Enlight Renewable Energy Ltd (ENLT) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Enlight first quarter 2025 earnings call. Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 Enlight 2025 年第一季財報電話會議。請注意，今天的會議正在錄製中。

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

現在，我想將會議交給投資人關係總監 Yonah Weisz。請您發言。

Thank you, operator. Good morning, everyone, and thank you for joining our first quarter 2025 earnings conference call for Enlight Renewable Energy.

謝謝接線生。大家早安，感謝大家參加 Enlight Renewable Energy 2025 年第一季財報電話會議。

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 development,

在開始本次電話會議之前，我想提請與會者註意以下幾點。今天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、與商業對手和融資來源的討論、材料價格趨勢、公司項目進展（包括預計的相關審批和項目完成時間以及預計的生產延遲）、各種監管發展預期影響、開發完成情況、

The potential impact of the current conflicts in Israel on our operations and financial conditions 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.

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運營業績和指導，包括收入和調整後的 EBITDA，都是美國聯邦證券法意義上的前瞻性陳述，反映了管理層根據當前可用信息做出的最佳判斷。

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 2024 annual report filed with the SEC on March 28, 2025, 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 to be 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信息，請參閱我們的收益報告。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2025年3月28日向美國證券交易委員會提交的2024年年度報告以及其他文件，以了解更多關於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資訊。儘管我們認為這些預期合理，但我們不承擔修改任何陳述以反映本次電話會議後發生的變化的義務。

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 release and the earnings presentation for today's call, which are posted on our Investor Relations web page.

此外，電話會議中可能會討論非國際財務報告準則 (IFRS) 財務指標。這些非國際財務報告準則 (IFRS) 財務指標應被視為我們根據國際財務報告準則 (IFRS) 編制的業績的補充，而非替代或獨立於我們根據國際財務報告準則 (IFRS) 編制的業績。與最直接可比較的國際財務報告準則 (IFRS) 財務指標的對帳表可在今日電話會議的收益報告和收益報告中查看，這些報告已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.

今天早上與我一起出席的還有 Enlight 執行長兼聯合創始人 Gilad Yavetz、Enlight 財務長 Nir Yehuda 以及 Clenera 執行長兼聯合創始人 Adam Pishl。

Gilad will provide some opening remarks, and then we'll turn the call over to Adam for a review of our US activity and then to Nir for a review of our first quarter results.

吉拉德將發表一些開場白，然後我們將把電話轉給亞當來回顧我們在美國的業務，然後轉給尼爾來回顧我們第一季的業績。

Our executive team will then be available to answer your questions.

我們的執行團隊將隨時解答您的問題。

Thank you for joining us today for Enlight's first quarter 2025 earnings call. We are pleased to report strong financial results for the quarter.

感謝您今天參加Enlight 2025年第一季財報電話會議。我們很高興地宣布本季取得了強勁的財務業績。

Revenue and income grew by 39% compared to the same quarter last year, reaching $130 million. Adjusted EBITDA also increased by 84% to $132 million.

本季營收與去年同期相比成長39%，達1.3億美元。調整後EBITDA也成長84%，達到1.32億美元。

These results support our full year guidance ranges of $490 million to $510 million in revenues and $360 million to $380 million in adjusted EBITDA, which remain unchanged, reflecting the resilience of our combined developer and IPP business model.

這些結果支持了我們全年指引範圍，即 4.9 億美元至 5.1 億美元的收入和 3.6 億美元至 3.8 億美元的調整後 EBITDA，這些指導範圍保持不變，反映了我們合併的開發商和 IPP 業務模式的彈性。

A significant contributor this quarter was the Sunlight transaction, which added $42 million to adjusted EBITDA and $97 million to pretax profit. Nir will provide more details on our financial performance later in the call.

本季度，Sunlight 交易貢獻了顯著的業績，為調整後 EBITDA 貢獻了 4,200 萬美元，為稅前利潤貢獻了 9,700 萬美元。 Nir 將在稍後的電話會議上提供更多關於我們財務表現的詳細資訊。

During the quarter, we made good progress with our expansion plans. In the US, our next wave of projects remain on schedule. Construction on Quail Ranch and Roadrunner is advancing, and they are expected to begin operations by the end of this year, followed by Country Acres in the second half of 2026.

本季度，我們的擴張計劃進展順利。在美國，我們的下一波項目仍在按計劃推進。 Quail Ranch 和 Roadrunner 的建設正在推進中，預計將於今年年底投入運營，Country Acres 也將於 2026 年下半年投入運營。

Together, these projects will add 820 megawatts of generation capacity and 2 gigawatt-hour of storage upon COD with expected total revenues and income of approximately $250 million and EBITDA of $219 million during their first year of operations.

這些項目合計將在投產後增加 820 兆瓦的發電能力和 2 千兆瓦時的儲能容量，預計營運第一年的總收入和收益約為 2.5 億美元，EBITDA 為 2.19 億美元。

We also reached an important milestone by securing the financial close for Country Acres and Quail Ranch during the quarter, joining the financial close for the Roadrunner at the end of last year.

我們還在本季度完成了 Country Acres 和 Quail Ranch 的財務結算，並於去年年底完成了 Roadrunner 的財務結算，從而達到了一個重要的里程碑。

We have raised a total of $1.5 billion in financing at favorable terms for these three projects over the past couple of months despite recent US trade policy changes that created market uncertainty. This demonstrates our strong ability to access the capital we need to support our growth.

儘管近期美國貿易政策變化引發市場不確定性，但我們在過去幾個月中以優惠條件為這三個項目籌集了總計15億美元的融資。這展現了我們獲得成長所需資金的強大能力。

Looking ahead to the second quarter, we plan to start construction on CO *8Bar and Snowflake, 2 US mega projects with a combined capacity of 2.6 factored gigawatts and with expected combined total revenues and income of approximately $450 million and EBITDA of $400 million during their first year of operations.

展望第二季度，我們計劃開始建造 CO *8Bar 和 Snowflake，這兩個美國大型專案的總容量為 2.6 吉瓦，預計營運第一年的總收入和收益約為 4.5 億美元，EBITDA 為 4 億美元。

As part of its global strategy, Enlight has worked to build a diversified and resilient supply chain for the equipment used in its projects. As a result, the recent introduction of trade tariffs in the US has no material impact on our project economics. Our solar panels are either domestically sourced or are imported from countries other than China, and we use Tesla as our main battery supplier, which produces a large portion of their equipment domestically and therefore, has relatively lower tariff exposure.

作為其全球策略的一部分，Enlight 致力於為其專案所用設備建立多元化且富有韌性的供應鏈。因此，美國近期實施的貿易關稅並未對我們的計畫經濟效益產生重大影響。我們的太陽能電池板要么在國內採購，要么從中國以外的國家進口。我們的主要電池供應商是特斯拉，該公司的大部分設備在國內生產，因此關稅風險相對較低。

On a broader scale, we are also confident in our ability to negotiate with equipment supplier as well as adjust our PPAs to market conditions. Adam will give more detail on our US project progress and tariff impact in a moment.

從更廣泛的角度來看，我們也對自己與設備供應商談判以及根據市場情況調整購電協議的能力充滿信心。 Adam 稍後會詳細介紹我們美國計畫的進度和關稅影響。

In Europe, we are seeing rising demand for energy storage and our development strategy is leveraging this trend. We are also starting construction on 1.3 gigawatt-hour of energy storage this year in Italy, Spain and Sweden. We also entered the standalone energy storage market in Poland with 3.2 gigawatt-hour now under development.

在歐洲，我們看到儲能需求不斷成長，我們的發展策略也順應了這個趨勢。今年，我們也將在義大利、西班牙和瑞典啟動1.3千兆瓦時的儲能工程建設。我們也進入了波蘭的獨立儲能市場，目前正在開發3.2千兆瓦時的儲能專案。

In Israel, we advanced our position in two key growth areas: data centers and standalone storage. We won a state land tender for Israel's first integrated data center and renewable energy complex at Ashalim. We plan to build a 100-megawatt IT data center at an expected investment of $1 billion. This project is strategically important as demand for computing power is rapidly growing in Israel.

在以色列，我們在資料中心和獨立儲存兩個關鍵成長領域取得了提升。我們贏得了位於阿沙利姆的以色列首個綜合資料中心和再生能源綜合體的政府土地招標。我們計劃建造一個100兆瓦的IT資料中心，預計投資額為10億美元。鑑於以色列對運算能力的需求正在快速增長，該計畫具有重要的戰略意義。

We also strengthened our leadership in Israel's deregulated electricity market by winning a 1.9 gigawatt-hour bid in Israel's first standalone energy storage capacity tender, further solidifying our 50% market share in this sector.

我們也贏得了以色列首個獨立能源儲存容量招標中的 1.9 千兆瓦時，進一步鞏固了我們在該領域 50% 的市場份額，從而加強了我們在以色列放鬆管制電力市場的領導地位。

In summary, this quarter combined strong financial performance with continued progress delivering on our near-term project and long-term expansion plans. Our robust supply chain continues to shield us from changes in the US tariff and trade policy. This resilience allows Enlight to continue executing on its strategy of tripling company growth every three years.

總而言之，本季財務表現強勁，近期專案和長期擴張計畫的推進也持續推進。我們強大的供應鏈持續保障我們免受美國關稅和貿易政策變化的影響。這種韌性使Enlight能夠繼續執行其每三年實現三倍成長的策略。

Now I'd like to turn the call over to Adam.

現在我想把電話轉給亞當。

Thank you, Gilad. I'm excited to report the great progress our US team continues to make on our extensive project portfolio and on our three large projects now under construction.

謝謝你，吉拉德。我很高興地告訴大家，我們美國團隊在廣泛的專案組合以及目前正在建造的三個大型專案上取得了巨大進展。

Beginning with Quail Ranch, located in Albuquerque, New Mexico, this 128-megawatt PV and 400-megawatt hour battery storage project is the second phase of our Atrisco complex, which achieved COD in 2024.

從位於新墨西哥州阿爾伯克基的 Quail Ranch 開始，這個 128 兆瓦光伏和 400 兆瓦時電池儲存專案是我們 Atrisco 綜合體的第二階段，該專案於 2024 年實現 COD。

Construction at Quail Ranch is on schedule and progressing well. The PV site has all piles installed with racking and inverter installation underway. Nearly all the medium voltage trenching is complete on the energy storage portion of the project, and we are halfway through the foundation construction for the battery containers.

鵪鶉牧場的建設工作正按計畫順利進行。光電站所有樁基已安裝完畢，支架和逆變器的安裝工作正在進行中。工程儲能部分的中壓溝槽施工已基本完成，電池箱的地基施工也完成一半。

We anticipate achieving commissioning of the site before the end of 2025. As Gilad mentioned, in mid-April and in the midst of tariff-related uncertainty, this project closed financing on a $243 million construction loan package.

我們預計該場址將在 2025 年底前投入使用。正如吉拉德所提到的，在 4 月中旬，在關稅相關的不確定性中，該項目完成了 2.43 億美元建設貸款的融資。

Now moving on to Roadrunner, a 290-megawatt solar and 940-megawatt hour battery project in Southeast Arizona. Similar to Quail Ranch, construction of this project is making excellent progress. We have completed nearly half of the pile installations, a third of the overall racking system and inverters are starting to be delivered and installed.

現在我們來看看Roadrunner項目，這是一個位於亞利桑那州東南部的290兆瓦太陽能和940兆瓦時的電池儲能項目。與Quail Ranch計畫類似，該計畫的建設進展順利。我們已經完成了近一半的樁基安裝，三分之一的支架系統和逆變器也開始交付和安裝。

We have also begun construction on the battery storage portion of the project with foundation materials delivered and ready for installation. We are currently on track for commissioning by the end of this year.

我們也已開始施工電池儲能部分，基礎材料已交付並準備安裝。目前，我們正按計劃於今年年底投入使用。

Our final project under construction is Country Acres near Sacramento, California, with 403 megawatts of PV generation and 688 megawatt-hours of battery storage capacity.

我們正在建造的最後一個項目是位於加州薩克拉門托附近的 Country Acres，其光伏發電容量為 403 兆瓦，電池儲存容量為 688 兆瓦時。

Construction is accelerating with ground clearing, internal road building and the first row of PV solar now underway. We anticipate this project will be complete and commissioned during the second half of 2026. This quarter, we also closed the $773 million construction financing needed for this project.

施工正在加速推進，場地清理、內部道路建設以及首排光伏太陽能發電設施的安裝工作正在進行中。我們預計該項目將於2026年下半年竣工並投入使用。本季度，我們也完成了該專案所需的7.73億美元建設融資。

With successful financial closes this quarter as well as excellent construction progress, we are in a great position to rapidly bring three major projects online to meet critical demand and set us up for success with Snowflake A and CO Bar, our next wave of projects with 2027 CODs.

由於本季成功完成財務結算以及出色的施工進度，我們處於有利地位，可以迅速上線三個主要項目來滿足關鍵需求，並為我們的下一波項目 Snowflake A 和 CO Bar 的成功奠定基礎，這兩個項目的竣工日期為 2027 年。

Recent changes to US trade policies have put a renewed emphasis on the renewable energy industry supply chain. Clenera has built a strong reputation and an attractive portfolio of projects within the sector, helping us establish a diversified and agile supply chain with the ability to navigate shifting trade and tariff policies.

美國貿易政策的近期變化再次凸顯了再生能源產業供應鏈的重要性。 Clenera 在該領域建立了良好的聲譽和極具吸引力的項目組合，幫助我們建立了多元化、靈活的供應鏈，並能夠應對不斷變化的貿易和關稅政策。

Our deep relationships with equipment manufacturers from around the world and our reputation for completing projects in challenging market conditions are especially important during times of volatility.

我們與世界各地的設備製造商建立的深厚關係以及在充滿挑戰的市場條件下完成專案的聲譽在動盪時期尤為重要。

We have the advantage of increased flexibility by sourcing material from locations least impacted by changes to trade policy, whether in the US or Asia. Due to our large purchasing volumes, our suppliers prioritize our orders and remain attuned to our needs.

我們的優勢在於，無論是在美國還是亞洲，我們都能從受貿易政策影響最小的地區採購材料，從而提高靈活性。由於我們的採購量龐大，供應商會優先處理我們的訂單，並始終關注我們的需求。

Our utility partners continue to select us as a respected independent power producer, able to deliver the projects needed to meet their increasing demand. These relationships, among other factors, help us mitigate the various impacts of changes in trade regulations, minimizing impact to our project economics.

我們的公用事業合作夥伴持續選擇我們作為受人尊敬的獨立電力供應商，我們能夠交付滿足其日益增長的需求所需的專案。這些合作關係以及其他因素幫助我們緩解貿易法規變化的各種影響，最大限度地降低對我們專案經濟效益的影響。

More specifically, as it relates to tariff risks, all PV panels for projects under construction are either domestically sourced or are imported from countries other than China, eliminating tariff exposure.

更具體地說，由於涉及關稅風險，所有在建項目的光伏電池板要么來自國內，要么從中國以外的國家進口，從而消除了關稅風險。

Our exposure to battery storage is also mitigated due to a strong partnership with Tesla. Their batteries offer one of the highest domestic production levels available in the US, and they represent a majority of the energy storage equipment at our projects currently under construction.

由於與特斯拉的緊密合作，我們在電池儲能領域的投資也得到了一定程度的降低。特斯拉的電池是美國國內產量最高的電池之一，並且佔據了我們目前在建項目中儲能設備的大部分份額。

We continue to work with all of our suppliers as well as our world-leading financial partners and utilities to mitigate the impact of tariffs. We have modeled potential scenarios for the impacts of tariffs on our three projects currently under construction in the US These appear in our quarterly results presentation published today. Within the context of $1.7 billion construction budget for these projects, the impacts are minimal. The US government has suggested that tariffs on China could fall to lower levels over time. And should this occur, the impacts on our projects would be even less.

我們持續與所有供應商以及全球領先的金融合作夥伴和公用事業公司合作，以減輕關稅的影響。我們模擬了關稅對我們目前在美國正在建造的三個項目可能產生的影響。這些影響已在我們今天發布的季度業績報告中反映出來。考慮到這些項目17億美元的建設預算，其影響微乎其微。美國政府已表示，對中國的關稅可能會隨著時間的推移逐漸降低。如果這種情況發生，對我們專案的影響將會更小。

In terms of estimated project returns calculated as expected project EBITDA divided by net CapEx, our analysis shows a reduction of between 0.2% to 1%.

就以預期項目 EBITDA 除以淨資本支出計算的預期項目回報而言，我們的分析顯示減少了 0.2% 至 1%。

As we work through these new and uncertain future macroeconomic factors, I stress that these challenges are not new to us. The Clenera team has been developing solar projects for decades, weathering many changes to trade policy and government incentives.

在我們應對這些新的、不確定的未來宏觀經濟因素時，我想強調的是，這些挑戰對我們來說並不陌生。 Clenera 團隊數十年來一直在開發太陽能項目，經歷了貿易政策和政府激勵措施的許多變化。

Our focus remains on the market fundamentals. Our customers, utilities across America need new sources of power to meet the growing energy demand, and we have proven we can deliver high-quality affordable projects in short time lines.

我們始終關注市場基本面。我們的客戶——美國各地的公用事業公司——需要新的電力來源來滿足日益增長的能源需求，而我們已經證明，我們能夠在短時間內交付高品質、價格合理的專案。

I believe this season will be an opportunity for our company to outpace competitors and enhance our strong position in many markets, ensuring we execute our impressive development pipeline over the coming years.

我相信本賽季將是我們公司超越競爭對手並增強我們在許多市場中的強勢地位的機會，確保我們在未來幾年內實施令人印象深刻的發展計劃。

I will now turn the call over to Nir.

現在我將把電話轉給 Nir。

Thank you, Adam. In the first quarter of 2025, the company's total revenues and income increased to $130 million, up from $94 million last year, a growth rate of 39% year-over-year. This was composed of revenues from the sale of electricity, which rose 21% to $110 million compared to $90 million in the same period of 2024 as well as recognition of $20 million in income from tax benefit compared to $3 million in the first quarter of '24.

謝謝，亞當。 2025年第一季，公司總營收和利潤從去年的9,400萬美元增至1.3億美元，較去年同期成長39%。這其中包括電力銷售收入，較2024年同期的9,000萬美元成長21%，達到1.1億美元；此外，公司也確認了2,000萬美元的稅收優惠收入，而2024年第一季的稅收優惠收入為300萬美元。

Revenues from the sale of electricity grew due to the contribution of newly operational projects. Since the first quarter of 2024, 7 of the solar and storage cluster units in Israel, Atrisco in the US Pupin in Serbia and Tapolca in Hungary began selling electricity.

得益於新投產項目的貢獻，電力銷售收入有所成長。自2024年第一季起，以色列的7個太陽能和儲能集群計畫、美國的Atrisco計畫、塞爾維亞的Pupin計畫以及匈牙利的Tapolca計畫都已開始銷售電力。

The most important increases originated at Atrisco, which added $13 million, followed by the Israel solar and storage cluster which added $11 million. In total, new projects contributed $30 million to revenues from the sale of electricity.

最重要的成長來自Atrisco，其收入增加了1,300萬美元；其次是以色列太陽能和儲能集群，其收入增加了1,100萬美元。總計，新項目為電力銷售收入貢獻了3000萬美元。

Offsetting this growth, electricity volumes generated at our wind project operating in Europe were lower compared to the same period last year, mainly due to weaker wind.

與這一增長形成鮮明對比的是，我們在歐洲運營的風電項目的發電量與去年同期相比有所下降，主要原因是風力較弱。

In addition, generation volumes at project Bjornbeget in Sweden fell compared to last year due to a blade failure experienced in January 2025. The company recognized compensation of $4 million from Bjornbeget operating contractor in lieu of the lower output, which is recorded in other income.

此外，由於 2025 年 1 月葉片故障，瑞典 Bjornbeget 專案的發電量與去年相比有所下降。該公司向 Bjornbeget 營運承包商確認了 400 萬美元的補償，以彌補發電量的下降，這筆補償計入其他收入。

Revenues and income were distributed between MENA, Europe and the US with 34% of revenues denominated in Israeli shekel, 39% in euros and 27% denominated in US dollar.

收入和收益分佈在中東和北非、歐洲和美國，其中 34% 的收入以以色列謝克爾計價，39% 以歐元計價，27% 以美元計價。

During the quarter, Enlight reported the sale of 44% stake in the Sunlight cluster of renewable energy project in Israel to institutional investors for a cash consideration of $52 million at a valuation of $119 million and deconsolidated these assets from our balance sheet following loss of control.

在本季度，Enlight 報告稱，該公司以 5,200 萬美元的現金對價向機構投資者出售了其位於以色列的 Sunlight 再生能源集群項目 44% 的股份，估值為 1.19 億美元，並在失去控制權後將這些資產從我們的資產負債表中分離出來。

This generated a pretax profit of $97 million reflected the higher valuation of the entire cluster, of which $42 million reflecting the actual consideration received for the stake sold less related book value was added to adjusted EBITDA.

這產生了 9,700 萬美元的稅前利潤，反映了整個集群的更高估值，其中 4,200 萬美元反映了出售股份所收到的實際對價減去相關帳面價值，並被添加到調整後的 EBITDA 中。

Accordingly, first quarter net income rose to $102 million compared to $24 million last year, an increase of 316% year-over-year.

因此，第一季淨收入從去年的 2,400 萬美元增至 1.02 億美元，年增 316%。

Aside from the $80 million post-tax profit from the Sunlight transaction, growth was driven by new projects in the amount of $28 million and offset by higher operating expenses of $70 million and net financial expenses of $10 million, all after tax.

除了 Sunlight 交易產生的 8,000 萬美元稅後利潤外，成長還受到 2,800 萬美元新項目的推動，但被 7,000 萬美元的較高營運費用和 1,000 萬美元的淨財務費用（均為稅後）所抵銷。

The company adjusted EBITDA grew by 84% to $132 million compared to $72 million for the same period in 2024. The increase in adjusted EBITDA was boosted by $42 million from the Sunlight transaction, along with $36 million from the same factors that drove the revenues and income increase mentioned above.

該公司調整後的 EBITDA 成長了 84%，達到 1.32 億美元，而 2024 年同期為 7,200 萬美元。調整後的 EBITDA 的成長得益於 Sunlight 交易帶來的 4,200 萬美元，以及上述推動收入和收入成長的相同因素帶來的 3,600 萬美元。

It was offset by an additional $11 million in cost of sale linked to new projects, while other operating expenses rose by $4 million.

但與新項目相關的額外 1,100 萬美元銷售成本抵消了這一增長，而其他營運費用則增加了 400 萬美元。

Looking to our balance sheet, Enlight completed a broad range of financing transaction during the quarter. We reached financial close on projects Country Acres and Quail Ranch, combined $1 billion in construction financing at competitive rates. Adding in $245 million of new bonds issued in Israel during this quarter and $550 million financial close for Roadrunner in December 2024. In total, Enlight has raised $1.8 billion in financing during the past months to support the expansion plans with particular focus on the US

從我們的資產負債表來看，Enlight 在本季完成了一系列融資交易。我們完成了 Country Acres 和 Quail Ranch 專案的融資交割，共計以具有競爭力的利率獲得了 10 億美元的建設融資。此外，我們還在本季於以色列發行了 2.45 億美元的新債券，並於 2024 年 12 月完成了 Roadrunner 的 5.5 億美元融資交割。 Enlight 在過去幾個月中總共籌集了 18 億美元的融資，以支持其擴張計劃，尤其專注於美國市場。

Supplementing these funds, we have $350 million of revolving credit facility at several Israeli banks, of which none have been drawn as of the balance sheet date. This further increases our financial flexibility as we continue to deliver on our growth strategy.

除這些資金外，我們在幾家以色列銀行擁有3.5億美元的循環信貸額度，截至資產負債表日，這些信貸額度尚未提取。這進一步增強了我們的財務靈活性，有助於我們繼續實施成長策略。

We reiterate our 2025 guidance range, which expected revenues and income between $490 million and $510 million and adjusted EBITDA of between $360 million and $380 million. Our revenues and income guidance for 2025 includes recognition of the estimated $60 million to $80 million income from US tax benefit and 90% of 2025 generation output is expected to be sold at fixed price either through hedges or PPA.

我們重申2025年的預期範圍，預期營收和利潤在4.9億美元至5.1億美元之間，調整後EBITDA在3.6億美元至3.8億美元之間。我們對2025年的收入和利潤預期包括確認預計6000萬至8000萬美元的美國稅收優惠收入，並且預計2025年90%的發電量將透過對沖或購電協議(PPA)以固定價格出售。

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

現在我將把時間交給接線員來回答問題。

(Operator Instructions)

（操作員指示）

Justin Claire from Roth Capital Partners.

羅斯資本合夥公司的賈斯汀·克萊爾。

Hey thanks for taking our questions. So I wanted to start off here just on the potential for PPA negotiations here. It looks like you did change the estimated first full year revenue -- or you haven't changed the first full year revenue for some of your US projects with CODs in '25 and '26.

嘿，感謝您回答我們的問題。我想先談談PPA談判的可能性。看起來你們確實更改了預計的第一個全年收入——或者說，你們沒有更改一些25年和26年交付的美國項目的第一個全年收入。

So just wondering what the potential is that we do see changes to the revenue expectations as a result of PPA adjustments and then how that might affect the project returns here?

所以只是想知道由於 PPA 調整，我們確實會看到收入預期變化的可能性有多大，以及這會如何影響這裡的專案回報？

Yeah. Hi Justin, thank you for your questions. So, we are very optimistic about the results of the project and the relatively minor impact that we currently have from, I would say, the changing tariffs, say, declarations in the US I think it's derived from a multilayer approach coming both from the cost side, from the tax equity protection and also from, as you mentioned, the revenue side. But I would say the revenue side on PPA adjustment is marginal.

是的。你好，賈斯汀，謝謝你的提問。我們對該項目的結果非常樂觀，目前我們受到的關稅變化（例如美國的申報）的影響相對較小。我認為這源自於一種多層次的方法，既包括成本方面，也包括稅收公平保護，還有你提到的收入方面。但我認為，購電協議（PPA）調整對營收的影響很小。

We have very good protection coming from our supply chain strategy, from the fact that currently, our solar panels are not affected at all on what we call the second wave, so the project that will be constructed until '26.

我們的供應鏈策略為我們提供了很好的保護，事實上，目前我們的太陽能板完全沒有受到我們所謂的第二波疫情的影響，因此該項目將一直建設到26年。

And relatively on the BESS side, relatively, we are in a good situation because 80% is sourced through Tesla and which has a relatively high domestic content. So, on top of that, we have the tax equity protection as it on the solar -- on the BESS side, it's primarily ITC. And on top of that, we have some protection coming also from participation of the PPA counterpart.

相對而言，在電池儲能係統（BESS）方面，我們的處境相對良好，因為80%的電池來自特斯拉，而且國產化率相對較高。除此之外，我們還享有類似太陽能的稅收權益保護－在電池儲能係統（BESS）方面，主要享有投資稅收抵免（ITC）。此外，我們也獲得了電力購買協議（PPA）的參與，從而獲得了一些保護。

So, all in all, we do not foresee currently a change in our forecast or guidance for '25. And we are very encouraged from the results. I do hope that during the year, maybe we are even going maybe to review uplifting the guidance. But currently, first quarter, so we are reaffirming the guidance. And we believe that the impact -- the current impact that we see from the tariff policy is minor.

總而言之，我們目前預計2025年的預測或指引不會改變。我們對目前的業績感到非常鼓舞。我確實希望今年我們甚至可能重新審視並上調指引。但目前是第一季，我們正在重申指引。我們認為，關稅政策目前帶來的影響很小。

Okay. Got you. That's good to hear. Just to better understand it, it does look like there were some modest adjustments to CapEx, it looks like for storage projects in 2025, 2026. Wondering, are negotiations still ongoing with your suppliers? Or are things mostly agreed upon at this point? And then I just wonder, if tariffs were to change, which we could see a change soon here, how would your contracts potentially adjust for that?

好的。明白了。很高興聽到這個消息。為了更好地理解，看起來資本支出確實有一些小幅調整，例如針對2025年和2026年的儲能項目。請問，你們與供應商的談判還在進行中嗎？還是目前雙方已經基本達成協議？還有，如果關稅發生變化（我們可能很快就會看到變化），你們的合約可能會如何調整？

Yeah, it's a great question. So first, the contracts that we have because we have multiple projects first and each project has multiple supply contracts. So, it varies. But in general, in some of the cases, we have automatic adjustment in the current contracts. And in some of them, we adjust.

是的，這個問題問得很好。首先，我們現有的合約情況各不相同，因為我們有多個項目，每個項目都有多個供應合約。所以情況會有所不同。但總的來說，在某些情況下，我們會自動調整現有合約。在某些情況下，我們會進行調整。

But I would say the overall situation that we are at already is positive and provide a minor impact. And I believe that with the negotiations that are even currently undergoing, we can get even a better result. So, in this regard, we feel safe. What we provided in our presentation relates to the 145% tariff on China and 10% broader global tariffs that US declared.

但我想說，我們目前的整體情況是正面的，影響不大。我相信，即使只是目前正在進行的談判，我們也能取得更好的結果。所以，在這方面，我們感到安全。我們在報告中提供的資訊與美國宣布的對華145%關稅和10%的全球範圍關稅有關。

Of course, if that tax policy will change, results will change. But what we saw until now since already the policy has changed multiple times, when we took each one of the policies that were noticed and put that in our Excel files, we got in each one of them to a very minor impact.

當然，如果稅收政策發生變化，結果也會隨之改變。但就我們目前所見，由於該政策已多次修改，當我們將每一項已註意到的政策匯總到Excel文件中時，我們發現每項政策的影響都非常小。

And this reaffirmed our supply chain strategy over the last two years because the current projects are already affected from decisions we took two years ago. And I think for us, it was very encouraging to see that the diversification, the fact that we relied on out of China sources, we relied more on domestic -- US domestic content suppliers and suppliers coming from China out even from the four countries of the AD/CVD. So, we feel after several occurrences that we are in a good place. But of course, we will have to see on future policies.

這再次肯定了我們過去兩年的供應鏈策略，因為目前的專案已經受到我們兩年前決策的影響。我認為，對我們來說，看到業務多元化，看到我們不再依賴中國以外的資源，而是更多地依賴國內——美國國內的零件供應商，以及來自中國甚至反傾銷/反補貼四個國家的供應商，這非常令人鼓舞。所以，經歷了幾次事件之後，我們感覺自己處境良好。當然，我們還需要觀察未來的政策。

Rightt. Okay. That's helpful. And then just one more. Wondering if you could just provide an update on how much of your US pipeline you think could qualify for the IRA credits under the safe harbor and just talk through your strategy in terms of potentially extending the qualifying projects into the future here.

好的。好的。這很有幫助。還有一點。我想知道您能否提供一下最新情況，您認為有多少美國管道符合安全港規定的IRA抵免條件，並談談您未來可能將這些符合條件的項目延伸到IRA抵免範圍的策略。

Yes. So, I would like to let Adam answer. He will be more accurate than me. Adam, please go ahead.

是的。所以，我想讓亞當來回答。他會比我更準確。亞當，請繼續。

Yes. I think in terms of IRA, I mean, this is a difficult question to answer when we have multiple projects at different stages and timing. But we're continuing to accelerate our schedules and ensure that we're able to take full advantage of the IRA as it stands today.

是的。我認為就IRA而言，當我們有多個處於不同階段和時間的項目時，這個問題很難回答。但我們正在繼續加快進度，確保能夠充分利用現有的IRA。

Yes. Just to complement Adam, on a specific project basis, so on the three projects under construction, meaning all projects that will reach COD until the end of '26, we are already fully covered on safe harboring. And we are now working on getting to the safe harbor of CO Bar and Snowflake that will be operated by the end of '27 to early '28. So -- also in this regard, the acceleration, Adam mentioned, is already to the next phase of project, while the project that affect our results for the next two years is already fully covered by safe harbor.

是的。補充 Adam 的說法，具體到具體項目，對於三個在建項目，也就是所有將在 2026 年底前達到竣工驗收（COD）的項目，我們已經完全符合安全港條款。目前，我們正在努力爭取 CO Bar 和 Snowflake 的安全港條款，這兩個項目將在 2027 年底到 2028 年初投入營運。所以，在這方面，正如 Adam 所提到的，專案加速已經進入了下一階段，而那些影響我們未來兩年業績的專案也已經完全符合安全港條款。

Corinne Blanchard from Deutsche Bank.

德意志銀行的 Corinne Blanchard。

This is actually Mike Bonkayarn on for Corinne. Congrats on the strong quarter. My first question revolves to financing. Have you seen any recent -- or can you speak about the current financing environment, how that's changed over recent months and what you expect going forward?

我是 Mike Bonkayarn，代表 Corinne 發言。恭喜本季業績強勁。我的第一個問題是關於融資的。最近有沒有看到什麼？或者您能否談談當前的融資環境，以及近幾個月來融資環境發生了哪些變化，以及您對未來的預期？

Yes. So first, I think we got and we showed a very good sign by closing three major project finance transaction in the last four months in a total debt of $1.5 billion for projects with a total cost of $1.7 billion and with very good and favorable terms that we also disclosed to the market.

是的。首先，我認為我們取得了一些進展，並且展現了一個非常好的跡象。過去四個月，我們完成了三筆重大專案融資交易，總債務額為15億美元，而專案總成本為17億美元，而且這些交易的條款也非常優惠，我們也向市場披露了這些條款。

So, I think this was a good sign because the last financial close was done in the midst of the tariff turmoil in the US and the 145% declaration. I think this is a good sign showing the resilience of our projects and the trust that we have from the banking industry in our ability to execute and to meet our forecast.

所以，我認為這是個好兆頭，因為上次融資交割是在美國關稅風暴和145%關稅聲明的背景下完成的。我認為這是個好兆頭，展現了我們專案的韌性，也展現了銀行業對我們執行和實現預期能力的信任。

So, in this regard, I think we are in a very good situation. The next wave of projects that will come to financial close would be towards the end of the year with Snowflake. So we are, I think, encouraged and we believe that we have very good tools to get to very good financing also on these projects.

所以，在這方面，我認為我們目前的情況非常好。下一波與Snowflake合作的計畫將在年底前完成融資。因此，我認為我們受到了鼓舞，並相信我們擁有非常好的工具來為這些項目獲得非常好的融資。

Great. Appreciate that. And the second question I had is related to the tariff impact on that 20% of storage that's not sourced from Tesla. Can you talk about where you've sourced that and then any risk you see there?

太好了，非常感謝。我的第二個問題是關於關稅對那20%非特斯拉儲能的影響。能談談這些儲能的採購來源嗎？以及您認為這其中有哪些風險？

Yes. So, the 20% comes from Chinese supplier, top tier. And on this regard, we are protected from, I would say, multiple layers. Some of it comes from the fact that the equipment was already delivered to the US and some of it comes from adjustment mechanism that we have within our contracts and good relationships.

是的。所以，這20%來自中國頂級供應商。在這方面，我想說，我們受到了多重保護。部分原因是設備已經交付到美國，部分原因是我們合約中的調整機制以及良好的合作關係。

So also on the 20%, the picture that we've shown in our presentation, I think, provides the bottom line that includes the 20%. And we -- you can see that the overall is good.

所以，關於那20%，我認為我們在簡報中展示的圖表提供了包含這20%的底線數據。而且，我們可以看到，整體情況良好。

Jack Hurley from Mizuho Group.

瑞穗集團的傑克赫利。

On the line for Maheep here. Just on tariffs, I appreciate the color on the China sensitivity in the slide deck. But how should we think about sensitivities to tariffs to other countries for either under construction projects or preconstruction projects?

我是 Maheep。就關稅而言，我很欣賞幻燈片中對中國敏感度的強調。但是，我們應該如何看待在建工程和在建前工程對其他國家關稅的敏感度呢？

Yes. Thank you for the question, Jack.

是的。謝謝你的提問，傑克。

So, I think what we tried to date on the last two years is a supply chain strategy that is very diversified, is trying to first rely on mostly out of China sourcing, then domestic content from the US, then out of the 4 AB/CVD countries, and then to countries that we believe that are less exposed like India and other similar countries.

因此，我認為我們在過去兩年中嘗試的是一種非常多樣化的供應鏈策略，試圖首先主要依靠中國採購，然後是美國國內採購，然後是 4 個 AB/CVD 國家，然後是我們認為受衝擊較小的國家，如印度和其他類似國家。

So, we believe that with this diversification, we have, I think, a relatively a very good, I would say, solution to an uncertain tariff policy. Until now, since there were several announcements, part of them imposed tariffs in other countries in higher levels than the 10%.

所以，我們相信，透過這種多元化，我們找到了一個相對非常好的解決方案，可以應對不確定的關稅政策。到目前為止，由於已經發布了幾份公告，其中一些公告對其他國家徵收的關稅高於10%。

So, it was already tested and again, showing a slightly different results, but still minor on the project. So of course, we don't know what will be the final outcome, but we are quite confident on the resilience of the supply chain strategy that is based on this, let's say, these priorities and criteria.

所以，它已經經過測試，結果略有不同，但對專案來說影響不大。當然，我們不知道最終結果會如何，但我們對基於這些優先事項和標準的供應鏈策略的韌性充滿信心。

Got it. And also regarding Europe, given Europe's focus on infrastructure spending, are you seeing any signs of growth in advanced projects on that geography?

明白了。另外，關於歐洲，鑑於歐洲對基礎設施支出的重視，您是否看到該地區先進項目有成長的跡象？

Yes. Yes. We do see strong demand today coming from Europe and by the way, MENA. In Europe, what we see, I think, a broad trend of strong demand for BESS, so energy storage projects. We do have in our pipeline currently on an advanced pipeline of 1.6 gigawatt-hour of BESS projects in Europe, either as a standalone project or complementation to our generation project.

是的，是的。我們今天確實看到來自歐洲以及中東和北非地區的強勁需求。在歐洲，我認為我們看到了對電池儲能係統（BESS）需求強勁的普遍趨勢，也就是儲能專案。我們目前在歐洲擁有1.6千兆瓦時的電池儲能係統（BESS）項目，這些項目要么作為獨立項目，要么作為我們發電項目的補充。

And we believe that this will be one of the drivers of our growth in Europe in the next few years. While in Israel, what we see is, I would say, a threefold trend coming from agrosolar requirements. So, the utility scale business in Israel will grow on the PV side a lot in the area of agrosolar, and we are now developing and already provided the first agrosolar project with very good results.

我們相信，這將成為未來幾年我們在歐洲成長的驅動力之一。而在以色列，我認為農業太陽能需求呈現三重成長趨勢。因此，以色列的公用事業規模業務在農業太陽能領域的光伏領域將大幅成長。我們目前正在開發並已交付了第一個農業太陽能項目，並且取得了非常好的成果。

We see very strong requirements in Israel also for energy storage. Coming from the fact that Israel is not connected to other electricity networks and needs to rely on its own sources. And we also see in Israel future requirements for data centers. Some of them are combined with solar generation.

我們看到以色列對儲能的需求也非常強烈。這是因為以色列沒有連接其他電網，需要依賴自身能源。我們也看到以色列未來對資料中心的需求。其中一些資料中心與太陽能發電相結合。

So, this is also an area that we entered into development for the first time this quarter by winning a tender of the Israeli Land Authority on a combined solar generation and a data center, and we will develop that in the coming years.

因此，這也是我們本季首次進入開發的領域，我們贏得了以色列土地管理局關於太陽能發電和資料中心的招標，我們將在未來幾年內開發該領域。

But we will see -- we believe that we will see some growth also coming from this area in the coming years.

但我們會看到——我們相信，未來幾年我們也會看到該領域出現一些成長。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. So, I'll hand the call back to Yonah for any closing remarks.

目前沒有其他問題了。接下來，我會把發言權交還給 Yonah，請他做最後發言。

Thank you very much for joining, and we'll speak next quarter.

非常感謝您的加入，我們將在下個季度進行討論。

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。您可以掛斷電話了。