謝謝。這非常有幫助。我會把剩下的部分離線。

(Operator Instructions) David Paz, Wolfe.

（操作員說明）David Paz，Wolfe。

Thank you. Good morning. A couple of quick questions just on the CoBar interconnection issue, can you just -- sorry, if you disclosed this already, but provide an update on the timing and then any further studies or anything else that's needed to achieve the 2026 COD?

謝謝。早安.關於CoBar 互連問題的幾個簡單問題，您能否——抱歉，如果您已經披露了這一點，請提供有關時間安排的最新信息，以及實現2026 年COD 所需的任何進一步研究或其他任何內容？

Yeah. So what I can say is that there is no change in our assumption or forecast for CoBar. So we will start constructing CoBar in '25. And believe that we will reach COD by the end of '26. And the growth that we forecast there for '24 and '25, it's not based on that. So this will only, I would say, support the additional growth that is needed for '26, and of course, following that here. So no change in our forecast right now on CoBar.

是的。所以我可以說的是，我們對 CoBar 的假設或預測沒有改變。所以我們將在 25 年開始建造 CoBar。並相信我們將在 26 年底實現 COD。我們預測 24 年和 25 年的成長並不是基於此。因此，我想說，這只會支援 26 年所需的額外成長，當然，還有接下來的成長。因此，我們目前對 CoBar 的預測沒有改變。

Okay. And just three other projects in the US, I think this interconnection issue, I was surprised if I recall correctly. Are there any other projects where we should be watching or you're waiting for any studies that could impact? I mean --?

好的。而美國的另外三個項目，我認為這個互連問題，如果我沒記錯的話，我感到很驚訝。還有其他我們應該關注的項目嗎？或者您正在等待任何可能產生影響的研究？我是說——？

Yes, I think that we can point out two very good news that we received in our PJM portfolio. As you know, majority of the portfolio in the US come from the West states, but they were always areas of development in PJM and [Maestro]. And recently in the last quarter, we got very good, very positive milestones in PGM (technical difficulty) project totaling more than 1 gigawatts of generation and around 2 gigawatt hour of storage. Means five project getting into the fast track in terms of the interconnection queue and with network upgrades that are less than $5 million per project, which is very, very good results for PGM.

是的，我認為我們可以指出我們在 PJM 投資組合中收到的兩個非常好的消息。如您所知，美國的大部分投資組合來自西部各州，但它們始終是 PJM 和[大師]。最近在上個季度，我們在 PGM（技術難度）專案中取得了非常好的、非常積極的里程碑，發電量總計超過 1 吉瓦，儲存量約為 2 吉瓦時。這意味著五個項目在互連隊列和網路升級方面進入了快車道，每個項目的成本不到 500 萬美元，這對於 PGM 來說是非常非常好的結果。

We believe that this potential that is unlocking in a new market for us opens up a lot of alternatives for us either to go on and construct this project or may be following our sell-down strategy, to use that because of their high valuation and perform sell-downs to recycle equity into our growth in the West. So these are very, very good news that we got recently and is reflected in our presentation in slide 14.

我們相信，這種在新市場中釋放的潛力為我們開闢了很多選擇，要么繼續建設這個項目，要么可能遵循我們的拋售策略，因為它們的高估值和表現而使用它出售資產以將股本回收到我們西方的成長。這些都是我們最近得到的非常非常好的消息，並反映在投影片 14 的簡報中。

Yeah, that's great. That actually was my last question related to that slide. Can you maybe just talk about the growth that you see beyond what you've laid out here? Are there other projects that are maybe in the advanced -- I guess, the stage behind early stage? And in particular, just how are these arrangements, particularly with the data centers being -- what do those look like in terms of the economics? Are you seeing -- do you directly contracted bilaterally with the data center? How do you provide the service? Thank you.

是的，那太好了。這實際上是我與該幻燈片相關的最後一個問題。您能否談談您所看到的超出您在此列出的增長？是否還有其他項目可能處於高級階段——我猜是早期階段之後的階段？特別是，這些安排如何，特別是資料中心——從經濟角度來看，這些安排是什麼樣的？您是否看到—您是否直接與資料中心簽訂雙邊合約？你們如何提供服務？謝謝。

Yeah, so David and then Jason, feel free to chime in afterwards. I think on the data center side, whether the demand is direct from the data center businesses or through the utilities that service them, we see massive demand through Virginia and broader PJM, but particularly in the Virginia region, which, as we know is -- it's not the biggest data center market in the world.

是的，所以大衛和傑森，請隨意插話。我認為在資料中心方面，無論需求是直接來自資料中心企業還是透過為其提供服務的公用事業公司，我們都看到弗吉尼亞州和更廣泛的PJM 的巨大需求，但特別是在弗吉尼亞州地區，據我們所知，該地區 - - 這不是世界上最大的資料中心市場。

The interconnection advantage that we've developed in PJM, particularly these projects in Virginia gives us a unique opportunity to provide power to the AI data center, massive growth need for power that we're seeing. And that's putting us in the driver's seat on terms and offtake. So whether that's ultimately sleep through the utility or directly from the data center providers, we're in a very strong position on those projects.

我們在 PJM 開發的互連優勢，特別是維吉尼亞州的這些項目，為我們提供了獨特的機會，為人工智慧資料中心提供電力，我們看到電力需求大幅增長。這讓我們在條款和承購方面處於主導地位。因此，無論這最終是透過公用事業公司還是直接來自資料中心供應商，我們在這些專案上都處於非常有利的地位。

In addition, there are some other projects outside of PJM in the West Coast. We've got another big major project in Arizona called Snowflake, which is another gigawatt interconnection. We've got a gigawatt interconnection in the Pacific Northwest, which is uniquely positioned to serve the big data center markets in the Northwest, the Microsofts and Amazons of the world.

此外，西海岸PJM之外還有一些其他項目。我們在亞利桑那州還有另一個大型項目，稱為“雪花”，這是另一個千兆瓦級互連。我們在太平洋西北地區擁有千兆瓦級的互連網絡，具有得天獨厚的優勢，可以為西北地區的大數據中心市場、全球的微軟和亞馬遜提供服務。

So the portfolio is very well positioned, to echo Jason's comments at the beginning, to service and massive demand of electricity that we're seeing coming, particularly from the data center market, but also broadly across the US in the coming years.

因此，該投資組合處於非常有利的位置，與傑森一開始的評論相呼應，滿足我們所看到的服務和巨大的電力需求，特別是來自數據中心市場的需求，而且未來幾年還將廣泛應用於美國各地。

Thanks, Yosef. And I would note that as particularly in the West, we've been successful at maintaining a busbar PPA standard and that's unique across our portfolio. And we’ll continue to be a strength of the company, given our strong interconnection position so (technical difficulty) delivering the bus bar and that and all safety utilities to date that (technical difficulty) future, but we continue to find that as an effective way forward.

謝謝，約瑟夫。我要指出的是，特別是在西方，我們成功地維持了母線 PPA 標準，這在我們的產品組合中是獨一無二的。鑑於我們強大的互連地位（技術難度），以及迄今為止（技術難度）未來交付的所有安全設施，我們將繼續成為公司的優勢，但我們繼續發現，一種有效的前進方式。

Great. Thank you so much.

偉大的。太感謝了。

Thank you. There are no further questions. I would like to hand back to you for closing remarks.

謝謝。沒有其他問題了。我想請您作結束語。

Thank you, everybody, for your time today. We will be at the Bank of America Power and Utilities Conference in New York early next week, and we look forward to seeing many of you there. Thank you.

謝謝大家今天抽出時間。我們將於下週初參加在紐約舉行的美國銀行電力和公用事業會議，我們期待在那裡見到你們中的許多人。謝謝。