Enlight Renewable Energy Ltd (ENLT) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Enlight third quarter 2024 earnings call. Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Enlight 2024 年第三季財報電話會議。請注意，今天的會議正在錄音。

I would now like to hand the conference over to Yonah Weisz, Director of IR. Please go ahead.

現在，我想將會議交給 IR 總監 Yonah Weisz。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining our third quarter 2024 earnings conference call for Enlight Renewable Energy. Before beginning this call, I would like to draw participants' attention to the following.

謝謝您，接線生。大家早安，感謝您參加 Enlight Renewable Energy 2024 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幾點。

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.

今天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、市場機會的聲明；公用事業需求和潛在成長，與商業對手和融資來源的討論；材料定價趨勢；公司專案進度，包括預計相關審核和專案完成時間、預期生產延遲、預期各種監管發展的影響；開發的完成、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公司為減輕這種影響而設計的行動，以及公司未來的財務和營運業績和指引，包括收入和調整後的 EBITDA，都是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的信息做出的最佳判斷。

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 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.

我們在本次收益電話會議中引用了某些項目指標，有關這些指標的更多資訊可在我們的收益報告中找到。這些聲明涉及風險和不確定性，可能導致實際結果與預期不同。有關可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們於 2024 年 3 月 28 日向美國證券交易委員會提交的 2023 年年度報告及其他文件。儘管我們認為這些預期是合理的，但我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。

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 releases and the earnings presentation for today's call, which are posted on our Investor Relations web page. With me this morning are Gilad Yavetz, CEO and Co-founder of Enlight; Nir Yehuda, CFO of Enlight; and Adam Pishl, COO 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 U.S. activity and then to Nir for a review of our third quarter results. Our executive team will then be available to answer your questions.

此外，電話會議中也可能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指標應被視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。與最直接可比較的 IFRS 財務指標的對帳表可在今天電話會議的收益報告和收益介紹中找到，這些報告和介紹已發佈在我們的投資者關係網頁上。今天早上與我一起的是 Enlight 執行長兼聯合創始人 Gilad Yavetz； Nir Yehuda，Enlight 財務長；以及 Clenera 的營運長兼聯合創始人 Adam Pishl。吉拉德將致開場白，然後將電話轉給亞當回顧我們在美國的活動，然後轉給尼爾回顧我們第三季度的業績。我們的執行團隊將會回答您的問題。

Thank you, Yonah, and thank you all for joining us today. This was an outstanding quarter for Enlight and we're pleased to present an extremely strong set of financial results for the first nine months and third quarter of 2024. Starting with the nine months results. Revenue grew 56% to $285 million comparing the same period in 2023. Adjusted EBITDA grew 50% to $214 million. Net income dropped to $58 million, but excluding one-off items, grew by $8 million from $48 million to $56 million, an increase of 17%. Cash flow from operations rose by 25% to $158 million.

謝謝你，Yonah，也謝謝大家今天加入我們。對於 Enlight 來說，這是一個出色的季度，我們很高興地呈現 2024 年前九個月和第三季度極其強勁的財務業績。從九個月的結果開始。與 2023 年同期相比，營收成長 56%，達到 2.85 億美元。調整後 EBITDA 成長 50%，達到 2.14 億美元。淨收入下降至 5,800 萬美元，但不包括一次性項目，從 4,800 萬美元增加 800 萬美元至 5,600 萬美元，增幅為 17%。經營現金流增加25%，達1.58億美元。

Now for the third quarter results. Revenue was up 88% to $109 million, representing strong operational performance coupled with new project additions. Adjusted EBITDA grew 86% to $88 million. And net income was $24 million versus $26 million though excluding one-off items, grew by $15 million from $11 million to $26 million, an increase of 114%. Cash flow from operations rose to $66 million, up 115%.

現在來看看第三季的業績。營收成長 88% 至 1.09 億美元，體現了強勁的營運業績和新項目的增加。調整後 EBITDA 成長 86%，達到 8,800 萬美元。淨收入為 2,400 萬美元，而去年同期為 2,600 萬美元，儘管不包括一次性項目，但也從 1,100 萬美元增至 2,600 萬美元，增長了 1,500 萬美元，增幅為 114%。經營現金流增至 6,600 萬美元，成長 115%。

On the back of these results, we are pleased to increase our 2024 guidance ranges for the second consecutive quarter. This represents an increase of additional $10 million at the midpoint for both revenue and adjusted EBITDA guidance. Nir will explain in more detail later on.

基於這些業績，我們很高興連續第二季上調了 2024 年的預期範圍。這意味著收入和調整後的 EBITDA 指引的中間值將增加 1000 萬美元。Nir 稍後會更詳細地解釋。

Enlight continues to roll out its major expansion plans on all fronts and this quarter saw significant CODs, significant new project construction and a significant addition to our Mature phase portfolio. During the past nine months, we have added new generation capacity of 500 megawatts and a new energy storage capacity of 1.5 gigawatt hour to our operational portfolio. These include Atrisco Solar and storage project in New Mexico and additional projects in Europe and MENA. This capacity is expected to contribute approximately $105 million in revenues and $80 million in EBITDA in 2025.

Enlight 繼續在各方面推出其重大擴張計劃，本季出現了顯著的 COD、顯著的新項目建設和成熟階段投資組合的顯著增加。在過去的九個月中，我們在營運組合中增加了 500 兆瓦的新發電容量和 1.5 千兆瓦時的新能源儲存容量。其中包括新墨西哥州的 Atrisco 太陽能和儲存項目以及歐洲和中東和北非的其他項目。預計到 2025 年，該產能將貢獻約 1.05 億美元的收入和 8,000 萬美元的 EBITDA。

In addition, we have begun construction on 810 megawatts of generation and more than 2 gigawatt hour of storage of three additional projects in the US, which are expected to contribute $137 million in revenue and $110 million in EBITDA on an annual basis when fully operational. In the next three years, our global generation and energy storage capacity will triple reaching 6 gigawatt generation and 7.6 gigawatt hour energy storage by 2027.

此外，我們已開始在美國建造另外三個項目，總發電容量為 810 兆瓦，儲能容量超過 2 千兆瓦時，預計全面投入營運後每年將貢獻 1.37 億美元的收入和 1.1 億美元的 EBITDA。未來三年，我們的全球發電和儲能能力將增加兩倍，到2027年將達到6千兆瓦發電量和7.6千兆瓦時儲能。

The demand for electricity in the United States is soaring. Power consumption is rising fast attributed to the electricity needs of data centers, AI and electric vehicles. It's estimated that data centers alone will consume approximately 12% of the country's electricity output by 2030, up from about 3% in 2023. As a result of this trend, PPA prices continue to remain high reflecting high returns from our projects.

美國的電力需求正在激增。資料中心、人工智慧和電動車的電力需求導致電力消耗快速上升。據估計，到 2030 年，僅資料中心就將消耗該國約 12% 的電力產量，而 2023 年這一比例約為 3%。由於這種趨勢，PPA 價格繼續保持高位，反映了我們專案的高回報。

We believe that the market critical need for electricity will continue intensifying the need for our projects. Given these conditions, potential changes in future regulations on tariffs and tax incentives may have more of an impact on electricity prices and less on the building of new project or rates of return. We are also securing growth in 2026, 2027 and beyond.

我們相信，市場對電力的迫切需求將持續增強我們專案的需求。鑑於這些條件，未來電價和稅收優惠政策的潛在變化可能會對電價產生更大的影響，而對新項目建設或回報率的影響較小。我們也確保 2026 年、2027 年及以後的成長。

This quarter we are introducing Snowflake A into our Mature phase Portfolio with a capacity of 600 megawatt solar and 1.9 gigawatt hour energy storage as well as announcing a 20-year PPA for this project with Arizona's APS. Snowflake is a high return project that is expected to begin construction as early as mid-2025. Adam Pishl, CEO Clenera, will expand on all these developments in just a bit. The favorable balance between our offtake price, cost of equipment and cost of capital continues to generate high returns for our projects.

本季度，我們將 Snowflake A 引入到我們的成熟階段投資組合中，其太陽能容量為 600 兆瓦，儲能容量為 1.9 千兆瓦時，並宣布與亞利桑那州 APS 簽署該專案 20 年的 PPA。Snowflake是一個高回報項目，預計最快於2025年中期開始建設。Clenera 執行長 Adam Pishl 稍後將會詳細介紹這些進展。我們的承購價格、設備成本和資本成本之間的良好平衡持續為我們的專案帶來高回報。

As shown in our financial reports and releases, our unlevered asset returns reached double digits and reflect attractive mid-teens returns after leverage even at the current interest rates, which have already started to decline.

正如我們的財務報告和新聞稿所示，我們的無槓桿資產回報率達到了兩位數，即使在當前利率已經開始下降的情況下，扣除槓桿後也反映出了頗具吸引力的十幾歲的回報率。

Our European projects are benefiting from very strong market conditions. Revenues this quarter were up 24% comparing to last year. Spanish electricity prices have reached their highest points this year and are resulting in excellent returns at Gecama. We have hedged 65% of Gecama's anticipated 2024 generation for EUR100 per megawatt hour and already have built a substantial hedge for 2025, which covers 60% of next year's anticipated output at a price EUR65 per megawatt hour. With new capacity commissioned and large scale development portfolio, we see continuous growth in this geography.

我們的歐洲項目受益於非常強勁的市場條件。本季營收較去年同期成長了 24%。西班牙電價今年已達到最高點，為 Gecama 帶來了豐厚的回報。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% 進行了避險，並且已經為 2025 年建立了大量避險，以每兆瓦時 65 歐元的價格覆蓋了明年預計產量的 60%。隨著新產能的投入使用和大規模的開發組合，我們看到該地區的持續成長。

MENA is showing significant growth this year fueled by the rapid expansion in solar and storage clusters and the strong ramp up of Genesis Wind farm, one of Israel's largest renewable energy project. As a result, revenues this quarter were up 223% for this region compared to last year. This quarter we achieved COD at three new solar and storage projects completing the 12 site solar and storage cluster with a total capacity of 248 megawatts and 625 megawatt hours.

受太陽能和儲能集群的快速擴張以及以色列最大的可再生能源項目之一 Genesis 風電場的強勁增長的推動，中東和北非地區今年表現出顯著增長。因此，本季該地區的營收與去年相比成長了 223%。本季度，我們在三個新的太陽能和儲能專案中實現了 COD，完成了 12 個站點的太陽能和儲能集群，總容量為 248 兆瓦和 625 兆瓦時。

We expect the complete cluster to generate revenues of $35 million and EBITDA of $25 million in 2025. On the offtake side in Israel, during the third quarter we signed three new corporate PPAs with clients in the electronics and manufacturing sectors. We have entered into a total of nine corporate PPAs so far, this with annual consumption volumes of 105 megawatts.

我們預計整個集群將在 2025 年創造 3500 萬美元的收入和 2500 萬美元的 EBITDA。在以色列的承購方面，第三季我們與電子和製造業的客戶簽署了三份新的企業電力購買協議（PPA）。到目前為止，我們總共簽署了九份企業電力購買協議，每年消耗量為 105 兆瓦。

To sum up, we are proud to repeatedly show strong results and increased guidance ranges. Solid offtake demand, low equipment cost and declining interest rates support our attractive project returns. We believe that demand will continue to drive growth in all geographies even under different incentive regimes and that any potential change in tax incentives may translate into higher electricity prices rather than negatively impact project deployments or returns. We continue converting our very large development portfolio into Mature phase projects driving higher revenues and profits.

總而言之，我們很自豪能夠一再展現強勁的業績和不斷提升的指導範圍。強勁的承購需求、低廉的設備成本和下降的利率支持了我們具有吸引力的專案回報。我們相信，即使在不同的激勵制度下，需求仍將繼續推動所有地區的成長，並且稅收激勵措施的任何潛在變化都可能導致電價上漲，而不是對專案部署或回報產生負面影響。我們繼續將我們龐大的開發組合轉化為成熟階段的項目，以獲得更高的收入和利潤。

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

我現在想把電話交給亞當。

Thank you, Gilad. Enlight and Clenera are achieving great milestones in fulfilling our substantial growth objectives for the US market. This quarter highlights the magnitude of these objectives and some great achievements we've made as we continue to successfully deliver quality construction projects and exciting development assets.

謝謝你，吉拉德。Enlight 和 Clenera 在實現我們針對美國市場的大幅成長目標方面取得了重大里程碑。本季凸顯了這些目標的重要性以及我們在繼續成功交付優質建設專案和令人興奮的開發資產的過程中所取得的一些重大成就。

We are in the final steps of Atrisco Energy Storage COD in New Mexico. We are starting construction on major projects all located in the Western United States. And lastly, we announced the signing of the Snowflake A PPA, another large project entering Enlight's Mature Portfolio at near RTB status located in Arizona. Together, these five projects total approximately 1.8 gigawatts of solar and 5.1 gigawatt hours of energy storage capacity.

我們正處於新墨西哥州 Atrisco 能源儲存 COD 的最後階段。我們正在開始建造位於美國西部的大型計畫。最後，我們宣布簽署 Snowflake A PPA，這​​是另一個進入 Enlight 成熟投資組合且位於亞利桑那州且接近 RTB 狀態的大型專案。這五個項目總計擁有約 1.8 千兆瓦的太陽能和 5.1 千兆瓦時的儲能容量。

In October, we achieved full COD on the solar portion of Atrisco located near Albuquerque, New Mexico. This project includes 364 megawatts of solar and 1.2 gigawatt hours of energy storage. We are completing the energy storage connection to the grid and expect full COD for the energy storage portion in the coming weeks.

十月份，我們位於新墨西哥州阿爾伯克基附近的 Atrisco 太陽能部分實現了全面 COD。該項目包括 364 兆瓦的太陽能和 1.2 千兆瓦時的儲能。我們正在完成儲能與電網的連接，預計未來幾週內儲能部分將完全完成 COD。

Atrisco, which is one of the largest solar and battery projects in the US, is Enlight and Clenera's flagship project. Its completion paves the way forward to begin the next stages of our expansion in the US market. We are starting construction on three projects with a total of 810 megawatts of solar and over 2 gigawatt hours of energy storage capacity. The first, Country Acres, a 392 megawatt solar and 688 megawatt hour energy storage project in California, has started construction beginning with improvements to adjacent public roads needed to accommodate construction traffic into the site. Work has also begun on the PV site.

Atrisco 是美國最大的太陽能和電池計畫之一，也是 Enlight 和 Clenera 的旗艦計畫。它的竣工為我們在美國市場下一階段的擴張奠定了基礎。我們正在開工建設三個項目，總計太陽能發電量 810 兆瓦，儲能容量超過 2 千兆瓦時。第一個項目是位於加州的 Country Acres，它是一個 392 兆瓦太陽能和 688 兆瓦時能源儲存項目，目前已開始建設，首先對相鄰的公共道路進行改善，以容納進入現場的施工交通。光電站的建設工作也已開工。

We are also excited to partner with the University of California, Davis to include agrivoltaics on a portion of this project to further study dual land uses in utility scale solar sites. This project is expected to achieve COD in the second half of 2026. Moving from California east to Arizona. Located 60 miles east of Tucson, our Roadrunner project includes 290 megawatts of solar and 940 megawatt hours of energy storage.

我們也很高興與加州大學戴維斯分校合作，將農業光伏納入該計畫的一部分，以進一步研究公用事業規模太陽能場地的雙重土地用途。該項目預計於2026年下半年實現COD。從加州東部遷往亞利桑那州。我們的 Roadrunner 專案位於圖森以東 60 英里處，包括 290 兆瓦的太陽能和 940 兆瓦時的能源儲存。

I'm pleased to report we have secured all regulatory permits for this project. Construction crews are mobilized and work to build a road network throughout the site is underway. The project is scheduled to achieve COD in the second half of 2025. Quail Ranch, an expansion of the Atrisco project outside Albuquerque, New Mexico, will begin mobilization in December. Leveraging Atrisco's interconnection, Quail Ranch brings an additional 128 megawatts of solar and 400 megawatt hours of energy storage to our portfolio.

我很高興地報告我們已經獲得了該專案的所有監管許可。施工隊已經調動起來，正在整個工地建造道路網。該項目預計於2025年下半年實現COD。鵪鶉牧場 (Quail Ranch) 是位於新墨西哥州阿爾伯克基郊外的阿特里斯科 (Atrisco) 項目的擴建項目，將於 12 月開始動員。利用 Atrisco 的互連，Quail Ranch 為我們的投資組合帶來了額外的 128 兆瓦太陽能和 400 兆瓦時的能源儲存。

All required permits have been approved and site work will begin by the end of the year. We anticipate completing commissioning on this project by the end of 2025. In parallel to these activities, we're also closing in on financing and tax equity arrangements for each project. We look forward to providing you with more updates on the financing of these three projects early next year. I'm also excited to introduce the first phase of the Snowflake Complex located in Northern Arizona.

所有所需許可證均已獲得批准，現場工作將於年底開始。我們預計該專案將於 2025 年底完成調試。在進行這些活動的同時，我們也正在為每個專案完成融資和稅務公平安排。我們期待明年初為您提供有關這三個項目融資的更多最新進展。我也很高興介紹位於亞利桑那州北部的雪花綜合體的第一期。

This overall complex consists of over 1 gigawatt of land and interconnection rights. We are in the final stages of design and permitting for the first phase of this complex, which we are calling Snowflake Solar A. As recently announced, we have secured a power purchase agreement with APS for this first phase, which includes 600 megawatts of solar generation and 1.9 gigawatt hours of energy storage.

整個綜合體包括超過1千兆瓦的土地和互連權。我們正處於該綜合體第一階段的設計和許可的最後階段，我們將其稱為 Snowflake Solar A。

The PPA offers a solid economic foundation for the project, which is scheduled to begin construction in 2025 with COD anticipated mid-2027. Achieving this milestone for Snowflake exemplifies our ability to convert high quality assets from our Advanced Development Portfolio into projects ready for construction.

該電力購買協議為該項目提供了堅實的經濟基礎，該項目計劃於 2025 年開始建設，預計 2027 年中期竣工驗收。Snowflake實現這一里程碑，體現了我們將高級開發組合中的優質資產轉化為可建造專案的能力。

Both in terms of size and profitability, Snowflake is an impactful project to the overall Enlight portfolio. On a broader level, Snowflake is an example of how the US energy market provides a positive backdrop for our project fundamentals. The scarcity of new projects, especially very large projects like Snowflake, along with growing demand for energy drives positive tailwinds for electricity prices. Combined with decreasing equipment prices and interest rates, these trends result in attractive unlevered returns for our current and future projects in the US.

無論從規模或獲利能力來看，Snowflake 對整個 Enlight 投資組合來說都是一個有影響力的專案。從更廣闊的層面來看，Snowflake 就是美國能源市場為我們的專案基本面提供正面背景的一個例子。新專案（尤其是像 Snowflake 這樣的大型專案）的稀缺，加上不斷增長的能源需求，為電價帶來了積極的推動力。再加上設備價格和利率的下降，這些趨勢將為我們在美國現有和未來的項目帶來相當吸引力的無槓桿回報。

Lastly, our global supply chain strategy and deep relationships have continued to be a strength. Supply contracts for Roadrunner are completed and we expect to sign the remaining contracts for both Quail Ranch and Country Acres this month. With our strong supplier partnerships, we have been able to secure competitive pricing with good resilience against potential trade impacts. This resilience comes in part from contractual terms, but also domestic supply.

最後，我們的全球供應鏈策略和深厚的關係一直是我們的優勢。Roadrunner 的供應合約已經完成，我們預計本月將簽署 Quail Ranch 和 Country Acres 的剩餘合約。憑藉強大的供應商合作夥伴關係，我們能夠確保有競爭力的價格，並具有良好的抵禦潛在貿易影響的能力。這種彈性部分來自於合約條款，但也來自於國內供應。

In conclusion, our third quarter results highlight our team's incredible ability to continue to overcome the ever-present market and supply chain hurdles and execute on our substantial growth objectives in the US. I look forward to continuing to share this developing growth story on future calls.

總而言之，我們的第三季業績凸顯了我們團隊的非凡能力，能夠繼續克服無處不在的市場和供應鏈障礙，並在美國實現大幅成長目標。我期待在未來的電話會議中繼續分享這個不斷發展的成長故事。

I'll now turn the call over to Nir for a review of our quarterly results. Nir?

現在我將把電話轉給 Nir ​​來審查我們的季度業績。尼爾？

Thank you, Adam. In the third quarter of '24, the company's revenues increased to $109 million up from $58 million last year, a growth rate of 88% year-over-year. Growth was mainly driven by new projects compared to last year as well as higher production at our existing projects and better merchant prices. Since the third quarter of '23, 12 new projects in the US, Hungary and Israel started selling electricity. The most important of these is Genesis Wind, which contributed $15 million to revenue followed by the Israel storage and solar cluster, which added an additional $16 million. Gecama revenue increased 40% year-over-year to $18 million as the project benefited from positive pricing and production trends. We sold electricity at an average of EUR96 per megawatt hour versus EUR76 per megawatt hour for the same period last year while production was up 8% from the same period last year.

謝謝你，亞當。24年第三季度，該公司營收從去年的5,800萬美元增至1.09億美元，較去年同期成長88%。與去年相比，成長主要得益於新項目、現有項目產量增加以及更好的商家價格。自23年第三季以來，美國、匈牙利和以色列的12個新計畫開始出售電力。其中最重要的是Genesis Wind，貢獻了1500萬美元的收入，其次是以色列儲能和太陽能集群，額外貢獻了1600萬美元。由於該項目受益於積極的定價和生產趨勢，Gecama 的收入同比增長 40% 至 1800 萬美元。我們的平均電力售價為每兆瓦時 96 歐元，而去年同期為每兆瓦時 76 歐元，而電力產量比去年同期增長了 8%。

The average price realized through our hedging strategy was EUR100 per megawatt hour covering 69% of the quarter's production. Merchant prices in Spain during the quarter reached their highest point this year. Third quarter net income decreased from $26 million last year to $24 million this year, a decline of 7% year-over-year.

透過我們的對沖策略實現的平均價格為每兆瓦時 100 歐元，佔本季產量的 69%。本季西班牙商家價格達到了今年最高點。第三季淨利從去年同期的2,600萬美元下滑至今年的2,400萬美元，年減7%。

The impact of new and existing projects added $13 million. This was reduced by a $4 million loss on the revaluation of foreign currency assets. In contrast, in 3Q '23 the company recorded a $6 million non-cash profit on the mark to market of interest rate hedges linked to Atrisco financial close. A number of other income items impacted the current quarter resulting in a $15 million benefit. In comparison, other income items in 3Q '23 amounted to a $16 million benefit. In the third quarter of '24, the company adjusted EBITDA grew by 86% to $88 million compared to $47 million for the same period in '23.

新項目和現有項目的影響增加了 1,300 萬美元。由於外幣資產重估而產生的 400 萬美元損失，減少了該金額。相比之下，23年第三季度，該公司在與Atrisco財務收盤相關的利率對沖市價中錄得600萬美元的非現金利潤。其他一些收入項目對本季產生了影響，產生了 1500 萬美元的收益。相比之下，23年第三季的其他營收項目總計達1,600萬美元。24 年第三季度，公司調整後的 EBITDA 成長 86%，達到 8,800 萬美元，而 23 年同期為 4,700 萬美元。

On the whole, adjusted EBITDA growth was driven by the same positive factors, which affected our revenue growth and which contributed $49 million, though offset by an additional $9 million in higher operating expenses linked to new projects and $3 million increase in overhead.

總體而言，調整後的 EBITDA 成長受到相同正面因素的推動，這些正面因素影響了我們的收入成長並貢獻了 4,900 萬美元，但被與新專案相關的額外 900 萬美元的更高營運費用和 300 萬美元的管理費用增加所抵消。

Other income included $10 million in compensation from Siemens linked to inadequate performance of turbines at the Bjornberget project in Sweden compared to $8 million from the sale of noncore assets in 3Q '23. Looking to our balance sheet. Enlight raised approximately $133 million in gross proceeds of debt in Israel after the balance sheet date by way of expanding its existing Series D notes traded on the Tel Aviv Stock Exchange. The notes were sold at an effective yield of 6.3% with a duration of 3.7 years.

其他收入包括西門子因瑞典 Bjornberget 專案渦輪機性能不佳而支付的 1,000 萬美元賠償金，而 23 年第三季出售非核心資產所得收入為 800 萬美元。查看我們的資產負債表。資產負債表日後，Enlight 透過擴大在特拉維夫證券交易所交易的現有 D 系列票據，在以色列籌集了約 1.33 億美元的債務總收益。該票據的實際收益率為 6.3%，期限為 3.7 年。

In addition, Enlight has $320 million of revolving credit facilities at Israeli and international banks, none of which have been drawn as of the publication of this report. Moreover, in the third quarter of '24, cash flow from operations was $66 million, an increase of 115% year-over- year. Moving to '24 guidance. Given the strong set of result we delivered for the third quarter and first nine months of '24, we are raising our financial outlook for the 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，尚未提取任何款項。此外，24年第三季度，經營現金流為6,600萬美元，較去年同期成長115%。轉向‘24 指引。鑑於我們24年第三季和前九個月的強勁業績，我們上調了今年的財務前景。

Our range for '24 revenue guidance rises to $355 million to $370 million from $345 million to $360 million previously and our adjusted EBITDA guidance range rises to $255 million to $270 million from $245 million to $260 million previously. This represents an increase of $10 million from previous midpoints for both metrics and further demonstrates the financial strength of the company as it continues to deliver rapid growth and expansion.

我們對 24 年營收的預期範圍從先前的 3.45 億美元至 3.6 億美元上調至 3.55 億美元至 3.7 億美元，而我們對調整後 EBITDA 的預期範圍從先前的 2.45 億美元至 2.6 億美元上調至 2.55 億美元至 2.7 億美元。這意味著兩個指標都比之前的中點增加了 1000 萬美元，進一步證明了該公司在繼續快速成長和擴張的同時也擁有雄厚的財務實力。

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

我現在將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指令）

Justin Clare, ROTH Capital Partners.

羅仕證券的賈斯汀·克萊爾 (Justin Clare)。

So first off, wanted to start here with the change in the administration in the US, it does look possible that we get changes to the IRA incentives. One possible change that's being discussed is an earlier phase-down of the ITC or the PTC. So I was just wondering if you could talk about whether you're safe harboring projects to ensure that they qualify for the ITC or PTC and if so, how far into the future you may be looking at safe harboring?

首先，從美國政府的變化開始，我們確實有可能改變 IRA 激勵措施。正在討論的一個可能的變化是儘早逐步淘汰 ITC 或 PTC。所以我只是想知道您是否可以談談您是否正在為專案提供安全港以確保它們符合 ITC 或 PTC 的資格，如果是，您可能會在多遠的未來考慮安全港？

Okay. Thank you very much for the question. I'll start and, Adam, you can complement me if you want. So basically I think the two strongest points for us in the US is one, the power demand. The power demand in the US is soaring. Utilities need the electricity from us and they need our projects. We have very high-quality projects that are approaching construction or being constructed and we see a lot of demand for that. The second point is that 95% of the queue for interconnection in the US until 2030 is comprised of renewable energy projects. So what we see at the moment is renewable energy projects, whether the market or ours, are the answer to the soaring needs of electricity in the US. And if you look on incentives of course and this is a policy question naturally between different administrations.

好的。非常感謝您的提問。我先開始，亞當，如果你願意的話，你可以補充我。因此基本上我認為我們美國最強大的兩個點是電力需求。美國的電力需求正在飆升。公用事業部門需要我們提供電力，他們需要我們的專案。我們有許多高品質的項目即將開工或正在建設中，而且我們看到了很大的需求。第二點是，到2030年，美國95%的連網專案都是再生能源專案。因此，我們目前看到的是再生能源項目，無論是市場項目還是我們的項目，都是解決美國電力需求飆升的答案。當然，如果你看一下激勵措施，這自然是不同政府之間的政策問題。

We believe there is a balance between the incentives from one side, the tariffs so the tariffs on trade from the other side and electricity prices from the other side. This is like a triangular. So we believe that in a market where you see a very strong demand and if there is an administration that is going (technical difficulty). So we believe (technical difficulty) the project's completion or supply, but maybe the electricity prices. Okay.

我們相信，一方面的激勵措施、另一方面的關稅（即貿易關稅）和另一方面的電價之間存在平衡。這就像一個三角形。因此，我們相信，在需求非常強勁的市場中，如果政府（技術難度）。所以我們相信（技術難度）專案的完成或供應，但也許是電價。好的。

So the way we see it, we strongly believe there is a need for our projects and for renewable energy projects, there might be development of additional project, maybe fossil fuel power stations; but projects that will be developed and will be completed are going to be constructed and maybe power prices may also balance between the different aspects of this triangular.

因此，從我們的角度來看，我們堅信我們的項目和再生能源項目是必要的，可能會開發額外的項目，也許是化石燃料發電站；但將要開發和竣工的項目將要建設，也許電價也可能在這個三角關係的不同方面之間取得平衡。

I'll just add to that. Justin, thank you for the question. Certainly we are safe harboring and have been following that strategy for some time well into the future. And I think in addition, I would say that we've been through -- Clenera alone, Jason and I started two other solar companies as well. So we've been in the business since 2007 through multiple different iterations of administrations. And as Gilad said, the project fundamentals and the demand ultimately drive these projects getting put into the ground. And so we're certainly and have been focused on strategies to overcome the challenges that we see in any future administration.

我只想補充一點。賈斯汀，謝謝你的提問。當然，我們是安全港，並且已經在未來一段時間內遵循此策略。此外，我想說的是，我們經歷過——除了 Clenera 之外，Jason 和我還創辦了另外兩家太陽能公司。我們自 2007 年以來一直從事這項業務，經歷了多屆不同的管理。正如吉拉德所說，專案基本面和需求最終推動這些專案的實施。因此，我們當然會並且會一直專注於制定策略來克服未來政府所面臨的挑戰。

Got it. Okay. So maybe shifting to another topic here. You mentioned that I think the CO Bar project is moving out one year here. Can you provide a little bit more detail on the APS interconnection reform process? How is that progressing? What led to the decision to delay the project? And then how current or how confident are you in the current time frame? And then also I believe Snowflake is in the same region. Can you comment on where that project is in the interconnection process and whether you still need to secure the interconnect there?

知道了。好的。因此這裡也許要轉到另一個話題。您提到我認為 CO Bar 計畫將在一年後在這裡實施。您能否提供有關 APS 互連改革過程的更多細節？進展如何？什麼原因導致了推遲該專案的決定？那麼您對於當前時間框架的了解程度如何或有多大信心？而且我也相信 Snowflake 位於同一地區。您能否評論一下該專案在互連過程中的哪個階段以及是否仍需要確保那裡的互連安全？

So maybe I can again, Adam, maybe I can start generally and then of course you'll follow on with the deep analysis. So maybe I can start with the latter side of the questions because I think this shows how deep Enlight and Clenera portfolio is in the US. While one project is being delayed and we are a developer, we have a very, very large project that is similar in size that is being ahead of schedule and is replacing it.

所以也許我可以再說一次，亞當，也許我可以從總體上開始，然後當然你會繼續進行深入分析。所以也許我可以從問題的後者開始，因為我認為這顯示了 Enlight 和 Clenera 的投資組合在美國有多深。雖然一個項目被推遲了，而且我們是開發商，但我們有一個非常非常大的類似規模的項目正在提前完成並取代它。

So if you look in terms of capacity (technical difficulty) between $120 million to $130 million in revenues. Snowflake has been moved forward. CO Bar is slightly moving ahead, but it's still deep within our plans for '27 and I think this is a strong point. And if you put a focus on what Enlight has been doing in the US, since the acquisition.

因此，如果從容量（技術難度）的角度來看，營收在 1.2 億美元到 1.3 億美元之間。雪花已經向前移動。CO Bar 略有進展，但它仍然在我們 27 年的計劃之中，我認為這是它的強項。如果你有在關注 Enlight 自收購以來在美國所做的事情。

So you can see that the first wave of project of Atrisco and Apex is already delivered, is connected and is going to contribute $65 million. These are the first wave of projects that are being constructed (technical difficulty), constructing Quail Ranch, Country Acres and Roadrunner. So they are going to be placed in '25 and '26. They will contribute twice already so $135 million.

所以你可以看到，Atrisco 和 Apex 的第一波專案已經交付、連接，並將貢獻 6,500 萬美元。這是正在建造的第一批項目（技術難度），建設中的有 Quail Ranch、Country Acres 和 Roadrunner。所以它們將被放置在'25 和 '26。他們已經貢獻了兩倍，即 1.35 億美元。

And the third wave where CO Bar and Snowflake and other projects are going to be delivered between '27 and '28 let's say, that are $300 million. So again more than two-fold in terms of size and all of this portfolio is happening. So we are delivering. One wave is already connected and contributing. The other is under construction. And on the third wave, Adam will now provide the details on the strategy that we have on Snowflake and CO Bar.

第三波是 CO Bar、Snowflake 和其他項目，預計將在 27 年至 28 年之間交付，總價值為 3 億美元。因此，從規模上看，這一數字再次增長了一倍以上，而且所有投資組合都在改變。因此，我們正在履行承諾。一波已經連接並正在貢獻。另一個正在建設中。在第三波中，Adam 將提供有關我們在 Snowflake 和 CO Bar 上的策略的詳細資訊。

Great. Thank you, Gilad. Yeah. First of all, very complex set of circumstances of course on CO Bar. To start off, the system is co-owned by six separate utilities with different utilities managing various portions of the system. It's the Navajo transmission system, which as you can imagine, having six different utilities involved makes it very complicated. While that's true, APS does manage the process and all studies and documentation has to be agreed and executed by them as well as all of the other parties. We have a lot of confidence on our new date that we've provided. I've sat down with the leadership of APS who of course manages the process. They're very, very eager to have that resource online and are as concerned as we are and so they're doubling down and focused in on that process.

偉大的。謝謝你，吉拉德。是的。首先，CO Bar 的情況當然非常複雜。首先，該系統由六個獨立的公用事業公司共同擁有，由不同的公用事業公司負責管理系統的不同部分。這是納瓦荷傳輸系統，你可以想像，它涉及六種不同的公用設施，非常複雜。雖然事實如此，但 APS 確實管理該流程，並且所有研究和文件都必須得到他們以及所有其他方的同意和執行。我們對我們提供的新日期非常有信心。我與 APS 的領導階層進行了交談，他們當然負責管理這項流程。他們非常非常渴望在網路上獲得這些資源，並且和我們一樣關心，所以他們加倍努力並專注於這一進程。

The schedule that they've outlined has the LGA being executed in the second half of 2025. We've given ourselves additional buffer just to make sure that we can hit those dates. But as Gilad mentioned, Snowflake, we're able to bring that project in. It is the benefit of having a very robust portfolio and frankly, a team that's able to shift to other projects and resources, including all of our partnerships that we're able to do that. And Snowflake is much different. Snowflake is not in this kind of a cluster situation.

根據他們所製定的時間表，LGA 將於 2025 年下半年實施。我們為自己留出了額外的緩衝時間，以確保能夠實現這些日期。但正如吉拉德所提到的，Snowflake，我們能夠引入這個計畫。擁有非常強大的投資組合的好處是，坦白說，擁有一個能夠轉向其他專案和資源的團隊，包括我們能夠做到這一點的所有合作夥伴關係。而 Snowflake 則有很大不同。Snowflake 並非處於這種集群情況。

The Snowflake -- while they're both in Arizona are completely different electrical regions within the APS balancing authority and Snowflake was not part of the APS queue transformation. So Snowflake has an LGA already in hand and all green lights from the interconnection standpoint. So that project is moving forward.

Snowflake —— 雖然都在亞利桑那州，但是 APS 平衡機構內完全不同的電力區域，而 Snowflake 不是 APS 隊列轉換的一部分。因此，從互連的角度來看，Snowflake 已經擁有 LGA 並且一切順利。因此該項目正在推進中。

Okay, great, good to hear. Thanks for the time.

好的，太好了，很高興聽到這個消息。感謝您的時間。

[Jack Hurley, Mizuho.]

[傑克‧赫利，瑞穗。

Hey, how are you guys? Thanks for taking my question. I just got two here for you. In terms of flexibility for PPAs for projects that have not started construction, if interest rates were to rise or the ITC/ PTC removed, let's say, by the Trump administration with no safe harbor, do you guys have flexibility in that regard?

嘿，你們好嗎？感謝您回答我的問題。我剛剛拿了兩個給你。對於尚未開始建設的項目的電力購買協議 (PPA) 的靈活性而言，如果利率上升，或者特朗普政府取消 ITC/PTC，並且沒有安全港，你們在這方面是否有靈活性？

Hi Jack, thank you for the question. So in general, as we announced in the past, we have amended multiple PPAs of the company when external circumstances have occurred like tariffs or regulations. So utilities tend to understand and share with us basically the need for the project and they need to adjust the offtake price to these kind of developments. So we have a good track record in that. It's not promised. But until today, we have a very good track record in doing that if these kind of developments occur.

你好，傑克，謝謝你的提問。因此，一般來說，正如我們過去宣布的那樣，當出現關稅或法規等外部情況時，我們會修改公司的多項 PPA。因此，公用事業公司傾向於理解並與我們分享專案的基本需求，並且他們需要根據此類發展調整承購價格。我們在這方面有著良好的記錄。這並沒有承諾。但直到今天，如果出現此類事態發展，我們在這方面有著非常好的記錄。

Thanks. And it looks like the Snowflake is a pretty good nice contract with a PPA, let's say, around $70, $80 per megawatt hour. Can you touch on any equity needs and the timing you may have for that to fund Snowflakes or other projects that are entering the next phase?

謝謝。看起來 Snowflake 與 PPA 簽訂的合約相當不錯，價格約為每兆瓦時 70 至 80 美元。您能否談談股權需求以及為 Snowflakes 或其他進入下一階段的項目提供資金的時機？

Yeah. Nir, would you like to take that?

是的。Nir，你想拿走這個嗎？

Yeah. So as mentioned, this is a quite advanced project. We expect to start the financing process within a few weeks now. Given the status of the project, we believe that we will be in a very good position to finance of course the project without exceeding much the equity needs, which is currently around -- I think in the table that we presented, it's between 15% to 20% of the total CapEx.

是的。正如前面提到的，這是一個相當先進的項目。我們預計將在幾週內啟動融資流程。鑑於專案的現狀，我們相信我們將處於非常有利的地位來為該專案提供資金，而不會超過股權需求，目前股權需求大約為 - 我認為在我們提供的表格中，它佔總資本支出的 15％ 到 20％。

And if we will exceed it a bit so for that purpose, we have the revolvers that will cover the needs between constructing the project, which we will not delay the construction until we close the financing and reach the senior debt. And again the revolvers will enable us to construct without any constraints of timeline. But given the status of the project, we are very optimistic about the timeline of the project, including the financing process.

如果為了這個目的我們稍微超出這個數額，我們有循環信貸來滿足項目建設之間的需要，我們不會推遲建設，直到我們結束融資並達到優先債務。並且，左輪手槍能夠讓我們不受時間限制地建造。但考慮到專案的現狀，我們對專案的時間表非常樂觀，包括融資過程。

Yeah. I can add to Nir words that we believe a project like Snowflake is quite convenient to finance because of the structure of the project in terms of the offtake, as you said, the fact that it's a busbar PPA for 20 years, no risk on the offtake price, capacity payments for the energy storage in terms of the engineering side so flattering, very high radiation resource. So very strong fundamentals of the project. So what we see is very strong demand from lenders on these kind of projects. Therefore, we expect, as Nir said, that we will finance it with a very attractive for us net equity ticket.

是的。我可以補充一下 Nir ​​的話，我們認為像 Snowflake 這樣的專案融資起來相當方便，因為就承購而言，該專案的結構正如您所說，它是一個 20 年的母線 PPA，承購價格沒有風險，從工程方面來看，儲能的容量支付非常令人滿意，輻射資源非常高。因此該項目的基礎非常強大。因此，我們看到貸款方對此類項目的需求非常強烈。因此，正如 Nir ​​所說，我們預計我們將以對我們來說非常有吸引力的淨股權融資方式來為其提供資金。

Okay. Thanks. Appreciate it guys.

好的。謝謝。感謝你們。

Steven Fleishman, Wolfe.

史蒂文·弗萊什曼，沃爾夫。

This is David Paz for Steve Fleishman. I just had a couple of quick questions. Thank you for all the content. Slide 16 on the US growth, I just want to make sure I understand. Can you maybe take this slide and help us gauge just growth in the US like if we look at '27 EBITDA relative to the overall growth of the company? Maybe in other words, what percentage of EBITDA do you expect coming from the US by '27?

我是史蒂夫·弗萊什曼的戴維·帕茲。我只想問幾個簡單的問題。感謝您提供的所有內容。投影片 16 是關於美國經濟成長的，我只是想確保我理解。您能否透過這張投影片幫助我們衡量美國的成長情況，例如我們來看看 27 年 EBITDA 相對於公司整體成長的情況？換句話說，您預計到 27 年來自美國的 EBITDA 佔比是多少？

Yeah. So we still provide a forecast for '27 for the overall of the company. So what I can say, Steve, is that obviously as you can see, we are investing a lot in the US. We have strong projects with very, very attractive EBITDA that are coming in. I think that the capacity is such that even if it's spread between '27 and '28, still you see the very, very high growth in the US. And US is becoming more and more dominant. So in '25 we expect the EBITDA to be around 15%, of total Enlight. In '26, it will be higher and going forward, it will be higher because of the size and the capacity of these projects.

是的。因此，我們仍然對公司27年的整體狀況提供預測。所以我可以說，史蒂夫，顯然正如你所看到的，我們在美國投入了大量資金。我們擁有強勁的項目，其 EBITDA 非常非常誘人。我認為，即使產能分佈在27年至28年之間，你仍然會看到美國的非常非常高的成長。美國正變得越來越占主導地位。因此，我們預計 25 年 EBITDA 將達到 Enlight 總營收的 15% 左右。在26年，這個數字將會更高，而且展望未來，由於這些項目的規模和容量，這個數字還會更高。

Okay. That makes sense. And maybe one follow-up on '24 EBITDA, the guidance raise. I think correct me if I'm wrong. Did your original EBITDA or at least your previous EBITDA guidance include the $10 million of compensation from Siemens?

好的。這很有道理。或許還會對 24 年 EBITDA 進行一次跟進，即指導價上調。如果我錯了我想請糾正我。您最初的 EBITDA 或至少您之前的 EBITDA 指導是否包括西門子的 1000 萬美元薪水？

Nir will take that.

Nir 會接受這一點。

Yeah. Of course at the end the LDs coming from Siemens for the purpose of compensating the revenues that we expect to generate during the year. So naturally either as an LDs or revenues, it's part of our EBITDA and in that regard, it's not a surprise to be included in the EBITDA. It's just the sources of it. It's not by generating electricity, but by getting the LDs from Siemens.

是的。當然，最後來自西門子的 LD 是為了補償我們預計在今年產生的收入。因此，無論是作為 LD 還是收入，它都是我們 EBITDA 的一部分，從這個角度來看，被納入 EBITDA 也就不足為奇了。這只是它的來源。不是透過發電，而是透過從西門子獲得雷射二極體。

Okay, great. Thank you.

好的，太好了。謝謝。

[Michael Strouse, JPM]

[邁克爾·斯特勞斯，JPM]

This is Michael on for Mark. Just wondering if you guys could give some more color maybe on the development portfolio past 2027? What markets do you see growth coming from? And then kind of how are you thinking about your longer-term development assets within the PJM markets at this stage?

這是邁克爾，代替馬克。只是想知道你們是否可以對 2027 年以後的發展組合提供更多細節？您認為成長來自哪些市場？那麼，您現階段如何考慮 PJM 市場內的長期開發資產？

So if you look on our presentation slide 11, so what you can see is that we factor together solar and storage in order to give you some kind of equivalent size of our portfolio. And altogether, we are talking about 30 factored gigawatts that are comprising our full portfolio. And I think again we see a strength within the depth of the portfolio. So if you can see on the Mature phase, we have 85 projects so either yielding already or approaching construction in a capacity of 8.2 factored gigawatts. And Advanced phase Portfolio, which means projects that are going to be constructed between 1 and 2 years from now, we have additional 6.4 gigawatts that are approaching construction and an additional 14 gigawatts that are under various phases of development, but sometimes very advanced, okay?

因此，如果您查看我們的第 11 張簡報投影片，您就會看到，我們將太陽能和儲存考慮在一起，以便為您提供與我們投資組合相當的規模。總的來說，我們談論的是構成我們全部產品組合的 30 千兆瓦。我認為我們再次看到了投資組合深度的優勢。因此，如果您可以看到，在成熟階段，我們有 85 個項目，因此要么已經投入生產，要么即將開始建設，容量為 8.2 千兆瓦。而高階階段投資組合，也就是將從現在起 1 到 2 年間開工的項目，我們還有額外的 6.4 千兆瓦即將開工，還有額外的 14 千兆瓦正處於不同的開發階段，但有時開發得非常先進，好嗎？

If you look on the development phases, basically they are comprised of the land rights of every project, the permitting, the offtake and the interconnection primarily in terms of the external access of development. And internally of course we have the financing and engineering. And we are advancing this project also, I would say, for all phases of our portfolio.

如果你看一下開發階段，基本上它們包括每個專案的土地權、許可、承購和互連，主要涉及開發的外部存取。當然，我們內部有融資和工程。我想說，我們也正在推進這個項目，涉及我們投資組合的所有階段。

So when we say that we have 30 gigawatts of our portfolio, it means that we have, as you see, a bunch of around 200 projects that are being pushed in all access of development. And in this way, we can feed the project for construction and get I believe as a pure-play developer and IPP, very, very good visibility towards, I would say, our forecast, our guidelines and our revenues.

因此，當我們說我們的投資組合中有 30 千兆瓦時，這意味著我們有大約 200 個項目正在以各種方式推進開發。透過這種方式，我們可以為專案建設提供資金，我相信，作為純粹的開發人員和 IPP，我們可以非常非常清楚地看到我們的預測、指導方針和收入。

So we see this, I would say, growth continuing onwards after '27, '28, '29, '30 based on the current portfolio, as you see, that is very deep and of course we are constantly enlarging the portfolio. So we are looking for additional projects, additional segments in various areas. And I think that the fact that Enlight is very balanced and diversified between geographies, between the US, Europe and MENA, and also between technology segments, we are very balanced between wind, solar and storage. This can fuel our growth because from this growing market and also these segments represent the vast majority of the growth in renewable energy worldwide.

所以，我想說，基於目前的投資組合，我們看到在 27、28、29、30 年之後，成長仍將繼續，正如你所見，這是非常深的，當然，我們也在不斷擴大投資組合。因此，我們正在尋找各個領域的更多項目和更多細分市場。我認為，Enlight 在各個地域（美國、歐洲和中東和北非地區之間）以及各個技術領域之間都保持了高度平衡和多樣化，我們在風能、太陽能和儲能之間也保持了高度平衡。這可以促進我們的成長，因為這個不斷成長的市場以及這些領域代表了全球再生能源成長的絕大部分。

Great. And then maybe just as a follow-up. I think in PJM, could you just help us think about the size of your development portfolio in that market? And then I think in the past, you talked about potential opportunities for capital recycling in that market. Maybe just an update on your thinking there.

偉大的。然後可能只是作為後續行動。我認為在 PJM，您能否幫助我們考慮您在該市場的開發組合規模？然後我想，過去您曾談到該市場資本循環的潛在機會。也許只是您想法的更新。

Yeah. Adam, would you like to take this question?

是的。亞當，你願意回答這個問題嗎？

Yeah, I'm happy to take the question. PJM is an area that we continue to focus on. We continue to develop and work through the challenges that are there. There are certainly some constraints to overcome. In terms of capital, really again our focus is not on that right now. We're really just pushing the development forward on these projects and continue to develop.

是的，我很高興回答這個問題。PJM 是我們持續關注的領域。我們將繼續發展並努力克服存在的挑戰。當然，也有一些限制需要克服。就資本而言，我們現在的重點其實並不在這上面。我們實際上只是推動這些項目的發展並繼續發展。

Great. Thank you.

偉大的。謝謝。

Thank you. (Operator Instructions) There are no more questions at this time. I would like now to turn the conference back to Yonah Weisz for closing remarks.

謝謝。（操作員指示）現在沒有其他問題。現在我想請 Yonah Weisz 致閉幕詞。

Thank you very much for joining and we look forward to speaking with you next quarter.

非常感謝您的加入，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.

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。