Enlight Renewable Energy Ltd (ENLT) 2024 Q2 法說會逐字稿

Good morning, everyone and thank you for joining our second quarter 2024 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, 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 development, the potential impact of the current conflicts in Israel on our operations and financial condition and company actions designed to mitigate such impact, 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 laws which reflect management's best judgment based on currently available information.

大家早安，感謝您參加我們的光線再生能源 2024 年第二季財報電話會議。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、公用事業需求和潛在成長的聲明。與商業對手方和融資來源的討論、材料的定價趨勢、公司項目的進展，包括相關審批和項目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、當前衝突的潛在影響在以色列關於我們的營運和財務狀況以及旨在減輕此類影響的公司行動，以及公司的未來、財務和營運結果和指導（包括收入和調整後的EBITDA）的前瞻性陳述，均屬於美國聯邦政府定義的前瞻性陳述。

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 2023 annual report filed with the SEC on March 28, 2024 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 2024 年 3 月 28 日向 SEC 提交的 2023 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 call, which are posted on our Investor Relations webpage.

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頁上。

With me this morning are Gilad Yavetz, CEO and Co-founder of Enlight; Nir Yehuda, CFO of Enlight; and Adam Pishl, CEO and Co-founder of Clenera. Gilad will provide some opening remarks and will then turn the call over to Adam for a review of our US activity and then to Nir for a review of our second quarter 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；以及 Clenera 執行長兼聯合創始人 Adam Pishl。吉拉德將發表一些開場白，然後將電話轉給 Adam 來審查我們在美國的活動，然後轉給 Nir ​​來審查我們第二季度的業績。然後我們的執行團隊將可以回答您的問題。

Thank you, Yonah, and thank you all for joining us today. Enlight continues to deliver excellent performance as we progress through 2024, and we are pleased to present a very strong set of financial results for the first half and second quarter of 2024. Comparing the first half of 2024 to the same period in 2023, revenue grew 42% to $175 million, Adjusted EBITDA grew 33% to $126 million, net income dropped to $34 million, and cash flow from operations was lower by 4% to $91 million.

謝謝你，Yonah，也謝謝大家今天加入我們。Enlight 在 2024 年繼續取得優異的業績，我們很高興公佈 2024 年上半年和第二季度非常強勁的財務業績。2024 年上半年與2023 年同期相比，營收成長42%，達到1.75 億美元，調整後EBITDA 成長33%，達到1.26 億美元，淨利下降到3,400 萬美元，營運現金流下降4%，達到9,100萬美元。

On a quarter-to-quarter basis compared to last year, revenue was up 61% to $85 million, and Adjusted EBITDA grew 39% to $58 million. Net income was $9 million versus $22 million, driven by inflation indexation impacts and the Clenera earnout calculation, which Nir will explain in more detail later on, while cash flow from operations rose to $56 million, up 42%.

與去年同期相比，營收成長 61% 至 8,500 萬美元，調整後 EBITDA 成長 39% 至 5,800 萬美元。淨利潤為 900 萬美元，對比 2,200 萬美元，受通膨指數化影響和 Clenera 收益計算（Nir 稍後將更詳細地解釋）的推動，而營運現金流升至 5,600 萬美元，增長 42%。

On the back of these results, we are pleased to increase our full year 2024 guidance ranges. We now expect 2024 revenues of $345 million to $360 million, up from $330 million to $360 million, while we now expect 2024 EBITDA of $245 million to $260 million, up from $235 million to $255 million. This represents an increase of $5 million and $7.5 million at the midpoint, respectively.

基於這些結果，我們很高興提高 2024 年全年指引範圍。我們現在預計2024 年營收為3.45 億美元至3.6 億美元，從3.3 億美元上調至3.6 億美元，而我們現在預計2024 年EBITDA 為2.45 億美元至2.6 億美元，從2.35 億美元上調至2.55 億美元。這意味著中點分別增加了 500 萬美元和 750 萬美元。

Enlight is now in the midst of delivering on its major expansion plan, and we continued to execute on the build out of our mature portfolio. From the beginning of 2024, we have completed construction on 0.5 GW and 1.4 GWh of capacity, including our flagship Atrisco Solar and Energy project in New Mexico. This capacity is expected to contribute $71 million and $56m in EBITDA on a full year basis.

Enlight 目前正在實施其主要擴張計劃，我們將繼續執行我們成熟產品組合的建置。從2024年初開始，我們已完成0.5吉瓦和1.4吉瓦時產能的建設，其中包括我們位於新墨西哥州的旗艦Atrisco太陽能和能源項目。該產能預計將全年貢獻 7,100 萬美元和 5,600 萬美元的 EBITDA。

In the next two quarters we will start with construction CapEx on 810 MW and more than 2 GWh at three additional projects in the US, which are expected contribute $132 million in revenues and $106 million in EBITDA on an annual basis when fully operational. In the next three years our global generation and storage capacity will triple, reaching 5.4 GW and 5.9 GWh by 2027.

在接下來的兩個季度中，我們將開始在美國的另外三個項目建設810 MW 和超過2 GWh 的資本支出，預計這些項目全面運營後每年將貢獻1.32 億美元的收入和1.06 億美元的EBITDA 。未來三年，我們的全球發電和儲存容量將增加兩倍，到 2027 年分別達到 5.4 吉瓦和 5.9 吉瓦。

The United States is now experiencing a transformation in electricity demand. Power consumption is rising fast, and it’s estimated that two-thirds of the growth in US power demand till the end of this decade can be attributed to the electricity needs of data centers, AI, and electric vehicles alone. This is being reflected in higher PPA prices. Enlight is uniquely positioned for a tight power market environment, with a broad set of projects that are deliverable in the short to medium term.

美國目前正經歷電力需求的轉變。電力消耗正在快速成長，據估計，到本十年末，美國電力需求成長的三分之二可歸因於資料中心、人工智慧和電動車的電力需求。這反映在購電協議價格上漲。Enlight 在緊張的電力市場環境中擁有獨特的優勢，並擁有一系列可在中短期內交付的項目。

These include our flagship Atrisco project, with 364 MW and 1.2 GWh capacity located in New Mexico, where we have recently achieved financial close for the Energy Storage portion of the complex for more than $400 million in loans and tax equity. This completes the financing for the entire Atrisco complex, with the solar portion financed in December 2023.

其中包括我們位於新墨西哥州的旗艦 Atrisco 項目，裝置容量為 364 MW，容量為 1.2 GWh，我們最近完成了該綜合體能源儲存部分的財務結算，獲得了超過 4 億美元的貸款和稅收權益。這完成了整個 Atrisco 綜合體的融資，其中太陽能部分的融資將於 2023 年 12 月完成。

Atrisco construction has been completed, with the gradual commencement of the Solar component planned to begin in the coming weeks. We expect full COD of the co-located solar and energy storage complex to be reached by the end of the year. We are also beginning to build additional capacity in the western US with Country Acres, Quail Ranch, and Roadrunner, three major projects totalling 810 MW and 2.0 GWh of capacity. We are now completing development and expect construction CapEx to begin by the end of 2024. Equipment prices remain favourable, with panels and battery prices having fallen by around 25% to 30% from the start of 2023.

Atrisco 建設已經完成，太陽能組件計劃在未來幾週內逐步啟動。我們預計，位於同一地點的太陽能和儲能綜合體的 COD 將在年底前達到全部。我們也開始在美國西部建造額外產能，包括 Country Acres、Quail Ranch 和 Roadrunner，這三個主要項目總計 810 MW 和 2.0 GWh 產能。我們目前正在完成開發，預計建設資本支出將於 2024 年底開始。設備價格仍然有利，面板和電池價格自 2023 年初以來已下降約 25% 至 30%。

All these factors create extremely beneficial tailwinds for the projects that we will be building between now and 2027, which we expect to yield an attractive unlevered return of approximately 10.5%, adding in financing between 5.5% to 6.0% results in levered returns in the mid to high teens.

所有這些因素都為我們從現在到2027 年將要建造的項目創造了極其有利的推動力，我們預計這些項目將產生約10.5% 的有吸引力的無槓桿回報，加上5.5% 至6.0% 的融資，將在中期產生槓桿回報到青少年時期。

Our European projects are benefiting from robust market conditions. Spanish electricity prices, now in the EUR60, EUR70 range, are resulting in excellent financial performance at Gecama. The profitability of this project is well above what we modeled when we first planned it, and we have already recovered half of our equity investment in the past three years. We have hedged 65% of Gecama’s anticipated 2024 generation for EUR100 per MWh, and have already begun building up a hedge for 2025, which so far covers 45% of next year’s output at a price EUR64 per MW.

我們的歐洲項目受益於強勁的市場狀況。西班牙電價目前在 60 歐元、70 歐元範圍內，為 Gecama 帶來了出色的財務業績。這個專案的獲利能力遠高於我們最初規劃時的模型，三年來我們已經收回了一半的股權投資。我們已經以每兆瓦時100 歐元的價格對Gecama 預計2024 年發電量的65% 進行了對沖，並且已經開始為2025 年建立對沖，到目前為止，該對沖覆蓋了明年產量的45%，價格為每兆瓦64 歐元。

Gecama continues to excel on an operational level, with generation volumes up 14% and 17% for the second quarter of 2024 and first half 2024 respectively when compared to the same periods last year. Construction at project Pupin in Serbia continues on pace, with turbines now being delivered and installed on-site. This 94 MW windfarm achieved financial close last quarter, and is scheduled to reach COD during the second half 2025.

Gecama 在營運層面持續表現出色，2024 年第二季和 2024 年上半年的發電量與去年同期相比分別成長了 14% 和 17%。塞爾維亞 Pupin 計畫的建設仍在繼續進行，渦輪機現已交付並現場安裝。該 94 兆瓦風電場於上季度完成財務交割，並計劃於 2025 年下半年實現交付交付。

Finally, Tapolca, a 60 MW fully merchant solar project, began operations on schedule at the end of July, marking the completion of our fifth project in Hungary. Enlight keeps on broadening its presence in Israel. Yesha and Re’im, two projects that are part of the 248 MW and 593 MWh Israel Solar & Storage Cluster, reached COD during the second quarter. The Cluster is approaching its full capacity, with three more projects left to be completed during 2024. We also received approval for 200 MW of additional interconnect to Israel’s national grid, which will be used to expand the offtake of existing projects as well as support the launching of new ones.

最後，60兆瓦全商用太陽能專案Tapolca於7月底如期投產，標誌著我們在匈牙利的第五個專案竣工。Enlight 不斷擴大在以色列的業務。Yesha 和 Reâim 兩個專案屬於 248 MW 和 593 MWh 以色列太陽能和儲存叢集的一部分，已在第二季達到 COD。該集群已接近滿負荷，還有 3 個項目需要在 2024 年完成。我們還獲得了與以色列國家電網額外 200 兆瓦互連的批准，該項目將用於擴大現有項目的承購量並支持新項目的啟動。

On the commercial side, we continue expand our reach into Israel’s newly deregulated power sector. Our joint venture with Electra Power to supply electricity to the country’s household sector was formally launched in July, and we signed five additional PPAs with industrial customers.

在商業方面，我們持續將業務範圍擴大到以色列新近放鬆管制的電力產業。我們與 Electra Power 的合資企業於 7 月正式成立，為該國的家庭部門供電，我們還與工業客戶簽署了另外 5 份購電協議。

To sum up, this quarter showed strong financial performance, which is reflected in our results and increased guidance ranges. The US market presents a compelling opportunity to drive Enlight’s rapid growth, power demand continues to rise, while equipment costs remain low, resulting in higher PPA prices and attractive project returns. We continue to progress with our development goals and project CODs on a global scale. And it is exactly such an environment which positions Enlight to realize its dual goal of delivering higher-than-market growth at higher-than-market returns.

總而言之，本季顯示出強勁的財務業績，這反映在我們的業績和提高的指導範圍中。美國市場提供了推動Enlight快速成長的絕佳機會，電力需求持續上升，而設備成本仍然較低，從而導致購電協議價格上漲和專案回報誘人。我們繼續在全球範圍內推進我們的發展目標和專案 COD。正是在這樣的環境下，光線能夠實現高於市場的成長和高於市場的回報的雙重目標。

I’d now like to hand the call over to Adam.

我現在想把電話轉給亞當。

Thank you, Gilad. Enlight and Clenera continue to deliver on our rapid expansion strategy in the US renewable energy market. We are currently focused on commissioning the Atrisco project, as well as financing and starting construction on the Quail Ranch, Roadrunner, and Country Acres projects. Together these four projects total approximately 1.2 GW of solar and 3.2 GWh of energy storage capacity.

謝謝你，吉拉德。Enlight 和 Clenera 繼續實施我們在美國再生能源市場的快速擴張策略。我們目前專注於 Atrisco 專案的調試，以及 Quail Ranch、Roadrunner 和 Country Acres 專案的融資和開工。這四個項目總計約 1.2 吉瓦的太陽能容量和 3.2 吉瓦時的儲能容量。

Let us begin with a closer look at Atrisco. This project has a capacity of 364 MW of solar and 1.2 GWh of energy storage, and is one of the largest battery projects in the US. The first portion of the solar facility is expected to be connected to the grid imminently, and we expect the remaining solar and energy storage components to be connected and achieve COD later this year.

讓我們先仔細看看 Atrisco。該專案擁有364MW太陽能和1.2GWh儲能容量，是美國最大的電池專案之一。太陽能設施的第一部分預計將立即併網，我們預計剩餘的太陽能和儲能組件將在今年稍後連接並實現 COD。

In addition, we recently reached financial close on the energy storage portion of the project, receiving more than $400 million of debt, and tax equity from top-tier lenders including HSBC and US Bank. This financing, from the world’s leading banks, demonstrates the quality of our projects and our ability to fund our growth. We are proud to have earned their trust and are excited to build upon these key relationships.

此外，我們最近完成了該專案儲能部分的財務結算，從匯豐銀行和合眾銀行等頂級貸款機構獲得了超過 4 億美元的債務和稅務權益。這筆來自世界領先銀行的融資證明了我們項目的品質以及我們為發展提供資金的能力。我們很自豪能夠贏得他們的信任，並且很高興能夠建立這些重要的關係。

As Atrisco nears completion, we continue to focus on Country Acres, Quail Ranch, and Roadrunner. These projects total 810 MW of solar and over 2 GWh of energy storage capacity. All three projects are nearing construction. Development of Country Acres, a 392 MW of energy and 688 GWh battery project in California, is progressing, and we are finalizing details with the utility.

隨著 Atrisco 接近完成，我們將繼續關注 Country Acres、Quail Ranch 和 Roadrunner。這些項目總計 810 MW 太陽能和超過 2 GWh 儲能容量。所有三個項目均已接近施工階段。Country Acres 是加州的 392 MW 能源和 688 GWh 電池項目，其開發工作正在取得進展，我們正在與公用事業公司敲定細節。

Quail Ranch, a New Mexico Project, is a 128 MW solar and 400 MG hour storage brownfield expansion of Atrisco. It awaits regulatory and legal approval of the PPA and ESA agreements. Roadrunner is a 290 MW solar and 940 MWh energy storage project in Arizona. It is currently awaiting government permits ahead of construction.

Quail Ranch 是新墨西哥州的一個項目，是 Atrisco 的 128 MW 太陽能和 400 MG 小時儲能棕地擴建項目。它正在等待 PPA 和 ESA 協議的監管和法律批准。Roadrunner 是亞利桑那州的 290 MW 太陽能和 940 MWh 儲能專案。目前正在等待政府許可施工。

We are also excited to highlight our CO Bar complex in Arizona. The CO Bar complex is currently made up of three projects totaling 1.2 GW of solar and 824 MWh of energy storage, with the potential to expand the energy storage portion to an additional 3.2 GWh, making it the largest complex we have announced in the US. The project has been delayed due to the interconnection queue reform announced by APS in the third quarter of 2023. This process is still ongoing, and we continue to work with the utility to help enable completion of the interconnection facilities as rapidly as possible.

我們也很高興向大家介紹我們位於亞利桑那州的 CO 酒吧綜合體。CO Bar 綜合體目前由三個項目組成，太陽能總容量為1.2 吉瓦，當儲能容量為824 兆瓦時，有可能將儲能部分擴大到額外的3.2 吉瓦時，使其成為我們在美國宣布的最大綜合體。由於APS於2023年第三季宣布的互聯隊列改革，該計畫已被推遲。這個過程仍在進行中，我們將繼續與公用事業公司合作，以協助盡快完成互連設施。

The energy market continues to provide compelling support for our project fundamentals. Increased demand for renewable energy is reinforcing PPA pricing, which reflects the scarcity of new projects. Both solar module and battery prices are lower than at the beginning of last year.

能源市場持續為我們的專案基本面提供強而有力的支持。再生能源需求的增加正在加強購電協議定價，這反映了新項目的稀缺。太陽能組件和電池的價格均低於去年初。

Additionally, there is some indication interest rates may begin to drop, which would have a positive impact on our cost to finance. Our relationship with suppliers remains strong and we have been able to adapt to the new AD/CVD framework. For example, one of our key panel suppliers has relocated cell production to non-affected Southeast Asian countries, which enables a stable supply of modules for future projects.

此外，有跡象表明利率可能開始下降，這將對我們的融資成本產生積極影響。我們與供應商的關係仍然牢固，我們已經能夠適應新的 AD/CVD 框架。例如，我們的一家主要面板供應商已將電池生產轉移到未受影響的東南亞國家，為未來的專案提供穩定的組件供應。

In light of the current US regulatory environment, we are expanding relationships with suppliers to further diversify our supply chain and pursue more domestic content qualifications. These important partnerships, our ability to adapt to changing market conditions, and continuing to deliver high-quality projects are propelling our US expansion strategy.

鑑於當前美國的監管環境，我們正在擴大與供應商的關係，以進一步實現供應鏈多元化並尋求更多的國內內容資格。這些重要的合作夥伴關係、我們適應不斷變化的市場條件的能力以及持續交付高品質專案正在推動我們的美國擴張策略。

I’d now like to turn the call over to Nir for a review of our quarterly results. Nir?

我現在想將電話轉給 Nir，讓其審核我們的季度業績。尼爾？

Thank you Adam. In the second quarter of 2024, the company’s revenues increased to $84 million, up from $53 million last year, a growth rate of 61% year-over-year. Growth was mainly driven by new projects compared to last year as well as higher production and inflation indexation at some of our operational projects.

謝謝亞當。2024年第二季度，該公司營收從去年的5,300萬美元增至8,400萬美元，年成長率達61%。與去年相比，成長主要是由新項目以及我們一些營運項目更高的產量和通膨指數所推動的。

Since the second quarter of 2023, 12 new projects in the US, Hungary, and Israel started selling electricity. The most important of these is Genesis Wind which contributed $10 million to revenue, followed by the Israel Storage and Solar Cluster, which added an additional $6 million.

自2023年第二季以來，美國、匈牙利和以色列的12個新計畫開始售電。其中最重要的是 Genesis Wind，貢獻了 1000 萬美元的收入，其次是以色列儲存和太陽能集群，額外增加了 600 萬美元。

Björnberget, which sold limited amounts of power during 2Q23, contributed $5 million in this quarter. Gecama revenues increased 37% year-over-year to $13 million, as the project benefited from positive pricing and production trends. We sold electricity at an average of EUR71 per MW versus EUR58 per MW for the same period this year, while production was up 14% from the same period last year. The average price realized through our hedging strategy was EUR85 per MW, covering 70% of the quarter’s production. Current market conditions have significantly firmed up, with prices in the range of EUR60 to EUR70 per MW.

Björnberget 在 2023 年第二季出售了有限的電力，本季貢獻了 500 萬美元。由於該項目受益於積極的定價和生產趨勢，Gecama 收入同比增長 37% 至 1300 萬美元。我們的平均售電量為每兆瓦 71 歐元，而今年同期為每兆瓦 58 歐元，而產量比去年同期增長了 14%。透過我們的對沖策略實現的平均價格為每兆瓦 85 歐元，涵蓋本季產量的 70%。目前的市場狀況已顯著穩定，價格在每兆瓦 60 至 70 歐元之間。

Finally, the reclassification of financial asset projects in Israel to fixed asset projects boosted revenues by $5 million. Second quarter net income decreased from $22 million last year to $9 million this year, a decline of 58% year-over-year. The impact of new projects added $6 million. In addition, we experienced a significant indexation impact on our Shekel denominated debt, which resulted in a non-cash financial expense of $5 million. We also expect revenues to rise higher due to the index linkage for the majority of our electricity PPAs in Israel which will be reflected in our financial statements starting from 2025 onwards.

最後，以色列金融資產項目重新分類為固定資產項目，使收入增加了 500 萬美元。第二季淨利從去年的2,200萬美元下降到今年的900萬美元，年減58%。新項目的影響增加了 600 萬美元。此外，我們的謝克爾計價債務受到了重大的指數化影響，導致非現金財務費用達到 500 萬美元。我們也預計，由於以色列大部分電力購電協議的指數連動，收入將成長，這將從 2025 年起反映在我們的財務報表中。

Overall, this represents a net benefit to the company. The reclassification of the financial asset reduced financial income by $3million. In addition, other income in the second quarter of last year was higher by $10 million net of tax due to one-off benefits linked to changes in the Clenera earnout calculations and recognition of LDs from Siemens Gamesa due to the delay in reaching full production at project Björnberget.

總體而言，這代表了公司的淨收益。金融資產的重新分類減少了財務收入300萬美元。此外，去年第二季的其他收入（稅後淨額）增加了 1000 萬美元，原因是與 Clenera 盈利計算變化相關的一次性福利以及由於延遲達到全面生產而對西門子歌美颯 LD 的認可。 。

In the second quarter of 2024, the company’s Adjusted EBITDA grew by 39% to $58 million compared to $42m for the same period in 2023. On the whole Adjusted EBITDA growth was driven by the same positive factors which affected our revenue growth and which contributed $24 million. Note that adjusted EBITDA for second quarter of 2023 was boosted by $8 million from the recognition of LDs compensation.

2024 年第二季度，該公司調整後 EBITDA 成長 39%，達到 5,800 萬美元，而 2023 年同期為 4,200 萬美元。總體而言，調整後 EBITDA 成長是由影響我們營收成長並貢獻 2,400 萬美元的相同正面因素所推動的。請注意，由於 LD 薪酬的認可，2023 年第二季調整後 EBITDA 增加了 800 萬美元。

Looking to our balance sheet, Enlight achieved the major financial closing of Atrisco Energy Storage in the US at the end of July. We raised $407 million in term loans and tax equity for the construction of Energy Storage component of the project. When adding the $303 million raised at the financial close of the Solar portion in December 2023, the total financing and tax equity amounts to $710 million for the entire Solar and Energy Storage complex.

從我們的資產負債表來看，Enlight 於 7 月底實現了美國 Atrisco Energy Storage 的重大財務交割。我們籌集了 4.07 億美元的定期貸款和稅收權益，用於建造該專案的儲能部分。加上 2023 年 12 月太陽能部分財務結束時籌集的 3.03 億美元，整個太陽能和儲能綜合體的融資和稅收權益總額達到 7.1 億美元。

Financial and tax equity arrangements for the entire Atrisco project are now complete. We also recycled $234 million of excess capital back to Enlight as a result of this transaction; these funds will be used to propel Enlight’s future growth forward.

整個 Atrisco 專案的財務和稅務股權安排現已完成。透過此交易，我們也將 2.34 億美元的多餘資本回收回 Enlight；這些資金將用於推動 Enlight 未來的成長。

In addition, Enlight has $320 million of revolving credit facilities at Israeli and international banks, of which $170 million have been drawn as of the publication of this report. Moreover, in the second quarter of 2024 cash flow from operations was $56 million, an increase of 42% year-over-year.

此外，Enlight 在以色列和國際銀行擁有 3.2 億美元的循環信貸額度，截至本報告發佈時已提取 1.7 億美元。此外，2024年第二季營運現金流為5,600萬美元，較去年同期成長42%。

Moving to 2024 guidance, given the strong set of results we delivered for the second quarter and first half of 2024, we are raising our financial outlook for the year. On the back of sound operational performance as well as O&M and SG&A cost savings, our range for 2024 revenue guidance rises to $345 million to $360 million from $335 million to $360 million previously, and our adjusted EBITDA guidance range rises to $245 million to $260 million from $235 million to $255 million previously.

轉向 2024 年指引，鑑於我們在 2024 年第二季和上半年交付的強勁業績，我們正在上調今年的財務前景。在良好的營運績效以及 O&M 和 SG&A 成本節約的支持下，我們 2024 年營收指引範圍從先前的 3.35 億美元升至 3.6 億美元，調整後的 EBITDA 指引範圍升至 2.45 億美元至 2.6 億美元。之前的2.35 億美元增至2.55 億美元。

This represents an increase of $5 million and $7.5 million from previous midpoints respectively, and further demonstrates the financial strength of the company as it continues to deliver rapid growth and expansion.

這比之前的中點分別增加了 500 萬美元和 750 萬美元，進一步證明了公司在繼續快速成長和擴張的過程中的財務實力。

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

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) Justin Clare, Roth Capital Partners.

（操作員說明）Justin Clare，Roth Capital Partners。

So first off, was wondering if you could just share how much of your capacity that is currently planned for completion through 2027 is uncontracted at this point. And maybe if you could just talk about your strategy for contracting the remainder of your open capacity, share when you might be able to sign PPAs for the uncontracted amount. And then just, do you anticipate PPAs likely to be above where you've contracted other assets recently? It sounds like PPA prices are continuing to move upwards. Maybe you just comment on what you're seeing there.

首先，我想知道您是否可以分享一下目前計劃在 2027 年完成的產能中有多少是未簽訂合約的。如果您可以談談您對剩餘的開放產能進行承包的策略，請分享您何時能夠簽署未簽約金額的購電協議。然後，您預計購電協議可能會高於您最近簽訂的其他資產合約的水平嗎？聽起來 PPA 價格正在持續上漲。也許您只是評論您在那裡看到的內容。

Yonah, why don't you take this question and Adam can compliment you.

Yonah，為什麼不回答這個問題，Adam 可以稱讚你。

At this point, we have some, most of our projects are contracted. We do have some open PPAs on the far end of our mature portfolio. However, the important thing to point out here is that our advanced development portfolio, which is again, a bit further out than our mature portfolio, is completely uncontracted. And we do have a sense, given the demand that we see in the United States, that PPAs will remain at the levels that we see today and have potential for increases.

現在我們有一些，我們大部分的項目都承包了。我們成熟的產品組合中確實有一些開放的購電協議。然而，這裡需要指出的重要一點是，我們的高級開發產品組合（再次比我們的成熟產品組合稍遠）是完全未簽署的。考慮到美國的需求，我們確實有一種感覺，購電協議將保持在我們今天看到的水平，並且具有成長的潛力。

Yeah, thank you for your question and thank you. Thank you, Yonah.

是的，謝謝你的提問，也謝謝你。謝謝你，尤娜。

Just to add a little bit of color there, certainly those PPAs we expect to continue to be at this level or higher in the future. We are actively, with some of the projects that we currently have, actively renegotiating PPA prices and receiving higher rates than were previously contracted as well.

只是為了增加一點色彩，我們預計這些購電協議未來將繼續保持在這個水平或更高的水平。我們正在積極地與我們目前擁有的一些項目重新談判購電協議價格，並獲得比之前簽訂的合約更高的價格。

And then maybe just shifting to the supply chain here, I was wondering if you could just share where you are in the procurement process as we look at Quail Ranch, Roadrunner, Country Acres. It sounds like you do have a cell supplier now that's manufacturing in countries that are unaffected by the AD/CVD, the new framework that was put in place. Wondering, is that supplier currently in the process of ramping up new manufacturing facilities? Is supply available today? And then maybe you could comment on just where you're seeing module prices for US projects. Has that moved upward since the introduction of this new AD/CVD framework?

然後也許只是轉移到這裡的供應鏈，我想知道你是否可以分享你在採購過程中的進展，就像我們看看鵪鶉牧場、走鵑、鄉村英畝一樣。聽起來你現在確實有一個電池供應商，它在不受 AD/CVD（已實施的新框架）影響的國家/地區進行生產。想知道該供應商目前是否正在擴建新的製造設施？今天有貨嗎？然後也許您可以評論一下您在哪裡看到的美國項目的模組價格。自從引入新的 AD/CVD 框架以來，這一數字是否有所上升？

Yeah, I can start and then Adam, you can compliment me if you like. Hi, it's Gilad. So in general, as you asked, as you said in your question, so we have secured the line of supply for panels for three projects in the US through a non-AD/CVD impacted countries. It means that we have a reliable source of supply for all the 800 megawatts in countries that are not impacted. So not from the four countries in Southeast Asia, rather than in India. And in terms of the trend, on the price. So we see ofcourse I think we need to start with the base trend, so the price before tariffs and then price after the tariffs. So if we analyze prices before tariffs, we see a very sharp drop in the base panel prices throughout the world. Today, before tariffs, we are on $110 per kilowatt on the international market. And we see the same trend for batteries. We are now on $170 per kilowatt, and we see this trend going down.

是的，我可以開始了，然後亞當，如果你願意的話，你可以稱讚我。嗨，我是吉拉德。因此，總的來說，正如您所問的，正如您在問題中所說，我們已經透過非 AD/CVD 影響的國家確保了美國三個項目的面板供應線。這意味著我們在未受影響的國家擁有所有 800 兆瓦的可靠供應來源。所以不是來自東南亞四個國家，而是來自印度。就趨勢而言，就價格而言。所以我們當然認為我們需要從基本趨勢開始，也就是關稅前的價格，然後是關稅後的價格。因此，如果我們分析關稅前的價格，我們會發現全球基礎面板價格急劇下降。如今，在徵收關稅之前，我們在國際市場上的價格為每千瓦 110 美元。我們在電池領域也看到了同樣的趨勢。我們現在的價格是每千瓦 170 美元，而且我們看到這一趨勢正在下降。

So towards 2030, we believe or analysts estimate that prices will go down to $70 and $110, respectively. So in the US with the tariffs, of course, prices are higher, but still lower than what we saw at the beginning of 2023. We are about 25% lower, and sometimes 30% lower than the prices that we assumed in our model in 2023. Therefore, the returns for the project right now are increasing in the overall through this higher level of PPA prices, as we mentioned before, lower level of panels in the US in the overall after the tariffs, and let's say the stabilized financing cost that we see with some positive trend of the cost of finance even declining.

因此，到 2030 年，我們相信或分析師估計價格將分別降至 70 美元和 110 美元。因此，在美國徵收關稅，價格當然會更高，但仍低於我們在 2023 年初看到的價格。與模型中假設的 2023 年價格相比，我們的價格大約低 25%，有時甚至低 30%。因此，正如我們之前提到的，透過較高的購電協議價格水平，目前該項目的回報總體上正在增加，關稅後美國面板的總體水平較低，並且我們可以說穩定的融資成本看到財務成本甚至下降的一些正面趨勢。

So in the overall, we see better returns. We mentioned in our presentation an average return for the new project of 10.5% before leverage, which is even a rough return because only EV to EBITDA. So if you take the long-term result, it's even better. And of course, after leverage with cost of capital around 6% and maybe lower, returns reach deep teens. So we see good trends on the market right now.

所以總的來說，我們看到了更好的回報。我們在演示中提到，新專案的槓桿前平均回報率為 10.5%，這甚至是一個粗略的回報，因為只有 EV 與 EBITDA 比率。因此，如果你考慮長期結果，那就更好了。當然，在資本成本約為 6% 甚至更低的槓桿率之後，回報率將達到十幾歲。所以我們現在看到市場上有良好的趨勢。

One more question just on domestic content here, the potential for the adder. I was wondering if you think you could secure the domestic content adder for any of your battery storage projects with CODs in 2025 or 2026. It sounds like there's different suppliers that are offering alternative approaches to qualifications, some with domestic sales, some without. So just wondering if that has been factored into your model and what the potential is for securing that adder.

還有一個關於國內內容的問題，就是加法器的潛力。我想知道您是否認為您可以在 2025 年或 2026 年為任何使用 COD 的電池儲存專案確保國內內容添加器的安全。聽起來好像有不同的供應商提供了替代的資格認證方法，有些有國內銷售，有些則沒有。所以只是想知道這是否已被考慮到您的模型中以及保護該加法器的潛力是什麼。

We'll start with Atrisco. Atrisco, as you know, is based on Tesla batteries, and they have potential to qualify for the tax equity adder. We will know that for sure on COD. So currently it's not modeled. It's a pure upside, and we will see in the future.

我們將從 Atrisco 開始。如您所知，Atrisco 是基於特斯拉電池的，它們有可能有資格獲得稅收權益加法器。我們在 COD 上肯定會知道這一點。所以目前還沒有建模。這是一個純粹的好處，我們將在未來看到。

Regarding additional projects in the US, so in the project where we will use Tesla, there is a potential for the US content. Of course, it varies from project to project to clear the line, but there is a clear potential for that. And for the rest of the suppliers, I believe the potential is a little bit down the road towards 2026, 2027.

關於美國的其他項目，所以在我們將使用特斯拉的項目中，有可能使用美國的內容。當然，清除界限的方法因項目而異，但顯然有潛力。對於其他供應商來說，我相信到 2026 年、2027 年才會有潛力。

(Operator Instructions) Maheep Mandloi, Mizuho.

（操作員指示）Maheep Mandloi，Mizuho。

I just wanted to know the last question there. Can you confirm on the unlevered returns? Does that assume your latest module cost assumptions as your supplier moves to the US? And on the Tesla contender, other domestic suppliers, does it also include the domestic contender? That's still an upside to the yield there.

我只是想知道最後一個問題。您能確認無槓桿回報嗎？當您的供應商搬到美國時，這是否假設您最新的模組成本假設？而在特斯拉的競爭者上，其他國內供應商中，是否還包括國內的競爭者呢？這對那裡的收益率來說仍然是一個上行空間。

So the tax equity adder for domestic content is still not included. So it's an upside on which we will know in the coming months. And on the brownfield side for a trace, it is included.

因此，國內內容的稅收權益附加因素仍未包括在內。因此，這是我們在未來幾個月內就會知道的一個好處。在棕地一側的痕跡中，它被包括在內。

And maybe one question just on the slide. I think it was 18 where you like show the timeline of projects to be delivered in Virginia. The list of projects with the construction on the development. Could you maybe talk about the timeline on when do you expect those to be installed or COD in Virginia and what returns are looking with that as well?

也許投影片上有一個問題。我認為您喜歡在 18 日展示弗吉尼亞州交付項目的時間表。正在開發建設的項目清單。您能否談談您預計何時在維吉尼亞州安裝這些設備或 COD 的時間表，以及預期的回報是什麼？

So we do have quite a substantial portfolio there in PGM comparing say in light of the fact that Clenera is a developer that is expertise is usually in the West and 70% of the portfolio comes from the West. Having said, so we do have a couple of projects about five to seven project in PGM still in permitting phase so we are still under development we will see for the future we got some good interconnection response we hope to complete permitting so this is an upside that we will see for the future for the next quarter on how we develop.

因此，鑑於 Clenera 是一家開發商，其專業知識通常來自西方，並且 70% 的投資組合來自西方，因此我們在 PGM 方面確實擁有相當多的投資組合。話雖如此，我們確實有幾個項目，大約有五到七個PGM 項目仍處於許可階段，所以我們仍在開發中，我們將看到未來我們得到了一些良好的互連響應，我們希望完成許可，所以這是一個好處我們將在下個季度看到我們如何發展。

On the meantime we do have after the three projects that Adam mentioned in his remarks Quail Ranch, Roadrunner and Country Acres we do have additional a bunch of projects that are really approaching maturity in terms of completion of development we see a very strong trend of construction in 2025 after the three project or in following the three projects that were mentioned.

同時，在亞當在他的演講中提到的鵪鶉牧場、走鵑和鄉村英畝三個項目之後，我們確實還有很多其他項目，這些項目在開發完成方面確實接近成熟，我們看到了非常強勁的建設趨勢2025 年，在這三個項目之後或在提到的三個項目之後。

So we see, I believe that we are starting to see the fruits of our investments together with Clenera on the development side in the US and very large projects are coming into fruition.

所以我們看到，我相信我們開始看到我們與 Clenera 在美國開發方面的投資成果，並且非常大的專案正在取得成果。

And then this last one on slide 14 on the portfolio I think it looks like you pushed out some 300 MWs from 2026 to 2027, sorry if I missed this earlier, please remind us what project that is or what's causing that?

然後是投資組合幻燈片14 上的最後一個，我認為您從2026 年到2027 年推出了大約300 兆瓦，抱歉，如果我之前錯過了這一點，請提醒我們這是什麼項目或是什麼造成的？

Yonah, would you like to take the answer?

尤娜，你願意接受答案嗎？

Sure. Maheep, could you repeat the question?

當然。Maheep，可以重複這個問題嗎？

Yeah, if I look at the 2026 mature portfolio size of it including a pre-construction, it seems 300 MWs lower than what you had the last quarter. It looks like project was moved out from 2026 to 2027 just want to understand what that thank?

是的，如果我看看 2026 年成熟的投資組合規模（包括預建項目），似乎比上個季度低了 300 兆瓦。看起來專案已從 2026 年移至 2027 年，只是想了解感謝是什麼？

Thank you very much for that. So I'll just take you back a quarter and in Q1 we talked about Rustic Hills moving out to 2027 in order to benefit from what we believe will be a healthy domestic panel production panel production industry in the United States and so we moved Rustic Hills out to 2027 in order to plan to get those domestically produced panels at or in addition to the IRA adder for domestic content and that was a worthwhile move for us.

非常感謝你。因此，我只想讓您回到一個季度，在第一季度，我們討論了 Rustic Hills 遷移到 2027 年，以便從我們認為美國國內面板生產行業健康發展的情況中受益，因此我們將 Rustic Hills 遷移到了到2027 年，以便計劃在IRA 附加程序中或除了IRA 附加程序之外獲得這些國產面板，以獲取國內內容，這對我們來說是值得採取的舉措。

And so we've done the same thing in this quarter for Gemstone and [Kogan] and that's the 300 MW which you've seen transferred into 2027 again from the idea of by that time we'll have a good amount of domestic content eligible panels to purchase which is better for us. At the same time the utility which we're in touch with is not really under any pressure for that immediate supply and so they're agreeing with this move as well.

因此，我們在本季度為 Gemstone 和 [Kogan] 做了同樣的事情，這就是您所看到的 300 MW，從那時起我們將擁有大量符合資格的國內內容的想法再次轉移到 2027 年購買哪種面板對我們來說更好。同時，我們接觸的公用事業公司並沒有真正面臨任何立即供應的壓力，因此他們也同意這項措施。

David Paz, Wolfe Research.

大衛‧帕斯，沃爾夫研究中心。

Can you can you elaborate please on the Interconnection Q reform for CO Bar in Arizona. Are you awaiting on a specific regulatory order when do you expect clarity on that issue?

您能詳細說明一下亞利桑那州 CO Bar 的互連 Q 改革嗎？您是否正在等待具體的監管命令，您預計該問題何時會得到澄清？

Gilad Yavetz

吉拉德·亞維茨

Adam, would you like to take the question.

亞當，你願意接受這個問題嗎？

Yeah so we've been working very closely with utility that that discussion is ongoing. We expect to receive clarity on that in the coming months.

是的，我們一直在與公用事業公司密切合作，討論正在進行中。我們希望在未來幾個月內得到澄清。

And is that the gating item, do you have to do a subsequent filing or proceeding?

這是門控項目嗎？

That is the gating item. And we expect the utility is has been very helpful in this process and so we expect that to close out here pretty quickly.

那就是門控項目。我們預計該實用程式在此過程中非常有幫助，因此我們預計該過程很快就會結束。

And you may have just addressed this on a previous question, but how much capacity is in the advanced development book that is not in your mature projects, but you've noted in your slides? Is that what you just described in the previous question with Gemstone and Kogan or those other plants?

您可能剛剛在上一個問題中解決了這個問題，但是高級開發書中有多少容量不在您的成熟專案中，但您在幻燈片中註意到了？這就是您在上一個問題中描述的寶石和科根或其他植物的情況嗎？

There are much bigger plants. So, Yonah, maybe you can go over the main projects that are in the queue after with the next one in the US and mention also a bit of progress in Europe and Israel as well, that is aggregating.

還有更大的植物。所以，Yonah，也許你可以回顧美國的下一個項目正在排隊的主要項目，並提到歐洲和以色列的一些進展，這是匯總的。

Okay, again, you were asking as to what's in the advanced development portfolio?

好吧，您又問了高階開發組合中有哪些內容？

Let's put down in terms of Gemstone. Your mature project.

讓我們以寶石為例。您成熟的專案。

Forgive me. Could you repeat that?

對不起。你能再說一次嗎？

Sure. In your mature projects portfolio, there's a footnote that says that it excludes some advanced projects in 2027 in your advanced development book that are not illustrated. I'm just curious what that potential could be for 2027 or that could be pulled into your mature projects book.

當然。在你的成熟專案組合中，有一個腳註說它排除了你的高級開發書中沒有說明的一些2027年的高級專案。我只是好奇 2027 年的潛力是什麼，或者可以納入您的成熟專案手冊。

Sure. It could be it could be about four giga of generation and up to 14 GW of storage.

當然。發電量可能約 4 GB，儲存容量可能高達 14 GW。

Can you elaborate a little bit about CO Bar and snowflakes and the other projects to give some color on what we have in line after the three projects that were mentioned specifically as mature?

您能否詳細介紹 CO Bar 和雪花以及其他項目，以便對我們在這三個被明確提到為成熟的項目之後所擁有的項目進行一些說明？

Sure. Well, on CO Bar, we have essentially a very large potential capacity of un-contracted storage. That's around 3 GW of un-contracted storage capacity. And that is something which still stays open. That is in our mature portfolio, but it has the potential that I described earlier on of the advanced development portfolio of not being contracted. And we have another project named Snowflake in the US, which I believe is approximately 1 GW of generation capacity and approximately 2 GW of storage capacity. And that is un-contracted as well. We also have projects which we may be working on in the Balkans as well as also looking for Italy and Spain as well.

當然。嗯，在 CO Bar 上，我們基本上擁有非常大的非合約儲存潛力。這相當於約 3 吉瓦的未簽約儲存容量。這仍然是一個開放的問題。這是我們成熟的產品組合中的一部分，但它具有我之前描述的不簽訂合約的高級開發產品組合的潛力。我們在美國還有另一個名為 Snowflake 的項目，我認為該項目的發電容量約為 1 吉瓦，儲存容量約為 2 吉瓦。這也是未簽約的。我們還有可能在巴爾幹半島開展的項目，以及義大利和西班牙的項目。

(Operator Instructions) Adil Hasidim, Banklumi.

（操作員指令）Adil Hasidim，Banklumi。

As there is no response that concludes today's question-and-answer session. So I'll hand the call back to Yonah for closing remarks.

由於沒有任何回應，今天的問答環節就結束了。因此，我會將電話轉回 Yonah 進行結束語。

Thank you, everyone, for joining us. And we look forward to speaking with you next quarter.

謝謝大家加入我們。我們期待下個季度與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

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。發言者請稍候。