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REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

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Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered | ||
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☒ |
☐ Accelerated
filer |
☐ Non-accelerated
filer |
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☐ U.S.
GAAP |
☒ |
☐ Other
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| 1 | ||||
| 1 | ||||
| 4 | ||||
| 6 | ||||
| 6 | ||||
| 6 | ||||
| 6 | ||||
|
A. |
[Reserved.] |
6 | ||
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B. |
Capitalization and Indebtedness |
6 | ||
|
C. |
Reasons for the Offer and Use of Proceeds |
6 | ||
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D. |
Risk Factors |
6 | ||
| 49 | ||||
|
A. |
History and Development of the Company |
49 | ||
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B. |
Business Overview |
50 | ||
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C. |
Organizational Structure |
81 | ||
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D. |
Property, Plants and Equipment |
81 | ||
| 82 | ||||
| 82 | ||||
|
A. |
Operating Results |
89 | ||
|
B. |
Liquidity and Capital Resources |
96 | ||
|
C. |
Research and Development, Patents and Licenses, Etc. |
107 | ||
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D. |
Trend Information |
107 | ||
|
E. |
Critical Accounting Estimates |
107 | ||
| 108 | ||||
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A. |
Directors and Senior Management |
108 | ||
|
B. |
Compensation |
111 | ||
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C. |
Board Practices |
118 | ||
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D. |
Employees |
128 | ||
|
E. |
Share Ownership |
129 | ||
|
F. |
Disclosure of a Registrant’s Action to Recover Erroneously Awarded
Compensation |
129 | ||
| 129 | ||||
|
A. |
Major Shareholders |
129 | ||
|
B. |
Related Party Transactions |
132 | ||
|
C. |
Interests of Experts and Counsel |
132 | ||
| 132 | ||||
|
A. |
Consolidated Statements and Other Financial Information |
132 | ||
|
B. |
Significant Changes |
133 | ||
| 133 | ||||
|
A. |
Offer and Listing Details |
133 | ||
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B. |
Plan of Distribution |
133 | ||
|
C. |
Markets |
133 | ||
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D. |
Selling Shareholders |
133 | ||
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E. |
Dilution |
133 | ||
|
F. |
Expenses of the Issue |
133 | ||
| 134 | ||||
|
A. |
Share Capital |
134 | ||
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B. |
Memorandum and Articles of Association |
134 | ||
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C. |
Material Contracts |
134 | ||
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D. |
Exchange Controls |
134 | ||
|
E. |
Taxation |
134 | ||
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F. |
Dividends and Paying Agents |
140 | ||
|
G. |
Statement by Experts |
140 | ||
|
H. |
Documents on Display |
140 | ||
|
I. |
Subsidiary Information |
141 | ||
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J. |
Annual Report to Security Holders |
141 |
| 141 | ||
| 142 | ||
| 142 | ||
| 142 | ||
| 142 | ||
| 142 | ||
| 143 | ||
| 143 | ||
| 143 | ||
| 143 | ||
| 144 | ||
| 144 | ||
| 144 | ||
| 144 | ||
| 144 | ||
| 144 | ||
| 145 | ||
| 145 | ||
| 147 | ||
| 147 | ||
| 147 | ||
| 147 | ||
| 149 | ||
| • |
our ability to identify and secure suitable land for renewable energy projects and to
successfully develop and convert such projects into Operational Projects; |
| • |
limited availability of, and access to, interconnection facilities and transmission systems,
which may result in project delays, increased costs, or project cancellations; |
| • |
our ability to obtain and maintain required governmental, environmental and other regulatory
approvals and permits in a timely manner and on acceptable terms; |
| • |
construction delays, operational disruptions and supply chain constraints, including
increases in the cost of materials and services, cost overruns and disputes with contractors; |
| • |
disruptions in international trade, including as a result of political, social or economic
instability, tariffs, trade restrictions and evolving regulations relating to forced labor and supply chains (such as the UFLPA and similar
European Union regulations); |
| • |
our suppliers’ ability and willingness to perform their contractual obligations,
including risks relating to equipment quality, performance failures and long lead times for critical components; |
| • |
intense competition from traditional utilities and renewable energy companies in developing
renewable energy projects; |
| • |
potential decreases in demand for renewable energy or shifts in governmental policy (including
in the United States) that favor fossil fuel or other energy sources, as well as our ability to enter into new offtake contracts on acceptable
terms as existing contracts expire; |
| • |
the impact of the growing use of artificial intelligence on energy demand, pricing and
regulation, as well as risks associated with our own use of artificial intelligence, including legal, regulatory, cybersecurity and reputational
risks; |
| • |
our offtakers’ ability to fulfill or renew their contractual obligations, including
their ability to terminate contracts or seek remedies if our projects fail to meet development, operational or performance benchmarks
or if their creditworthiness deteriorates; |
| • |
exposure to electricity price volatility, including merchant market risk, under certain
offtake arrangements; |
| • |
technical and operational challenges, including unplanned outages, reduced output, equipment
degradation and failure, and operator curtailment; |
| • |
dependence on suitable meteorological and environmental conditions and our ability to
accurately predict such conditions, as well as the potential impacts of climate change; |
| • |
limitations in our ability to enforce warranties or recover losses from counterparties
if our projects do not perform as expected; |
| • |
government actions that may restrict or reduce profitability, including curtailment orders,
energy price caps, windfall taxes and changes to subsidy regimes or carbon pricing mechanisms; |
| • |
electricity price volatility, extreme weather conditions, natural disasters, transmission
constraints and other operational risks, as well as the possibility that our insurance coverage may not be adequate to cover resulting
losses; |
| • |
our dependence on a limited number of Operational Projects for a substantial portion
of our cash flows; |
| • |
risks associated with growing our portfolio through acquisitions, including regulatory
approvals (such as CFIUS), integration risks and potential liabilities; |
| • |
rapid technological changes that could impair the competitiveness of our projects or
affect expected returns; |
| • |
macroeconomic risks, including inflation, interest rate volatility and currency exchange
fluctuations; |
| • |
our ability to attract and retain qualified personnel in a competitive labor market;
|
| • |
legal, regulatory and compliance risks across multiple jurisdictions, including litigation
risk; |
| • |
cyber-attacks, security incidents and other disruptions to our IT systems or operational
infrastructure, as well as risks associated with terrorism, war, or other geopolitical events; |
| • |
changes in renewable energy policies, regulations and incentives, including the reduction,
elimination or expiration of governmental support mechanisms and subsidies; |
| • |
risks associated with expansion into new markets and new lines of business, including
data center development and direct-to-customer electricity sales; |
| • |
risks related to international trade compliance, including tariffs, sanctions, export
controls and anti-bribery and anti-corruption laws; |
| • |
compliance with Environmental Health and Safety (EHS) requirements and evolving ESG-related
expectations; |
| • |
our level of indebtedness and our ability to obtain financing, including project financing
and tax equity financing, on favorable terms; |
| • |
limitations on our operational flexibility resulting from tax equity and other financing
arrangements; |
| • |
potential disputes with partners, investors and other counterparties that could reduce
our rights to project cash flows; |
| • |
risks associated with changes in tax laws and regulations across jurisdictions, including
the implementation of global minimum tax regimes (such as Pillar Two); |
| • |
risks related to our incorporation and operations in Israel, including ongoing regional
conflicts, geopolitical instability, supply chain disruptions and potential impacts on credit ratings; |
| • |
the costs and management burden associated with being a public company, including compliance
with U.S. securities laws and internal control requirements; and |
| • |
provisions in our Articles of Association and applicable law that may delay or prevent
a change of control or limit shareholders’ rights. |
| A. |
[Reserved.] |
| B. |
Capitalization and Indebtedness |
| C. |
Reasons for the Offer and Use of Proceeds |
| D. |
Risk Factors |
| • |
obtaining financeable land rights, including land rights for the project site that allow
for eventual construction and operation without undue burden, cost or interruption; |
| • |
entering into financeable arrangements for the sale of the electrical output, and, in
certain cases, capacity, ancillary services and renewable energy attributes, generated by or attributable to the project; |
| • |
obtaining economically feasible interconnection positions with Independent System Operators
(“ISOs”), regional transmission organizations and regulated utilities; |
| • |
accurately estimating, and where possible mitigating, costs arising from potential transmission
grid congestion, limited transmission capacity and grid reliability constraints, which may contribute to significant interconnection upgrade
costs that could render certain of our projects uneconomic; |
| • |
providing letters of credit or other forms of payment and performance security required
in connection with the development of the project, which security requirements may increase over time; |
| • |
accurately estimating our costs and total revenues and income over the life of the project
years before its construction and operation, while taking into consideration the possibility that markets may shift during that time;
|
| • |
receiving required environmental, land-use, and construction and operation permits and
approvals from governmental agencies in a timely manner and on reasonable terms, which permits and approvals are governed by statutes
and regulations that may change between issuance and construction. For example, in 2025, we did not receive the required permits for an
Israeli project in our development portfolio. It has since been written off and abandoned; |
| • |
avoiding or mitigating impacts to protected or endangered species or habitats, migratory
birds, wetlands or other water resources, and/or archaeological, historical or cultural resources; |
| • |
securing necessary rights-of-way for access, as well as water rights and other necessary
utilities for project construction and operation; |
| • |
securing appropriate title coverage, including coverage for mineral rights and mechanics’
liens; |
| • |
negotiating development agreements, public benefit agreements and other agreements to
compensate local governments for project impacts; |
| • |
negotiating tax abatement and incentive agreements, whenever applicable; |
| • |
complying with U.S. Safe Harbor regulations to ensure project
eligibility for tax credits whenever applicable; |
| • |
obtaining financing, including debt, equity, and tax equity financing; |
| • |
negotiating satisfactory energy, procurement and construction
(“EPC”) or balance of plant (“BoP”) agreements, including agreements with third-party EPC or BoP contractors;
|
| • |
completing construction on budget and on time; and |
| • |
when initiating construction on an operational site (for the purposes of hybridization
or retrofitting generating assets) existing generation arrangements may be shifted or suspended, impacting the operational and financial
performance of the project. |
| • |
the availability of, or inability to obtain, sufficient land suitable for solar energy
and wind energy project development. In many markets, topography, existing land use and/or transmission constraints limit the availability
of sites for solar energy and wind energy development. For these reasons, attractive and commercially feasible sites may become a scarce
commodity, and we may be unable to site our projects at all or on terms as favorable as those applicable to our current projects;
|
| • |
the presence or potential presence of waking or shadowing effects caused by neighboring
activities, which reduce potential energy production by decreasing wind speeds or reducing available insolation; and |
| • |
due to the large amount of land required to site solar energy and wind energy projects,
there may be greater risk of the presence or occurrence of one or more of the following: (i) pollution, contamination or other wastes
at the project site; (ii) protected plant or animal species; (iii) archaeological or cultural resources; or (iv) local opposition to wind
energy and solar energy projects in certain markets due to concerns about noise, health, environmental or other alleged impacts of such
projects due to the presence or potential presence of land use restrictions and other environment-related siting factors. |
| • |
timely implementation and satisfactory completion of construction;
|
| • |
obtaining and maintaining required governmental permits and approvals,
including making appeals of, and satisfying obligations in connection with, approvals obtained; |
| • |
permit and litigation challenges from project stakeholders, including
local governments, residents, environmental organizations, labor organizations, tribes and others who may oppose the project; |
| • |
grants of injunctive relief to stop or prevent construction of a project
in connection with any permit or litigation challenges; |
| • |
bureaucratic procedures and responsibilities at the national and local
level of government which may take longer than expected to be completed; |
| • |
delivery of modules, wind turbines or battery energy storage systems
on-budget and on-time; |
| • |
discovery of unknown impacts to protected or endangered species or habitats,
migratory birds, wetlands or other jurisdictional water resources, and/or cultural resources at project sites; |
| • |
discovery of title defects or environmental conditions that are not currently
known, unforeseen engineering problems, construction delays, contract performance shortfalls and work stoppages; |
| • |
material supply shortages, failures or disruptions of labor, equipment
or supplies; |
| • |
a shortage of construction resources and labor due to competition with
other construction-intensive sectors, such oil and gas drilling or the building of data centers; |
| • |
increases to labor costs beyond our expectation upon entering into construction
agreements as a result of enhanced local or national requirements regarding the use of union labor on-site; |
| • |
insolvency or financial distress on the part of our service providers,
contractors or suppliers; |
| • |
cost overruns and change orders; |
| • |
cost or schedule impacts arising from changes in federal, state, or local
land-use or regulatory policies; |
| • |
changes in electric utility procurement practices; |
| • |
project delays that could adversely affect our ability to secure or maintain
interconnection rights; |
| • |
unfavorable tax treatment or adverse changes to tax policy; |
| • |
adverse environmental and geological or weather conditions, including
water shortages and climate change, which may in some cases force work stoppages due to the risk of heat, fire or other extreme weather
events; |
| • |
force majeure and other events outside of our control; |
| • |
changes in laws affecting the project; |
| • |
new or increased trade tariffs or restrictions may drive project construction costs higher;
|
| • |
new or increased trade tariffs or restrictions may lead us to advance procurement of
equipment, or replace project components with more expensive alternatives, which may also drive project construction costs higher;
|
| • |
accidents on constructions sites; and |
| • |
damage to consumers triggered by blackouts caused by damage to transmission
infrastructure during construction. |
| • |
Events beyond our control or the control of an offtaker that may temporarily or permanently
excuse the offtaker from its obligation to accept and pay for delivery of energy generated by a project. These events could include a
system emergency, a transmission failure or curtailment, adverse weather condition, a change in law, a change in permitting requirements
or conditions, or a labor dispute. |
| • |
The ability of our offtakers to fulfill their contractual obligations to us depends on
their creditworthiness. Due to the long-term nature of our offtake contracts, we are exposed to the credit risk of our offtakers over
an extended period of time. Any of these counterparties could become subject to insolvency or liquidation proceedings or otherwise suffer
a deterioration of its creditworthiness, including when it has not yet paid for energy delivered, any of which could result in a default
under their agreements with us, and an insolvency or liquidation of any of these counterparties could result in the termination of any
applicable agreements with such counterparty. |
| • |
The ability of any of our offtakers to extend, renew or replace its existing offtake
contract with us depends on a number of factors beyond our control, including: whether the offtaker has a continued need for energy or
capacity at the time of expiration, which could be affected by, among other things, the presence or absence of governmental incentives
or mandates, prevailing market prices or the availability of other energy sources; the satisfactory performance of our delivery obligations
under such offtake contracts; the regulatory environment applicable to our offtakers at the time; and macroeconomic factors present at
the time, such as population, business trends and related energy demand. |
| • |
greater or earlier than expected degradation, or in some cases failure,
of solar panels, inverters, transformers, turbines, gear boxes, blades and other equipment; |
| • |
technical performance below projected levels, including the failure of
solar panels, inverters, wind turbines, gear boxes, blades and other equipment to produce energy as expected, whether due to incorrect
measures of performance provided by equipment suppliers, improper operation and maintenance, or other reasons; |
| • |
design or manufacturing defects or failures, including defects
or failures that may not be covered by warranties or insurance (for example, quality issues and defects we have experienced in our
turbines at some of our renewable energy projects in Sweden); |
| • |
insolvency or financial distress on the part of any of our service providers,
contractors or suppliers, or a default by any such counterparty for any other reason under its warranties or other obligations to us;
|
| • |
increases in the cost of Operational Projects, including costs relating
to labor, equipment, unforeseen or changing site conditions, insurance, regulatory compliance, and taxes; |
| • |
loss of interconnection capacity, and the resulting inability to deliver
power under our offtake contracts, due to grid or system outages or curtailments beyond our or our counterparties’ control;
|
| • |
breaches by us and certain events, including force majeure events, under
certain offtake contracts and other contracts that may give rise to a right of the applicable counterparty to terminate such contract;
|
| • |
catastrophic events, such as fires, earthquakes, severe weather,
tornadoes, ice or hail storms or other meteorological conditions, landslides, and other similar events beyond our control, which could
severely damage or destroy a project, reduce its energy output, result in property damage, personal injury or loss of life, or increase
the cost of insurance even if these impacts are suffered by other projects as is often seen following events like high-volume wildfire
and hurricane seasons. For example, floods in Spain during 2025 resulted in grid failures that prevented us from selling electricity at
Gecama for a number of days, leading to an immaterial reduction in revenues from this project. |
| • |
the discovery of unknown impacts to protected or endangered species or
habitats, migratory birds, wetlands or other jurisdictional water resources, and/or cultural resources at project sites; |
| • |
the discovery or release of hazardous or toxic substances or wastes and
other regulated substances, materials or chemicals; |
| • |
errors, breaches, failures, or other forms of unauthorized conduct or
malfeasance on the part of operators, contractors or other service providers; |
| • |
cyber-attacks targeted at our projects as a way of attacking
the broader grid, or a failure by us or our operators or contractual counterparties to comply with cyber-security regulations aimed at
protecting the grid from such attacks. For example, at one of our projects in Sweden, we were fined for not fully complying with regulations
relating to the timely reporting and documentation of our cyber security management plan; |
| • |
failure to obtain or comply with permits, approvals and other regulatory
authorizations and the inability to renew or replace permits or consents that expire or are terminated in a timely manner and on reasonable
terms; |
| • |
the inability to operate within limitations that may be imposed by current
or future governmental permits and consents; |
| • |
changes in laws, particularly those related to land use, environmental
or other regulatory requirements; |
| • |
disputes with government agencies, special interest groups, or other
public or private owners of land on which our projects are located, or adjacent landowners; |
| • |
changes in tax, environmental, health and safety, land use, labor, trade,
or other laws, including changes in related governmental permit requirements; |
| • |
government or utility exercise of eminent domain power or similar events;
|
| • |
existence of liens, encumbrances, or other imperfections in title affecting
real estate interests; and |
| • |
failure to obtain or maintain insurance or failure of our insurance to
fully compensate us for repairs, theft or vandalism, and other actual losses. |
| • |
construction of new, lower-cost power generation plants, including plants utilizing renewable
energy or other generation technologies; |
| • |
relief of transmission constraints that enable lower-cost and/or geographically distant
generation to access transmission lines less expensively or in greater quantities; |
| • |
reductions in the price of natural gas or other fuels; |
| • |
the amount of excess generating capacity relative to load in a particular market;
|
| • |
decreased electricity demand, including from energy conservation technologies and public
initiatives to reduce electricity consumption; |
| • |
development of smart-grid technologies that reduce peak energy requirements; |
| • |
development of new or lower-cost customer-sited energy storage technologies that have
the ability to reduce a customer’s average cost of electricity by shifting load to off-peak times; |
| • |
changes in the cost of controlling emissions of pollution, including the cost of emitting
carbon dioxide and the prices for renewable energy certificates; |
| • |
the structure of the electricity market, where, for example, regions with higher penetration
of renewable energy production may experience greater price volatility or increased prevalence of negative pricing; |
| • |
weather conditions and seasonal fluctuations that impact electrical load; and |
| • |
development of new energy generation technologies which could allow our competitors and
their customers to offer electricity at costs lower than those that can be achieved by us and our facilities. |
| • |
limited relationships with international customers; |
| • |
difficulty in managing multinational operations; |
| • |
competitors in overseas markets who have stronger ties with local customers and greater
resources; |
| • |
fluctuations in currency exchange rates; |
| • |
challenges in providing appropriate products and services and support in these markets;
|
| • |
challenges in managing our overseas sales strategies effectively; |
| • |
unexpected transportation delays or interruptions or increases in international transportation
costs; |
| • |
difficulties in operating products overseas while complying with the different commercial,
legal and regulatory requirements of the overseas markets in which we offer our products and services; |
| • |
regulations, changes to regulation, regulatory uncertainty in or inconsistent regulations
across various jurisdictions; |
| • |
inability to effectively enforce contractual or legal rights or intellectual property
rights in certain jurisdictions under which we operate; |
| • |
changes in a specific country or region’s political or economic conditions or policies;
|
| • |
governmental policies favouring domestic companies in certain foreign markets or imposing
trade barriers including tariffs, taxes and other restrictions and charges; |
| • |
complexity involved in employing personnel in multiple countries; and |
| • |
compliance with anti-bribery and corruption regulations, as well as sanction-related
restrictions on trade and supply chains. |
| • |
the protection of wildlife, including migratory birds, bats, and threatened and endangered
species, such as desert tortoises, or protected species such as eagles, and other protected plants or animals whose presence or movements
often cannot be anticipated or controlled; |
| • |
water use, and discharges of silt-containing or otherwise polluted waters into nearby
wetlands or navigable waters; |
| • |
hazardous or toxic substances or wastes and other regulated substances, materials or
chemicals, including those existing on a project site prior to our use of the site or the releases thereof into the environment;
|
| • |
land use, zoning, building, and transportation laws and requirements, which may mandate
conformance with sound levels, radar and communications interference, hazards to aviation or navigation, or other potential nuisances
such as the flickering effect, known as shadow flicker, caused when rotating wind turbine blades periodically cast shadows through openings
such as the windows of neighboring properties; |
| • |
the presence or discovery of archaeological, historical, religious, or cultural artifacts
at or near our projects; |
| • |
the protection of workers’ health and safety; and |
| • |
the proper decommissioning of the site at the end of its useful life. |
| • |
if our subsidiaries are unable to fulfill payment or other obligations or comply with
their covenants under the agreements governing our indebtedness, such subsidiaries could default under such agreements or be rendered
insolvent, or lenders may exercise rights and remedies under the terms of such agreements, such as foreclosure on us, our subsidiaries,
or our and their projects or other assets, which could materially adversely affect our business, financial condition and results of operations;
|
| • |
our subsidiaries’ substantial indebtedness could limit our ability to fund operations
of future acquisitions and our financial flexibility, which could reduce our ability to plan for and react to unexpected opportunities
and contingencies; |
| • |
our subsidiaries’ substantial debt service obligations and maturities make us vulnerable
to adverse changes in general economic, industry and competitive conditions, credit markets, capital markets, and government regulation
that could place us at a disadvantage compared to competitors with less debt or more capital resources; |
| • |
the financing arrangements of certain of our subsidiaries are subject to cross-collateralization
or other similar credit support arrangements that could heighten the risks associated with defaults under our and their debt obligations,
increase the potential that adverse events relating to individual projects could materially affect our financing arrangements on a broader
scale, or limit our ability to freely sell or finance some or all of our projects; and |
| • |
our subsidiaries’ substantial indebtedness could limit our ability to obtain financing
for working capital, including collateral postings, capital expenditures, debt service requirements, acquisitions, and general corporate
or other purposes. |
| • |
changes in laws or regulations applicable to our industry or offerings; |
| • |
speculation about our business in the press or investment community; |
| • |
investor interests in ESG-focused companies; |
| • |
price and volume fluctuations in the overall stock market; |
| • |
volatility in the market price and trading volume of companies in our industry or companies
that investors consider comparable; |
| • |
sales of our ordinary shares by us or our principal shareholders, officers and directors;
|
| • |
the expiration of contractual lock-up agreements; |
| • |
the development and sustainability of an active trading market for our ordinary shares;
|
| • |
success of competitive products or services; |
| • |
the public’s response to press releases or other public announcements by us or
others, including our filings with the SEC, announcements relating to litigation or significant changes in our key personnel; |
| • |
the effectiveness of our internal controls over financial reporting; |
| • |
changes in our capital structure, such as future issuances of debt or equity securities;
|
| • |
our entry into new markets; |
| • |
tax and tariffs developments in the United States or other countries; |
| • |
strategic actions by us or our competitors, such as acquisitions or restructurings; and
|
| • |
changes in accounting principles. |
| • |
fluctuations in demand for solar energy or wind energy; |
| • |
our ability to complete our wind energy and solar energy projects in a timely manner;
|
| • |
the availability, terms and costs of suitable financing; |
| • |
our ability to continue to expand our operations and the amount and timing of expenditures
related to this expansion; |
| • |
announcements by us or our competitors of significant acquisitions, strategic partnerships,
joint ventures, or capital-raising activities or commitments; |
| • |
expiration or initiation of any governmental rebates or incentives; |
| • |
actual or anticipated developments in our competitors’ businesses, technology or
the competitive landscape; |
| • |
general economic and political conditions and government regulations in the countries
where we currently operate or may expand in the future; |
| • |
any ongoing or future conflict between Israel and Hamas, Hezbollah, Iran, or other terrorist
organizations or states, as well as any potential escalation of hostilities involving Hamas, Iran, Hezbollah, or other regional actors.;
and |
| • |
natural disasters or other weather or meteorological conditions, or pandemics, epidemics
or global health emergencies. |
| • |
Human Resources: Approximately 15% of our Israeli
employees and managers were called to active reserve duty during 2025. Third-party contractors we use have also been called up to reserve
duty. While many were released from active duty following the 2025 ceasefires, the escalation in early 2026 has led to significant new
call-ups of military reservists. Israeli citizens are generally obligated to perform reserve duty until the age of 40 or older. Future
call-ups may result in the absence of key employees or management members, which could disrupt our operations. These hostilities have
included missiles and drones being fired against civilian targets in various parts of Israel, including areas in which our employees and
business partners are located. We have experienced disruptions to work routines, periodic travel limitations and occasional rocket fire
requiring employees to take temporary shelter. Although these disruptions have not been material to date, any future escalation could
significantly impact our workforce and operations. |
| • |
Macro-economic effects:
The ongoing conflict has resulted in certain negative macro-economic impacts, including credit rating downgrades for Israel by Moody’s
and Standard & Poor’s in late 2024 and a significant increase in the price of oil. The war has caused and may continue to cause
additional domestic macro-economic effects such as inflation, depreciation of the shekel, bearish capital markets, reduced availability
of credit and a decline in growth. These factors could make it more difficult and expensive for us to raise capital and negatively influence
the market price of our ordinary shares. |
| • |
Trade curtailment and Shipping: Hostilities have
led to interruptions in trade and increased efforts by certain countries and organizations to boycott Israeli goods and services. Additionally,
attacks by Houthis on commercial shipping in the Red Sea have forced the rerouting of vessels away from the Suez Canal. This has caused
a substantial increase in global shipping rates, impacting our supply chain and the cost of components required for our products.
|
| • |
Damage to infrastructure: Terror and missile attacks
may lead to infrastructure damage, including harm to our facilities and communication networks. Cyberattacks may also be aimed at disrupting
our operational assets and damaging our infrastructure. For example, our Genesis Wind project and Emek Habacha project are located in
the Golan Heights, an area subject to frequent rocket attacks. If this project is damaged, it may be difficult or impossible to access
for maintenance and repairs. While the Israeli government may cover certain direct damages, such coverage may be limited, may not be maintained
and may not compensate for loss of revenue. Additionally, our commercial insurance does not cover losses resulting from war or terrorism.
War-related damage may also be inflicted upon the national grid, EC substations, or other transmission infrastructure, which may impact
our ability to continue generating and selling electricity. |
| • |
Reputation and International Relations: Prior
to the recent war, several countries restricted doing business with the State of Israel and Israeli companies were subjected to certain
economic boycotts. Public opinion toward Israel and Israeli companies may be further negatively affected by the ongoing war. This shift
in international relations could lead to customers delaying or canceling orders. Any sustained curtailment of trade between Israel and
its trading partners could adversely affect our business, financial condition and results of operations. |
| • |
the Companies Law regulates mergers and requires that a tender offer be effected when
more than a specified percentage of shares in a company are purchased; |
| • |
the Companies Law requires special approvals for certain transactions involving directors,
officers or significant shareholders and regulates other matters that may be relevant to these types of transactions; |
| • |
the Companies Law does not provide for shareholder action by written consent for public
companies, thereby requiring all shareholder actions to be taken at a general meeting of shareholders; |
| • |
our Articles of Association generally do not permit a director to be removed from office
except by a vote of the holders of at least (65%) of our outstanding shares entitled to vote at a general meeting of shareholders, except
that a simple majority will be required if a single shareholder holds more than 50% of the voting rights in the Company; and |
| • |
our Articles of Association provide that director vacancies may be filled by unanimous
resolution of our board of directors. |
| A. |
History and Development of the Company |
| • |
On February 2, 2026, we announced the achievement of development milestones at the CO
Bar complex (the “CO Bar Complex”), including entry into a 1GW Large Generator Interconnection Agreement for the entire CO
Bar Complex, the full mobilization of construction at CO Bar 1 and 2, and the entry into two 20-year “busbar” ESA with Salt
River Project, dated December 30, 2025, for CO Bar 4 and 5. An ESA is the tolling agreement under which the battery energy storage system
is available for the utility in exchange for regular, fixed payments. The achievement of these milestones follows the prior signing a
PPA and ESA for CO Bar 1-3. All major agreements required for the CO Bar Complex have now been obtained. |
| • |
On February 19, 2026, we issued 6,002,416 of the Company’s ordinary shares to several
Israeli institutional investors at price of NIS 220 per share, for an aggregate gross consideration of approximately NIS 1,320,531,520
(the “2026 Private Placement”). We intend to use the net proceeds from the 2026 Private Placement to our strategic growth
plan across geographies, while strengthening our balance sheet. |
| • |
On March 16, 2026, we announced that we entered into a debt financing commitment totaling
$304 million for our Crimson Orchard project, located in Elmore County, Idaho, USA. We secured 25-year commitments from HSBC (USA) Inc.,
ING Capital LLC, KeyBanc Capital Markets., and MUFG Bank, Ltd., subject to an all-in interest rate of 5.8%. Crimson Orchard consists of
120 MW of solar energy power generation capacity, and 400 MWh of energy storage capacity. The project is currently under construction
and is expected to reach COD during 1H27. |
| B. |
Business Overview |
| • |
Project and business development: We maintain
a high-caliber project and business development team of 42 employees across the United States, Europe and Israel. Our in-house greenfield
project development team provides us with the expertise to source greenfield projects in our largest individual markets: the United States,
Southern Europe and Israel. Our greenfield development team specializes in identifying locations where there is available interconnection
capacity, which is one of the main development obstacles for utility-scale renewables. In markets where we have strategically elected
not to develop in-house greenfield development teams largely due to their smaller size, we have established and cultivated co-development
partnerships with leading local developers. This gives us access to projects which we believe many of our competitors (both strategic
and financial investors) either could not access or could not access at an attractive cost. In addition, our business development team
sources project acquisition opportunities across various stages of development. In collaboration with our project development team, we
can then create value through project optimization and the completion of the development. |
| • |
Engineering and design: Once projects are
sourced, our internal engineering teams leverage our design expertise to optimize each project. We take an active role in the design and
planning of our projects, enabling us to standardize the design to accommodate a wide range of equipment alternatives. Our procurement
teams can then focus on acquiring equipment at an optimal cost without triggering the need to reconfigure the project design. |
| • |
Procurement: Our global operations have
required us to establish, maintain and continuously grow our supply chain as we have expanded our geographic footprint across four continents
and 14 different countries. Today, our supply chain function is overseen by a global team that works seamlessly to align project needs
across geographies with the available supply of inverters, solar panels, wind turbines and energy storage systems among other components.
Our global approach to procurement allows us to approach suppliers with significant scale and negotiate attractive pricing. Moreover,
our global presence gives us the flexibility to distribute and reallocate resources as needed between geographies. |
| • |
Our largest suppliers to date in Europe and Israel for our wind energy projects included
all of the major wind turbine manufacturers such as Nordex, Siemens Gamesa, Vestas and General Electric Vernova. Our largest suppliers
of solar panels for our solar energy projects in Europe and Israel have included LONGi and Jinko. Our largest suppliers to date for our
energy storage projects in Israel include CATL and Sungrow. Clenera has developed strong supplier relationships which take into account
AD/CVD, UFLPA, and other market considerations to ensure a steady supply of components for our U.S.-based projects. For example, Clenera
sources the majority of its solar panels from Waaree and Runergy and continue to engage in requests for proposals with several other major
suppliers. Our module selection is often driven by domestic content considerations and compliance with CFIUS. The largest supplier to
date for our U.S.-based energy storage projects is Tesla which may provide domestic content eligibility. Clenera has also sourced batteries
manufactured by BYD and Hithium. |
| • |
Construction: Our construction management
team is crucial to supporting the quality of our projects, which reduces our O&M expenses once a project is operational and supports
higher project uptimes. Our experienced construction managers closely monitor our EPC contractors’ progress, quality of work and
performance testing before we release the final payment to the contractor. |
| • |
Asset management: We possess a top-rate
asset management team that is strategically located across markets to efficiently provide ongoing asset monitoring and maintenance services.
The team is comprised of experts in commercial and technical project management, electricity trading (for projects where we sell electricity
under a Merchant Model) and environmental management. The scale of our asset management activity provides us with a steady feedback loop
regarding what we believe to be optimal project design and components for future projects. |
| • |
Finance: Our operational expertise is complemented
by a finance function that is focused on maximizing project equity returns and is comprised of a team with decades of corporate and project
finance experience in the renewables sector. We leverage our global footprint and scale to secure non-recourse project finance from local
banking partners across our target markets. Our network enables us to source bespoke financing packages. For example, in 2025: |
| o |
we raised from institutional investors in Israel approximately $128 million through an
issuance of unsecured, non-convertible Series G Debentures and approximately $117 million through an issuance of unsecured, convertible
Series H Debentures. |
| o |
we secured $773 million construction financing commitments for the Country Acres project
with a consortium of four leading global banks including BNP Paribas Securities Corp. Upon Country Acres’ commercial operation date
COD, part of the construction loan is expected to convert into a $376 million term loan with the rest of the construction loans expected
to be repaid with tax equity. |
| o |
we secured a definitive construction financing agreement related to Quail Ranch project
with a consortium of four leading global banks including BNP Paribas Securities Corp, which will be used to finance the construction of
the project. Upon the Quail Ranch’s COD, part of the construction loan is expected to convert into a $120 million term loan with
the rest of the construction loans expected to be repaid with tax equity. |
| o |
we secured a $310 million financing, led by MEAG Infrastructure Debt Transactions, for
the construction of the hybridization of the Gecama project in Serbia to include a battery energy storage facility, and the refinancing
of the current operational Gecama wind project. |
| o |
we entered into a financing agreement with our subsidiary Clenera and a consortium of
lenders led by Israel’s Bank Leumi totaling $350 million to fund the construction of projects in the US. The facilities are to be
fully repaid by June 30, 2032 and bear interest at the Secured Overnight Financing Rate (“SOFR”) plus an annual margin of
2.7% to 3.2%. |
| o |
we raised NIS 1.0 billion from several Israeli institutional investors through a private
placement of 11,396,012 ordinary shares, at a price of NIS 87.75 per share in August 2025. |
| o |
we secured construction financing commitments related to project Snowflake from a consortium
of six leading global banks including Wells Fargo, BNP Paribas, Natixis Corporate and Investment Banking, Nord/LB, Crédit Agricole
Corporate and Investment Bank, and MUFG Bank, totaling $1.4 billion. Following the Project’s COD, a portion of the construction
financing commitments is expected to convert into an $811 million term loan, with the tax equity bridge loan expected to be repaid with
tax equity proceeds. |
| o |
on February 19, 2026, we raised approximately NIS 1.3 billion from several Israeli institutional
investors through a private placement of 6,000,416 of our ordinary shares, at a price of NIS 220 per share. |
| • |
Development Projects, which includes projects in various stages of development that are
not expected to commence construction within 24 months of February 16, 2026; |
| • |
Advanced Development Projects, which includes projects that are expected to commence
construction within 13 to 24 months of February 16, 2026; |
| • |
Mature Projects, which includes projects that are operational, under construction or
in pre-construction (meaning, that such projects are expected to commence construction within 12 months of February 16, 2026). |
|
Mature Projects |
Advanced Development Projects
|
Development Projects
|
Total Portfolio |
|||||||||||||
|
Generation capacity (GW)
|
6,402 |
3,457 |
10,713 |
20,572 |
||||||||||||
|
Storage capacity (GWh)
|
17,525 |
10,152 |
33,281 |
60,957 |
||||||||||||

|
Segment |
Country |
Project name |
Technology |
Operational year |
Sales Tariff (USD per MWh) |
Approximate Enlight share
|
PPA/FIT duration |
Inflation indexed PPA
|
Capacity |
||||||||||
|
|
|||||||||||||||||||
|
Middle East and North Africa(“MENA”)
|
Israel |
Emek Habacha |
Wind |
2022 |
130 |
41% |
2042 |
Yes |
109 MW |
||||||||||
|
Halutziot |
Solar |
2015 |
229 |
90% |
2035 |
Yes |
55 MW |
||||||||||||
|
Israel Solar Projects |
Solar |
2013-2015 |
414 |
98%(2)
|
2033-2035 |
Yes |
33 MW |
||||||||||||
|
PV+ storage cluster 1.1 |
Solar |
2023 |
Confidential |
80%(2)
|
— |
No |
272 MW + 819 MWh |
||||||||||||
|
Genesis Wind |
Wind |
2023 |
119 |
54% |
2043 |
Yes |
207 MW |
||||||||||||
|
|
|||||||||||||||||||
|
Total MENA |
676 MW + 819 MWh |
||||||||||||||||||
|
|
|||||||||||||||||||
|
Western Europe |
Sweden |
Picasso |
Wind |
2021 |
Confidential |
69% |
2033(3)
|
No |
116 MW |
||||||||||
|
Sweden |
Björnberget |
Wind |
2022 |
Confidential |
55% |
2032 |
No |
372 MW |
|||||||||||
|
Ireland |
Tully |
Wind |
2017 |
108 |
50% |
2032 |
Yes |
14 MW |
|||||||||||
|
Spain |
Gecama |
Wind |
2022 |
— |
72% |
Merchant |
NA |
329 MW |
|||||||||||
|
Total Western Europe |
831 MW |
||||||||||||||||||
|
|
|||||||||||||||||||
|
CEE
|
Kosovo |
Selac |
Wind |
2021 |
113 |
60% |
2034 |
Yes |
105 MW |
||||||||||
|
Serbia |
Blacksmith |
Wind |
2019 |
137 |
50% |
2031 |
Yes |
105 MW |
|||||||||||
|
Serbia |
Pupin |
Wind |
2024 |
83 |
100% |
2040 |
Yes |
94 MW |
|||||||||||
|
Croatia |
Lukovac |
Wind |
2018 |
159 |
50% |
2032 |
Yes |
49 MW |
|||||||||||
|
Hungary |
Attila |
Solar |
2019 |
139 |
50% |
2039 |
No |
57 MW |
|||||||||||
|
Hungary |
AC/DC |
Solar |
2023 |
94 |
100% |
2037 |
Yes(4)
|
26 MW |
|||||||||||
|
Hungary |
Tapolca |
Solar |
2024 |
— |
100% |
— |
NA |
60 MW |
|||||||||||
|
Total CEE
|
496 MW |
||||||||||||||||||
|
|
|||||||||||||||||||
|
USA
|
Montana |
Apex Solar |
Solar |
2023 |
Confidential |
100% |
2042 |
No |
106 MW |
||||||||||
|
Arizona |
Atrisco Solar |
Solar |
2024 |
Confidential |
100% |
2044 |
No |
364 MW |
|||||||||||
|
Arizona |
Atrisco Storage |
Storage |
2024 |
Confidential |
100% |
2044 |
No |
1,200 MWh |
|||||||||||
|
New Mexico |
Quail Ranch |
Solar |
2025 |
Confidential |
100% |
2045 |
No |
128 MW + 400 MWh |
|||||||||||
|
Arizona |
Roadrunner |
Solar |
2025 |
Confidential |
100% |
2045 |
No |
298 MW + 940 MWh |
|||||||||||
|
Total USA
|
896 MW + 2,540 MWh |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Total consolidated projects |
2,899 MW + 3,359 MWh |
||||||||||||||||||
|
MENA (not consolidated) |
Israel |
Unconsolidated Projects at share |
Solar |
2015-2021 |
76(2)
|
50% |
2042-2046 |
Yes |
45 MW + 42 MWh |
||||||||||
|
Total consolidated and unconsolidated JVs at share
|
2,944 MW + 3,401 MWh |
||||||||||||||||||
|
Geographic sector |
Country/State |
Project name |
Technology |
Sales tariff (USD per MWh)
|
Expected approximate Enlight
share |
PPA/FIT duration |
Inflation indexed PPA
|
Storage capacity MWh |
Capacity MWdc |
||||||||||
|
US(2)
|
California |
Country Acres |
Solar |
Confidential |
100% |
20-30 Years |
No |
688 |
403 |
||||||||||
|
Idaho |
Crimson Orchard |
Solar |
Confidential |
100% |
20 Years |
No |
400 |
120 |
|||||||||||
|
Arizona |
CO Bar 1+2 |
Solar |
Confidential |
100% |
20 Years |
No |
824 |
738 |
|||||||||||
|
Arizona |
Snowflake A |
Solar |
Confidential |
100% |
20 Years |
No |
1,900 |
594 |
|||||||||||
|
Total US
|
3,812 |
1,855 |
|||||||||||||||||
|
MENA
|
Israel |
Israel storage |
Storage |
— |
71% |
— |
- |
222 |
4 |
||||||||||
|
Total MENA
|
222 |
4 |
|||||||||||||||||
|
EU
|
Spain |
Gecama Solar |
Solar |
— |
72% |
— |
— |
220 |
227 |
||||||||||
|
Sweden |
Bjornberget – BESS |
Storage |
— |
55% |
— |
— |
100 |
- |
|||||||||||
|
Croatia |
Sestanovac |
Solar |
— |
100% |
— |
— |
75 |
23 |
|||||||||||
|
Hungary |
Tapolca – BESS |
Storage |
— |
100% |
— |
— |
140 |
- |
|||||||||||
|
Total EU
|
535 |
250 |
|||||||||||||||||
|
Total consolidated projects |
4,569 |
2,109 |
|||||||||||||||||
|
MENA (not consolidated) |
Israel |
Unconsoli
-dated Projects at share |
Storage |
— |
53% |
— |
— |
274 |
13 |
||||||||||
|
Total consolidated and consolidated JVs at share
|
4,843 |
2,122 |
| (1) |
The figures in this chart are rounded to whole numbers or the nearest hundredth decimal,
as applicable. |
| (2) |
While we own 90.1% of Clenera, we invest 100% of the equity requirements for our U.S.-based
projects. In return, we receive 100% of the distributable cash flow until we return our capital investment, plus a high single-digit preferred
return. |
|
Geographic sector |
Country |
Project name |
Technology |
Expected approximate Enlight
share |
PPA/FIT duration |
Inflation indexed PPA
|
Storage capacity MWh |
Capacity MWdc |
|||||||||
|
MENA |
Israel |
Several Projects |
Solar, Wind, Storage |
95% |
— |
— |
1,944 |
41 |
|||||||||
|
Total MENA
|
1,944 |
41 |
|||||||||||||||
|
US(2)
|
Iowa |
Coggon |
Solar |
100% |
20 years |
No |
— |
128 |
|||||||||
|
Michigan |
Gemstone |
Solar |
100% |
20 years |
No |
— |
184 |
||||||||||
|
Indiana |
Rustic hills 1+2 |
Solar |
100% |
20-25 years |
No |
— |
255 |
||||||||||
|
Arizona |
CO Bar 3,4,5 |
Solar |
100% |
20 years |
No |
3,176 |
473 |
||||||||||
|
|
|||||||||||||||||
|
Total US
|
3,176 |
1,040 |
|||||||||||||||
|
Europe
|
Italy |
Nardo Storage |
Solar + Storage |
100% |
— |
— |
872 |
104 |
|||||||||
|
Sweden |
Picasso BESS |
Storage |
69% |
— |
— |
221 |
— |
||||||||||
|
Germany |
|
Bertikow |
Storage |
50% |
— |
— |
860 |
— |
|||||||||
|
Germany |
|
Jupiter |
|
Solar + Storage |
51% |
— |
— |
2,000 |
150 | ||||||||
|
Poland |
|
Edison |
|
Storage |
100% |
— |
— |
208 |
— | ||||||||
|
Total EU
|
4,161 |
254 |
|
Total consolidated projects |
9,212 |
1,336 |
|
|
|||||||||||||||||
|
MENA (not consolidated) |
Israel |
Unconsolidated Projects at share |
Solar |
56% |
— |
— |
69 |
— |
|||||||||
|
Total consolidated and consolidated JVs at share
|
9,281 |
1,336 |
| (1) |
The figures in this chart are rounded to whole numbers. |
| (2) |
While we own 90.1% of Clenera, we invest 100% of the equity requirements for our U.S.-based
projects. In return, we receive 100% of the distributable cash flow until we return our capital investment, plus a high single-digit preferred
return. |
|
Geographic Sector |
Country |
Technology |
Generation capacity |
Storage capacity |
|||||
|
MWdc |
MWh |
||||||||
|
Europe |
Italy |
Solar + Storage |
41 |
1,480 |
|||||
|
Hungary |
Storage |
- |
95 |
||||||
|
Croatia |
Solar |
163 |
- |
||||||
|
Poland |
Storage |
- |
976 |
||||||
|
Spain |
Storage |
- |
196 |
||||||
|
Total Europe |
Solar + Storage |
204 |
2,738 |
||||||
|
USA |
USA |
Solar + Storage |
2,730 |
6,440 |
|||||
|
MENA |
Israel |
Solar + Storage |
289 |
974 |
|||||
|
Morocco |
Solar |
234 |
- |
||||||
|
Total MENA |
Solar + Storage |
523 |
974 |
||||||
|
Total |
3,457 |
10,152 |
|
Geographic Sector |
Country |
Technology |
Generation capacity MWdc
|
Storage capacity MWh
|
|||||
|
Europe |
Italy |
Wind + Storage |
502 |
1,400 |
|||||
|
Spain |
Solar |
340 |
- |
||||||
|
Croatia |
Solar |
352 |
- |
||||||
|
Serbia |
Wind |
200 |
- |
||||||
|
Poland |
Storage |
- |
3,200 |
||||||
|
Total Europe |
Solar + Wind + Storage
|
1,394 |
4,600 |
||||||
|
USA |
USA |
Solar + Storage |
7,353 |
22,460 |
|||||
|
MENA |
Israel |
Solar + Wind + Storage
|
1,966 |
6,221 |
|||||
|
Total |
10,713 |
33,281 |

| • |
the Mature portfolio contained generation capacity of approximately 6.4 GW and energy
storage capacity of 17.5 GWh, which respectively constitutes approximately 31% and 29% of our overall generation and energy storage capacity
across our portfolio; |
| • |
the Advanced Development portfolio contained generation capacity
of approximately 3.5 GW and energy storage capacity of 10.1 GWh, of which 2.7 GW generation capacity and 6.4 GWh of energy storage capacity
were located in the United States. Of the capacity in the U.S., 2.5 GW and 5.6 GWh have reached Advanced Interconnect Status, and 2.5
GW and 5.6 GWh have achieved Safe Harbor status; |
| • |
the Development portfolio contained generation capacity of
approximately 10.7 GW and energy storage capacity of 33.3 GWh, of which 7.4 GW generation capacity and 22.5 GWh of energy storage capacity
were located in the United States. Of the capacity in the U.S., 3.8 GW and 12 GWh have reached Advanced Interconnect Status, and 1.3 GW
and 4.7 GWh have achieved Safe Harbor status. |
|
Stage |
Mature |
Advanced Development
|
Development | |||
|
Generation
(GW) |
Energy
Storage (GWh) |
Generation
(GW) |
Energy
Storage (GWh) |
Generation
(GW) |
Energy
Storage (GWh) | |
|
Total Capacity |
6.4 |
17.5 |
3.5 |
10.1 |
10.7 |
33.3 |
|
Of which located in US
|
3.8
(31%) |
9.5
(29%)
|
2.7
(79%) |
6.4
(63%) |
7.4
(69%) |
22.5
(67%) |
|
Advanced Interconnect
|
3.8
|
9.5
|
2.5 |
5.6 |
3.8 |
12.0 |
|
Safe Harbor |
3.8
|
9.5
|
2.5 |
5.6 |
1.3 |
4.7 |
| • |
sweeping renewable energy mandates and regulations as a policy
response to climate change, including EU climate-related regulations (such as the Corporate Sustainability Reporting Directive (CSRD)
and related climate-policy measures) and California climate-related regulations (including climate-related emissions and disclosure laws); |
| • |
utility-scale solar energy and wind energy becoming some of
the most competitive sources of electricity generation on a levelized cost of energy, or LCOE, basis; |
| • |
the need for energy independence and security; |
| • |
growing corporate and investor support for net-zero targets
and the decarbonization of energy; |
| • |
widespread electrification of transportation (particularly automotive vehicles) and other
infrastructure that has historically been powered by fossil fuels; |
| • |
projected growth in the overall demand for energy driven in
part by the increasing use of artificial intelligence, which relies heavily on data centers that consume a significant amount of energy;
and |
| • |
emergence of energy storage, which enhances the ability of solar energy and wind energy
generation to serve as load-following generation while providing additional grid resilience and combating extreme weather events.
|
| • |
higher solar irradiance driving higher production levels and enabling greater utilization
of PTCs, as discussed elsewhere in this Annual Report; |
| • |
growing scarcity of historically important power resources across the Southwest of the
United States, primarily driven by diminishing availability of hydroelectric power which accounts for more than 23% of all power generation
capacity in the western United States versus a forecasted approximate of 7% of all power generation capacity across the United States
on average in 2025, according to BNEF; |
| • |
accelerated retirement of coal plants, with approximately 8.1 GW of coal‑fired
generation capacity retired in 2025 according to the EIA. S&P Global projects that 38.4 GW of coal‑fired generation capacity
is scheduled to be retired between 2026-2035. |
| • |
increased electricity demand from new data centers being built across the region; |
| • |
utility and regional resource plans indicate substantial future solar additions over
the next decade, with nearly 68 GW of solar capacity planned in the Western Interconnection according to WECC resource plans; |
| • |
technological and safety advancements in battery storage, increasing demand to address
grid demand fluctuations; |
| • |
higher renewable energy portfolio standards relative to other markets within the United
States; |
| • |
an increasingly coordinated and regionalized Western electricity market;
|
| • |
public is mostly supportive of the transition away from fossil fuel generation; and |
| • |
community choice aggregation policies. |



| • |
Clean Water Act.
Clean Water Act permits for the discharge of dredged or fill material into jurisdictional waters (including wetlands), and for water discharges
such as storm water runoff associated with construction activities, may be required. Renewable energy project developers may also be required
to mitigate any loss of wetland functions and values. Finally, renewable energy project developers may be required to follow a variety
of best management practices to ensure that water quality is protected and the environmental impacts of the project are minimized (e.g.,
erosion control measures). |
| • |
Environmental Reviews.
Renewable energy projects may be subject to federal, state, or local environmental reviews, including under the federal National Environmental
Policy Act (“NEPA”), which requires federal agencies to evaluate the environmental effects of all major federal actions affecting
the quality of the human environment. The NEPA process, especially if it involves preparing a full Environmental Impact Statement, can
be time consuming and expensive. As noted above, renewable energy projects may be subject to similar environmental review requirements
at the state and local level in jurisdictions with NEPA-equivalent statutes, such as the California Environmental Quality Act in California. |
| • |
Threatened, Endangered
and Protected Species. Federal agencies considering the permit applications for renewable energy projects are required to consult
with the United States Fish and Wildlife Service to consider the effect on potentially affected threatened and endangered species and
their habitats under the federal Endangered Species Act. Renewable energy projects are also required to comply with the Migratory Bird
Treaty Act and the Bald and Golden Eagle Protection Act, which protect migratory birds and bald and golden eagles, respectively. Most
states also have similar laws. Federal and state agencies may require project developers to conduct avian and bat risk assessments prior
to issuing permits for solar energy projects, and may also require ongoing monitoring and mitigation activities or financial compensation. |
| • |
Historic Preservation.
Federal and state agencies may be required to consider a renewable energy project’s effects on historical or archaeological and
cultural resources under the federal National Historic Preservation Act or similar state laws. Ongoing monitoring, mitigation activities
or financial compensation may also be required as a condition of conducting project operations. |
| • |
Clean Air Act.
Certain operations may be subject to federal, state, or local permitting requirements under the Clean Air Act, which regulates the emission
of air pollutants, including greenhouse gases. |
| • |
Local Regulations.
Renewable energy projects are also subject to local environmental and land use requirements, including county and municipal land use,
zoning, building, water use, and transportation requirements. Permitting at the local municipal or county level often consists of obtaining
a special use or conditional use permit under a land use ordinance or code, or, in some cases, rezoning in connection with the project. |
| • |
Management, Disposal, and Remediation of Hazardous
Substances. Renewable energy projects and materials handled, stored, or disposed of on project properties may be subject to the
federal Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Comprehensive Environmental Response, Compensation,
and Liability Act (“CERCLA”), and analogous state laws. Environmental liability may arise under CERCLA for contamination that
occurred prior to a project developer’s ownership of or operations at a particular site and can be imposed on a joint and several
basis. Project developers could be responsible for the costs of investigation and cleanup, and for any related liabilities, including
claims for damage to property, persons, or natural resources. Such responsibility may arise even if the project developer was not at fault
and did not cause, or was not aware of, the contamination. |
| C. |
Organizational Structure |
| D. |
Property, Plants and Equipment |
|
2008 |
Our Founding |
|
2009 |
First project finance closed in Israel for rooftop solar energy project
|
|
2010 |
Listing on the Tel Aviv Stock Exchange |
|
2011 |
Initiation of onshore wind energy development activities in Israel
|
|
2012 |
First solar energy project in Europe |
|
2013 |
Onset of construction of Halutzyut, the largest solar energy project
in Israel at the time |
|
2014 |
First wind energy project in Europe |
|
2015 |
Commercial operation of Halutzyut |
|
2016 |
Entry into the Balkan wind energy market |
|
2017 |
Entry into the Hungarian solar energy market |
|
2018 |
Acquisition of the biggest onshore wind energy project under development
in Spain |
|
2019 |
Entry into the Swedish wind energy market |
|
2020 |
Acquisition of Björnberget, one of the largest onshore wind energy
farms in Europe |
|
2021 |
Entry into the United States through the Clenera Acquisition
|
|
2023 |
Listing on Nasdaq; first operational project in the United States
|
|
2024 |
Our U.S. project, Atrisco Solar and Storage, became operational
|
|
2025 |
Significant entry into the stand-alone storage market in Europe
|
| A. |
Operating Results |
|
Year ended December |
||||||||
|
2025 |
2024 |
| ||||||
|
(in thousands) |
||||||||
|
Revenues |
$ |
488,596 |
$ |
$377,935 |
||||
|
Tax benefits |
93,668 |
20,860 |
||||||
|
Total revenues and income |
582,264 |
398,795 |
||||||
|
Cost of sales |
(134,381 |
) |
(80,696 |
) | ||||
|
Depreciation and amortization |
(149,922 |
) |
(108,889 |
) | ||||
|
General and administrative expenses |
(57,955 |
) |
(38,847 |
) | ||||
|
Development expenses |
(12,190 |
) |
(11,601 |
) | ||||
|
Total operating expenses |
(354,448 |
) |
(240,033 |
) | ||||
|
Gains from projects disposals |
96,431 |
,601 |
||||||
|
Other income, net |
7,931 |
16,172 |
||||||
|
Operating profit |
332,178 |
175,535 |
||||||
|
Finance income |
40,851 |
20,439 |
||||||
|
Finance expenses |
(164,730 |
) |
(107,844 |
) | ||||
|
Total finance expenses, net |
(123,879 |
) |
(87,405 |
) | ||||
|
Profit before tax and equity loss
|
208,299 |
88,130 |
||||||
|
Share of losses of equity accounted investees
|
(3,722 |
) |
(3,350 |
) | ||||
|
Profit before income taxes |
204,577 |
84,780 |
||||||
|
Taxes on income |
(43,875 |
) |
(18,275 |
) | ||||
|
Profit for the year |
$ |
$160,702 |
$ |
$66,505 |
||||
|
Profit for the year attributed to: |
||||||||
|
Owners of the Company |
132,104 |
44,209 |
||||||
|
Non-controlling interests |
28,598 |
22,296 |
||||||
|
Year ended December |
||||||||
|
2025 |
2024 |
|||||||
|
Total revenues and income
|
100 |
% |
100 |
% | ||||
|
Cost of sales
|
(23.1 |
)% |
(20.2 |
)% | ||||
|
Depreciation and amortization
|
(25.7 |
)% |
(27.3 |
)% | ||||
|
General and administrative expenses
|
(10 |
)% |
(9.8 |
)% | ||||
|
Development expenses
|
(2.1 |
)% |
(2.9 |
)% | ||||
|
Total operating expenses
|
(60.9 |
)% |
(60.2 |
)% | ||||
|
Gains from projects disposals
|
16.6 |
% |
0.2 |
% | ||||
|
Other income, net
|
1.4 |
% |
4.0 |
% | ||||
|
Operating profit
|
57 |
% |
44.0 |
% | ||||
|
Finance income
|
7 |
% |
5.1 |
% | ||||
|
Finance expenses
|
(28.3 |
)% |
(27.0 |
)% | ||||
|
Total finance expenses, net
|
(21.3 |
)% |
(21.9 |
)% | ||||
|
Profit before tax and equity loss
|
35.8 |
% |
22.1 |
% | ||||
|
Share of losses of equity accounted investees
|
(0.6 |
)% |
(0.8 |
)% | ||||
|
Profit before income taxes
|
35.1 |
% |
21.3 |
% | ||||
|
Taxes on income
|
(7.5 |
)% |
(4.6 |
)% | ||||
|
Profit for the year
|
27.6 |
% |
16.7 |
% | ||||
|
Profit for the year attributable to: |
||||||||
|
Owners of the Company
|
22.7 |
% |
11.1 |
% | ||||
|
Non-controlling interests
|
4.9 |
% |
5.6 |
% | ||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Electricity
and green certificates |
$ |
487,032 |
$ |
368,572 |
$ |
118,460 |
32 |
% | ||||||||
|
Construction and development
services and project management services |
1,564 |
9,363 |
(7,799 |
) |
(83 |
)% | ||||||||||
|
Total revenues
|
$ |
488,596 |
$ |
377,935 |
$ |
110,661 |
29 |
% | ||||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Tax benefits
|
$ |
93,668 |
$ |
20,860 |
$ |
72,808 |
349 |
% | ||||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Cost of sales: |
||||||||||||||||
|
Operating and maintenance
|
$ |
125,266 |
$ |
69,134 |
$ |
56,132 |
81 |
% | ||||||||
|
Construction and development services & project management services
|
9,115 |
11,562 |
(2,447 |
) |
(21 |
)% | ||||||||||
|
Total cost of sales
|
$ |
134,381 |
$ |
80,696 |
$ |
53,685 |
67 |
% | ||||||||
|
Year Ended December 31, |
Period-over-Period Change |
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages) |
||||||||||||||||
|
Depreciation and amortization expenses |
$ |
149,922 |
$ |
108,889 |
$ |
41,033 |
38 |
% | ||||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
General and administrative expenses
|
$ |
57,955 |
$ |
38,847 |
$ |
19,108 |
33 |
% | ||||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Development expenses |
$ |
12,190 |
$ |
11,601 |
$ |
589 |
5 |
% | ||||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Projects disposals |
$ |
96,431 |
$ |
601 |
$ |
95,830 |
NM |
|||||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Other income, net
|
$ |
7,931 |
$ |
16,172 |
$ |
(8,241 |
) |
(51 |
)% | |||||||
|
Year Ended
December 31, |
Period-over-Period Change
|
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||
|
Finance income
|
$ |
40,851 |
$ |
20,439 |
$ |
20,412 |
100 |
% | ||||||||
|
Finance expense
|
(164,730 |
) |
(107,844 |
) |
(56,886 |
) |
53 |
% | ||||||||
|
Total Finance Expense
|
$ |
(123,879 |
) |
$ |
(87,405 |
) |
$ |
(36,474 |
) |
42 |
% | |||||
|
Year Ended December 31, |
Period-over-Period Change |
|||||||||||||||
|
2025 |
2024 |
Dollar |
Percentage |
|||||||||||||
|
(in thousands, except percentages) |
||||||||||||||||
|
Adjusted EBITDA |
$ |
437,973 |
$ |
289,115 |
$ |
148,858 |
51 |
% | ||||||||
|
For the Year Ended December 31, |
||||||||
|
2025 |
2024 |
|||||||
|
(in thousands) |
||||||||
|
Net Income |
$ |
160,702 |
$ |
66,505 |
||||
|
Depreciation and amortization |
149,922 |
108,889 |
||||||
|
Share based compensation |
10,470 |
8,360 |
||||||
|
Finance income |
(40,851 |
) |
(20,439 |
) | ||||
|
Finance expenses |
164,730 |
107,844 |
||||||
|
Gains from projects disposals* |
(54,597 |
) |
- |
|||||
|
Non-recurring other income, net **,*** |
- |
(3,669 |
) | |||||
|
Share of losses of equity accounted investees |
3,722 |
3,350 |
||||||
|
Taxes on income |
43,875 |
18,275 |
||||||
|
Adjusted EBITDA |
$ |
437,973 |
$ |
289,115 |
||||
| B. |
Liquidity and Capital Resources |
| • |
constructing our projects (including equipment costs, EPC
costs and other construction costs); |
| • |
project origination initiatives to produce Mature Projects
(including development expenditures, security deposits, letters of credit, equipment deposits and acquisitions of companies and/or project); |
| • |
general and administrative expenses and other overhead costs; |
| • |
liquidity reserve for unforeseen events; and |
| • |
other growth-related investment opportunities. |
|
Series |
Debt Outstanding as of December 31, 2025 (USD in millions)* |
Effective
interest rate |
Effective
interest rate
debt
component
only |
Indexation |
Bond rating
as of December 31,
2025** |
Duration
(Years) |
||||||||||||||
|
C |
$ |
156 |
1.62 |
% |
3.31 |
% |
None |
A2 il stable/ Ail stable |
2.46 |
|||||||||||
|
D |
$ |
336 |
5.30 |
% |
5.30 |
% |
None |
A2 il stable/ Ail stable |
2.40 |
|||||||||||
| F
|
$ |
174 |
4.40 |
% |
4.40 |
% |
None |
A2 il stable/ Ail stable |
0.47 |
|||||||||||
| G |
$ |
142 |
5.78 |
% |
5.78 |
% |
None |
A2 il stable/ Ail stable |
5.23 |
|||||||||||
| H
|
$ |
118 |
4.23 |
% |
5.79 |
% |
None |
A2 il stable/ Ail stable |
5.82 |
|||||||||||
| • |
the Series F Debentures are not linked to index or currency; |
| • |
the Series F Debentures are repayable in seven payments, including six annual payments,
each at a rate of 8.0% of the principal amount and an additional payment at a rate of 52.0% of the principal amount, which will be paid
on September 1, 2026; |
| • |
the Series F Debentures bear a fixed annual interest to be paid semi-annually, in March
and September of each of the years 2019 to 2026 (inclusive). The Series F Debentures weighted average effective interest rate is approximately
4.4%; |
| • |
the Series F Debentures are not secured by any collateral or other security; and
|
| • |
so long as the Series F Debentures remain outstanding, we are required to meet the following
financial covenants: |
| • |
equity according to our financial statements (audited or reviewed) will not be less than
NIS 375 million (approximately $103.4 million); |
| • |
the ratio between standalone net financial debt and net cap will not exceed 70% during
two consecutive financial statements (audited or reviewed); |
| • |
should standalone net financial debt exceed NIS 10 million (approximately $2.8 million),
the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture) as of the calculation date (if any) will not exceed
18 during more than two consecutive financial statements (audited or reviewed); |
| • |
the equity to total balance sheet ratio in our standalone reports will be no less than
20% during two consecutive financial statements (audited or reviewed); |
| • |
we will not create and/or will not agree to create, in favor of any third party whatsoever,
a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;
and |
| • |
we will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the debentures.
|
| • |
the Series C Debentures are not linked to index or currency; |
| • |
the Series C Debentures are repayable in a single payment on September 1, 2028;
|
| • |
the Series C Debentures weighted average interest rate and effective interest rate is
approximately 1.5% and 3.31%, respectively. The effective interest rate takes into account the embedded value of the equity component
of the convertible debentures; |
| • |
the unpaid principal balance of the Series C Debentures is convertible into ordinary
shares, according to the following schedule: from the date of listing of the Series C Debentures on the TASE and until December 31, 2023,
each NIS 90 (or approximately $25) par value of the Series C Debentures will be convertible into one of our ordinary shares. By December
31, 2023, NIS 80,570 par value of Series C Debentures were converted to 895 ordinary shares; and (ii) from January 1, 2024 to August 22,
2028, each NIS 240 (or approximately $66.2) par value of the Series C Debentures will be convertible
into one of our ordinary shares; |
| • |
the Series C Debentures is not secured by any collateral or other security; and
|
| • |
so long as the Series C Debentures remain outstanding, we are required to meet the following
financial covenants: |
| • |
equity according to our financial statements (audited or reviewed) will not be less than
NIS 1,250 million (approximately $344.6 million); |
| • |
the ratio between standalone net financial debt and net cap will not exceed 65% during
two consecutive financial statements (audited or reviewed); |
| • |
the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed);
|
| • |
the equity to total balance sheet ratio in our standalone reports will be no less than
25% during two consecutive financial statements (audited or reviewed); |
| • |
we will not create and/or will not agree to create, in favor of any third party whatsoever,
a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever; |
| • |
we will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the debentures; and
|
| • |
Mechanism was determined to adjust the interest rate due to a deviation
from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed
more than 1.25% above the interest rate which was determined in the first offering report of the debentures. |
| • |
the Series D Debentures are not linked to index or currency; |
| • |
the Series D Debentures are repayable in two payments, each at a rate of 50% of the principal
amount, on September 1, 2027 and 2029; |
| • |
the Series D Debentures bear a fixed annual interest of 1.5%, to be paid semi-annually,
in March and September of each of the years 2021 to 2029 (inclusive); |
| • |
the Series D Debentures effective interest rate is approximately 5.3%; |
| • |
the Series D Debentures is not secured by any collateral or other security; and
|
| • |
so long as the Series D Debentures remain outstanding, we are required to meet the following
financial covenants: |
| • |
equity according to our financial statements (audited or reviewed) will not be less than
NIS 1,250 million (approximately $344.6 million); |
| • |
the ratio between standalone net financial debt and net cap will not exceed 65% during
two consecutive financial statements (audited or reviewed); |
| • |
the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed);
|
| • |
the equity to total balance sheet ratio in our standalone reports will be no less than
25% during two consecutive financial statements (audited or reviewed); |
| • |
we will not create and/or will not agree to create, in favor of any third party whatsoever,
a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;
and |
| • |
we will not perform any distribution except subject to the cumulative conditions specified
in the trust deed of the debentures. |
| • |
Mechanism was determined to adjust the interest rate due to a deviation
from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed
more than 1.25% above the interest rate which was determined in the first offering report of the debentures. |
| • |
the Series G Debentures are not linked to index or currency; |
| • |
the Series G Debentures are repayable in four annual payments, each at the rate of 25%
of the principal of the Series G Debentures, which will be paid on September 1 of each of the years 2030 through 2033 (inclusive);
|
| • |
the Series G Debentures bear a fixed annual interest of 5%, to be paid semi-annually,
in March and September of each of the years 2025 to 2033 (inclusive), starting on September 1, 2025; |
| • |
the Series G Debentures is not secured by any collateral or other security; and
|
| • |
so long as the Series G Debentures remain outstanding, we are required to meet the following
financial covenants: |
| • |
equity will not be less than $600 million during two consecutive financial statements
(audited or reviewed); |
| • |
the ratio between standalone net financial debt and net cap will not exceed 65% during
two consecutive financial statements (audited or reviewed); |
| • |
the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
as of the calculation date (if any) will not exceed 17 during two consecutive financial statements (audited or reviewed); The
debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be included
in that calculation. |
| • |
the equity to total balance sheet ratio in our standalone reports will be no less than
28% during two consecutive financial statements (audited or reviewed); |
| • |
we will not create and/or will not agree to create, in favor of any third party whatsoever,
a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever; |
| • |
we will not perform any distribution except subject to the cumulative conditions
specified in the trust deed of the debentures; and |
| • |
Mechanism was determined for adjusting the interest rate due to a deviation
from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed
more than 1% above the interest rate which was determined in the first offering report of the debentures. |
| • |
the Series H Debentures are not linked to index or currency; |
| • |
the Series H Debentures are repayable in four annual payments, each at the rate of 25%
of the principal of the Series H Debentures, which will be paid on September 1 of each of the years 2030 through 2033 (inclusive);
|
| • |
the Series H Debentures bear a fixed annual interest of 4%, to be paid semi-annually,
in March and September of each of the years 2025 to 2033 (inclusive), starting on September 1, 2025; |
| • |
the unpaid principal balance of the Series H Debentures is convertible into ordinary
shares, according to the following schedule: from the date of listing of the Series H Debentures on the TASE and until August 31, 2027,
each NIS 80 (or approximately $22.50) par value of the Series H Debentures will be convertible into one of our ordinary shares and (ii)
from September 1, 2027 to August 22, 2033, each NIS 1000 (or approximately $281.32) par value of the Series H Debentures will be convertible
into one of our ordinary shares; |
| • |
the Series H Debentures is not secured by any collateral or other security; and
|
| • |
so long as the Series H Debentures remain outstanding, we are required to meet the following
financial covenants: |
| • |
equity will not be less than $600 million during two consecutive financial statements
(audited or reviewed); |
| • |
the ratio between standalone net financial debt and net cap will not exceed 65% during
two consecutive financial statements (audited or reviewed); |
| • |
the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
as of the calculation date (if any) will not exceed 17 during two consecutive financial statements (audited or reviewed); |
| • |
the equity to total balance sheet ratio in our standalone reports will be no less than
28% during two consecutive financial statements (audited or reviewed); |
| • |
we will not create and/or will not agree to create, in favour of any third party whatsoever,
a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever; |
| • |
we will not perform any distribution except
subject to the cumulative conditions specified in the trust deed of the debentures; and |
| • |
Mechanism was determined for adjusting the interest rate due to a deviation from the
financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed more
than 1% above the interest rate which was determined in the first offering report of the debentures. |
| • |
the facility period shall be 18 months following the date of provision of credit;
|
| • |
repayment of principal will be made in one payment, 60 months after the date of provision
of credit. The interest will be paid on a quarterly basis; and |
| • |
so long as the Credit Facilities remain outstanding, we are required to meet the following
covenants: |
| • |
to submit routine and standard reports to the Lenders; |
| • |
to maintain a rating of Baa3.il, or a corresponding rating, from one of the local rating
agencies (Maalot or Midroog), or from one of the international rating agencies (Moody’s and/or S&P); |
| • |
to maintain a current negative pledge and a negative pledge in favour of the Lenders,
in respect of proceeds which will be received by some of our subsidiaries, as defined in the Credit Agreements; |
| • |
to maintain our total equity, as defined in the Credit Agreements, above a total of NIS
1.25 billion (or approximately $391.8 million); |
| • |
the ratio between standalone net financial debt and net cap will not exceed 65% during
two consecutive quarters; |
| • |
the result obtained by dividing the net financial debt ratio by operating profit for
debt service, on a consolidated basis, will not exceed 15 during two consecutive quarters; and |
| • |
the equity to total balance sheet ratio, on a standalone basis in our separate financial
information, as defined in the Credit Agreements, will not fall below 25% during two consecutive
quarters. |
|
Year ended December 31,
|
||||||||
|
2025 |
2024 (*) |
| ||||||
|
(in millions)
|
||||||||
|
Net cash provided by operating activities
|
$ |
282.6 |
$ |
255.3 |
||||
|
Cash from financing activities |
||||||||
|
Project level finance net of repayments
|
1278.6 |
240.0 |
||||||
|
Project level tax equity
|
426.9 |
410.0 |
||||||
|
Interest Paid (*)
|
(86.9 |
) |
(74.9 |
) | ||||
|
Project level cash from equity partners net of distributions
|
(30.5 |
) |
(28.0 |
) | ||||
|
Holding company debt issuance net of repayments
|
78.3 |
151.9 |
||||||
|
Issuance of convertible debentures
|
114.7 |
0.0 |
||||||
|
Holding company equity issuance
|
290.7 |
0.0 |
||||||
|
Deferred financing costs
|
(68.2 |
) |
(21.6 |
) | ||||
|
Proceeds from investment in entities by non-controlling interest
|
12.8 |
0.0 |
||||||
|
Other
|
(10 |
) |
(6.0 |
) | ||||
|
Total Sources
|
$ |
2,006.5 |
$ |
671.1 |
||||
|
Net cash used in investing activities |
||||||||
|
Capital Expenditures and acquisition expenses
|
$ |
(2,195.7 |
) |
$ |
(941.3 |
) | ||
|
Short term investments
|
0.0 |
(0.1 |
) | |||||
|
Interest receipts (*) |
14.8 |
12.7 |
||||||
|
Total Uses
|
(2,180.9 |
) |
(928.7 |
) | ||||
|
Net change in cash
|
$ |
108.2 |
$ |
(2.3 |
) | |||
|
Year ended December 31,
|
||||||||
|
2025 |
2024(*) |
| ||||||
|
(in thousands)
|
||||||||
|
Net cash provided by operating activities
|
$ |
282,648 |
$ |
255,279 |
||||
|
Cash used in investing activities
|
(2,180,883 |
) |
(928,683 |
) | ||||
|
Cash generated from financing activities
|
2,006,479 |
671,096 |
||||||
| C. |
Research and Development, Patents and Licenses, Etc. |
| D. |
Trend Information |
| E. |
Critical Accounting Estimates |
| A. |
Directors and Senior Management |
|
Name |
Age |
Position | ||
|
Executive Officers |
||||
|
Adi Leviatan |
49 |
Chief Executive Officer | ||
|
Nir Yehuda |
50 |
Chief Financial Officer | ||
|
Amit Paz |
59 |
Chief Innovation Officer | ||
|
Ilan Goren |
53 |
General Manager, Enlight US | ||
|
Ayelet Cohen Israeli |
58 |
Vice President, Operations | ||
|
Marko Liposcak |
49 |
General Manager, Enlight EU | ||
|
Lisa Haimovitz |
60 |
Vice President, General Counsel | ||
|
Meron Carr |
53 |
Senior Vice President, Strategic Projects | ||
|
Ziv Shor |
49 |
General Manager, Projects Execution & Assets Management Division
| ||
|
Itay Banayan |
46 |
Chief Corporate Development Officer | ||
|
Gilad Doron |
51 |
Vice President, Human Resources | ||
|
Gilad Yavetz(3)
|
55 |
Executive Chairman of the Board | ||
|
Non Employee Directors |
||||
|
Yair Seroussi(3)*
|
70 |
Vice Chairman of the Board | ||
|
Liat Benyamini(1)(2)(4)*
|
49 |
Director | ||
|
Michal Tzuk(2)(4)*
|
49 |
Director | ||
|
Alla Felder(4)*
|
52 |
Director | ||
|
Dr. Shai Weil(2)*
|
56 |
Director | ||
|
Yitzhak Betzalel(1)(2)*
|
60 |
Director | ||
|
Zvi Furman(1)(3)(4)*
|
77 |
Director |
| (1) |
Member of the audit committee |
| (2) |
Member of the compensation committee |
| (3) |
Member of the nominating committee |
| (4) |
Member of the environmental, social and governance committee |
|
Board Diversity Matrix
As of the date of this Annual Report
| ||||
|
Country of Principal Executive Offices: |
Israel | |||
|
Foreign Private Issuer |
Yes | |||
|
Disclosure Prohibited under Home Country Law |
No | |||
|
Total Number of Directors |
8 | |||
|
Female |
Male |
Non-Binary/Transgender |
Did Not Disclose Gender | |
|
Part I: Gender Identity |
||||
|
Directors |
3 |
5 |
0 |
0 |
|
Part II: Demographic Background |
||||
|
Underrepresented Individual in Home Country Jurisdiction |
0 | |||
|
LGBTQ+ |
0 | |||
|
Did Not Disclose Demographic Background |
1 | |||
| B. |
Compensation |
| • |
at least a majority of the shares held by all shareholders
who are not controlling shareholders and do not have a personal interest in such matter, present and voting on such matter, are voted
in favor of the compensation package, excluding abstentions; or |
| • |
the total number of shares of non-controlling shareholders and shareholders who do not
have a personal interest in such matter voting against the compensation package does not exceed 2.0% of the aggregate voting rights in
the company. |
| • |
Mr. Gilad Yavetz, our former Chief Executive Officer and current Executive Chairman of
our board of directors (with change effective October 1, 2025). Compensation expenses recorded in 2025 of $0.46
million in salary expenses and $0.06 million in social benefits costs. |
| • |
Mr. Nir Yehuda, Chief Financial Officer. Compensation expenses recorded in 2025 of $0.37
million in salary expenses and $0.05 million in social benefits costs. |
| • |
Mr. Ilan Goren, General Manager Enlight US Compensation expenses
recorded in 2025 of $0.33 million in salary expenses and $0.01 million in social benefits costs. |
| • |
Mr. Marko Liposcak, General Manager, Enlight Europe. Compensation expenses recorded in
2025 of $0.27 million in salary expenses and $0.04 million in social benefits costs. |
| • |
Mr. Ziv Shor, General Manager, Projects Execution & Assets Management Division. Compensation
expenses recorded in 2025 of $0.25 million in salary expenses and $0.05 million
in social benefits costs. |
| • |
approved terms of engagement with, and the grant of 143,553
stock options, 31,561 RSUs and 31,561 PSUs to Ms. Adi Leviatan, our Chief Executive Officer. The principal terms of engagement with Ms.
Leviatan include a monthly base salary in the amount of NIS 118,000 (reflecting an annual employer’s cost in the amount of approximately
NIS 1,770 thousand), effective as of September 2025, and an annual bonus cap, effective as of 2026, of up to 10 monthly salaries (excluding
a discretionary bonus and a bonus for outstanding performance). Ms. Leviatan’s monthly base salary shall be adjusted in January
of each year to reflect increases in the Israeli Consumer Price Index for the preceding calendar year, taking effect starting with the
salary for January 2027, based on the increase in such index in 2026. The options, RSUs, and PSUs, to be granted under the Company’s
2010 Plan, would vest in four equal annual instalments of 25% so long as Ms. Leviatan serves as an office holder of the Company, with
the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter.
Additionally, the vesting of the PSUs is subject to achievement of performance metrics for the preceding calendar year (the “PSU
Metrics”). The PSU Metrics – Total Income and Revenues, and Adjusted EBITDA (each as reported in the Company’s Annual
Report on Form 20-F) – are measured against the midpoint of the Company’s forecast published at the start of the applicable
performance year. Achievement of 90% of the target yields 50% vesting for that Metric’s portion of the tranche, with linear interpolation
for achievement between 90% and 100%. The PSU Metrics are weighted equally and evaluated independently; overperformance in one cannot
offset the other. Ms. Leviatan will also receive indemnification, exemption and insurance in accordance with Company practice; and will
be entitled to a one-time reimbursement for relocation expenses from the U.S. to Israel, up to USD 100,000 net of taxes as may be applicable.
|
| • |
approved terms of engagement with, and the grant of 345,927
stock options, 6,726 RSUs and 76,055 PSUs to Mr. Gilad Yavetz, our Executive Chairman of the board of directors. The principal terms of
engagement with Mr. Yavetz include a monthly base salary in the amount of NIS 118,000 (reflecting an annual employer’s cost in the
amount of approximately NIS 1,770 thousand), effective as of September 2025. Mr. Yavetz’s monthly base salary shall be adjusted
in January of each year to reflect increases in the Israeli Consumer Price Index for the preceding calendar year, taking effect starting
with the salary for January 2027, based on the increase in such index in 2026. The options, RSUs, and PSUs, to be granted under the Company’s
2010 Plan, would vest in four equal annual instalments of 25% so long as Mr. Yavetz serves as an office holder of the Company, with the
first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter.
Additionally, the vesting of the PSUs is subject to achievement of the PSU Metrics. |
| • |
approved terms of engagement with, and the grant of 51,574
stock options and 11,339 PSUs to Mr. Yair Seroussi, our Vice Chairman of the board of directors. The principal terms of engagement with
Mr. Seroussi include a monthly base salary in the amount of NIS 50,000 paid against an invoice (reflecting a gross monthly payment equivalent
to NIS 38,462), effective as of September 2025. Mr. Seroussi’s monthly base salary shall be adjusted in January of each year to
reflect increases in the Israeli Consumer Price Index for the preceding calendar year, taking effect starting with the salary for January
2027, based on the increase in such index in 2026. The options and PSUs, to be granted under the Company’s 2010 Plan, would vest
in four equal annual instalments of 25% so long as Mr. Seroussi serves as an office holder of the Company, with the first instalment to
vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter. Additionally,
the vesting of the PSUs is subject to achievement of the PSU Metrics. Mr. Seroussi is required to dedicate the equivalent of 40% of the
time required by a full-time position to his role as Vice Chairman. |
| C. |
Board Practices |
| • |
at least a majority of the shares of non-controlling shareholders and shareholders that
do not have a personal interest in the approval voted on the proposal are voted in favour (disregarding abstentions); or |
| • |
the total number of shares of non-controlling shareholders and shareholders who do not
have a personal interest in such appointment that are voted against such appointment does not exceed 2% of the aggregate voting rights
in the company. |
| • |
overseeing the accounting and financial reporting processes of the Company and audits
of our financial statements and the effectiveness of our internal control over financial reporting, and making such reports as may be
required of an audit committee under the rules and regulations promulgated under the Exchange Act; appointing, compensating, retaining
and overseeing the work of our independent auditors, subject to ratification by the board of directors, and in the case of appointment,
to ratification by the shareholders; |
| • |
pre-approving audit and non-audit services to be provided by the independent auditors
and related fees and terms; |
| • |
reviewing with management and our independent auditor our annual and interim financial
statements prior to publication or filing (or submission, as the case may be) to the SEC; |
| • |
recommending to the board of directors the retention and termination of the internal
auditor and the internal auditor’s engagement fees and terms, in accordance with the Companies Law, approving the yearly or periodic
work plan proposed by the internal auditor and examining whether the internal auditor was afforded all required resources to perform its
role; |
| • |
reviewing with our general counsel and/or external counsel, as deemed necessary, legal
and regulatory matters that could have a material impact on the financial statements; |
| • |
identifying irregularities in our business administration by, among other things, consulting
with the internal auditor or with the independent auditor, and suggesting corrective measures to the board of directors; |
| • |
reviewing policies and procedures with respect to transactions between the Company and
officers and directors (other than transactions related to the compensation or terms of service of the officers and directors), or affiliates
of officers or directors, or transactions that are not in the ordinary course of the Company’s business and deciding whether to
approve such acts and transactions if so required under the Companies Law; and |
| • |
establishing procedures for the receipt, retention and treatment of complaints regarding
accounting, internal accounting controls or auditing matters, and for the submission by Company employees of concerns regarding questionable
accounting or auditing matters. |
| • |
recommending to the board of directors the approval of the compensation policy for office
holders and, once every three years, regarding any extensions to a compensation policy that was adopted for a period of more than three
years; |
| • |
monitoring the implementation of the compensation policy and periodically making recommendations
to the board of directors with respect to any amendments or updates of the compensation policy; |
| • |
resolving whether or not to approve arrangements with respect to the terms of office
and employment of office holders; and |
| • |
exempting, under certain circumstances, transactions with our chief executive officer
from the approval of our shareholders. |
| • |
from time to time, reviewing the implementation of our compensation policy in accordance
with the requirements of the Companies Law as well as other compensation policies, incentive-based compensation plans and equity-based
compensation plans (insofar as these relate to office holders in the Company), and overseeing the development and implementation of such
policies and recommending to our board of directors any amendments or modifications the committee deems appropriate, including as required
under the Companies Law; |
| • |
reviewing and approving the employment terms of our office holders, including granting
of options and other incentive awards and reviewing and approving corporate goals and objectives relevant to the compensation of our executive
officers, including evaluating their performance in light of such goals and objectives; and approving transactions regarding office holders’
compensation pursuant to the Companies Law and exempting certain transactions with our Chief Executive Officer from the approval of the
general meeting of our shareholders pursuant to the Companies Law. |
| • |
recommending to our board of directors for its approval a compensation policy in accordance
with the requirements of the Companies Law as well as other compensation policies, incentive-based compensation plans and equity-based
compensation plans, and overseeing the development and implementation of such policies and recommending to our board of directors any
amendments or modifications the committee deems appropriate, including as required under the Companies Law; |
| • |
establishing annual goals and objectives for the Company’s Chief Executive Officer
and the other executive officers, and assisting the Board in discharging its responsibilities relating to the compensation of the Company’s
Chief Executive Officer and other executive officers and the overall compensation; |
| • |
reviewing and making recommendations to the Board regarding director compensation;
|
| • |
approving and exempting certain transactions regarding office holders’ compensation
pursuant to the Companies Law; and |
| • |
administering our equity-based compensation plans, including without limitation, approving
the adoption of such plans, amending and interpreting such plans and the awards and agreements issued pursuant thereto, and making awards
to eligible persons under the plans and determining the terms of such awards. |
| • |
at least a majority of the shares of non-controlling shareholders and shareholders that
do not have a personal interest in the approval, which are voted at the meeting, are voted in favour (disregarding abstentions); or
|
| • |
the total number of shares of non-controlling shareholders and shareholders who do not
have a personal interest in the approval, which are voted against such approval, does not exceed 2% of the aggregate voting rights in
the company. |
| • |
the education, skills, experience, expertise and accomplishments of the relevant office
holder; |
| • |
the office holder’s position, responsibilities and prior compensation agreements
with him or her; |
| • |
the ratio between the cost of the terms of employment of an office holder and the cost
of the employment of other employees of the company, including employees employed through contractors who provide services to the company,
in particular the ratio between such cost to the average and median salary of such employees of the company, as well as the impact of
disparities between them on the work relationships in the company; |
| • |
if the terms of employment include variable components—the possibility of reducing
variable components at the discretion of the board of directors and the possibility of setting a limit on the value of non-cash variable
equity-based components; and |
| • |
if the terms of employment include severance compensation—the term of employment
or office of the office holder, the terms of his or her compensation during such period, the company’s performance during such period,
his or her individual contribution to the achievement of the company goals and the maximization of its profits, and the circumstances
under which he or she is leaving the company. |
| • |
with regard to variable components: |
| • |
with the exception of office holders who report directly to the chief executive officer,
means of determining the variable components on a long-term performance basis and on measurable criteria; however, the company may determine
that an immaterial part of the variable components of the compensation package of an office holder shall be awarded based on non-measurable
criteria, if such amount is not higher than three months’ salary per annum, while taking into account such office holder’s
contribution to the company; and |
| • |
the ratio between variable and fixed components, as well as the limit of the values of
variable components at the time of their payment, or in the case of equity-based compensation, at the time of grant. |
| • |
a clawback provision pursuant to which the officer will return to the company, according
to conditions to be set forth in the compensation policy, any amounts paid as part of his or her terms of employment, if such amounts
were paid based on information later to be discovered to be wrong, and such information was restated in the company’s financial
statements; |
| • |
the minimum holding or vesting period of variable equity-based components to be set in
the terms of office or employment, as applicable, while taking into consideration long-term incentives; and |
| • |
a limit to retirement grants. |
| • |
advancing our goals, work plan and policies in the long-term; |
| • |
creating appropriate incentives for our officers, taking into account, among other things,
our risk management policy; |
| • |
the high level of responsibility and complexity of the role of our officers; |
| • |
our size, our profitability and the nature of our activities; and |
| • |
the contribution of the office holder to the achievement of our goals and attaining profits,
with a long-term perspective and in accordance with the position of the office holder. |
| • |
recommending to our board of directors our general strategy, including, but not limited
to, EHS, corporate social responsibility, sustainability, philanthropy, corporate governance, reputation, diversity, equity and inclusion,
community issues, political contributions and lobbying and other public policy matters relevant to us (collectively, “ESG Matters”);
|
| • |
overseeing our policies, practices and performance with respect to ESG Matters;
|
| • |
overseeing our reporting standards in relation to ESG Matters; |
| • |
reporting to our board of directors about current and emerging topics relating to ESG
Matters that may affect our business, operations, performance or public image or are otherwise pertinent to us and our stakeholders and,
if appropriate, detail actions taken in relation to the same; and |
| • |
advising our board of directors on shareholder proposals and other significant stakeholder
concerns relating to ESG Matters. |
| • |
information on the advisability of a given action brought for his or her approval or
performed by virtue of his or her position; and |
| • |
all other important information pertaining to these actions. |
| • |
refrain from any act involving a conflict of interest between the performance of his
or her duties in the company and his or her personal affairs; |
| • |
refrain from any activity that is competitive with the business of the company;
|
| • |
refrain from exploiting any business opportunity of the company in order to receive a
personal gain for himself or herself or others; and |
| • |
disclose to the company any information or documents relating to the company’s
affairs which the office holder received as a result of his or her position as an office holder. |
| • |
an amendment to the company’s articles of association; |
| • |
an increase of the company’s registered share capital; |
| • |
a merger; or |
| • |
interested party transactions that require shareholder approval. |
| • |
a financial liability imposed on him or her in favour of another person pursuant to a
judgment, settlement or arbitrator’s award approved by a court. However, if an undertaking to indemnify an office holder with respect
to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors,
are foreseeable based on the company’s activities when the undertaking to indemnify is given, and to an amount or according to criteria
determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned events
and amount or criteria; |
| • |
reasonable litigation expenses, including attorneys’ fees, incurred by the office
holder (1) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation
or proceeding, provided that no indictment was filed against such office holder as a result of such investigation or proceeding and no
financial liability was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding
or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent
and (2) in connection with a monetary sanction; |
| • |
reasonable litigation expenses, including attorneys’ fees, incurred by the office
holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf or by a third party or in connection
with criminal proceedings in which the office holder was acquitted or as a result of a conviction for an offense that does not require
proof of criminal intent; and |
| • |
expenses, including reasonable litigation expenses and legal fees, incurred by an office
holder in relation to an administrative proceeding instituted against such office holder, or certain compensation payments made to an
injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Israeli Securities Law
of 1968 (the “Israeli Securities Law”). |
| • |
a breach of the duty of loyalty to the company, to the extent that the office holder
acted in good faith and had a reasonable basis to believe that the act would not prejudice the company; |
| • |
a breach of the duty of care to the company or to a third party, including a breach arising
out of the negligent conduct of the office holder; |
| • |
a financial liability imposed on the office holder in favour of a third party;
|
| • |
a financial liability imposed on the office holder in favour of a third party harmed
by a breach in an administrative proceeding; and |
| • |
expenses, including reasonable litigation expenses and legal fees, incurred by the office
holder as a result of an administrative proceeding instituted against him or her pursuant to certain provisions of the Israeli Securities
Law. |
| • |
a breach of the duty of loyalty, except to the extent that the office holder acted in
good faith and had a reasonable basis to believe that the act would not prejudice the company; |
| • |
a breach of the duty of care committed intentionally or recklessly, excluding a breach
arising out of the negligent conduct of the office holder; |
| • |
an act or omission committed with intent to derive illegal personal benefit; or
|
| • |
a fine, monetary sanction or forfeit levied against the office holder. |
| D. |
Employees |
| E. |
Share Ownership |
| F. |
Disclosure of a Registrant’s Action to Recover Erroneously Awarded
Compensation |
| A. |
Major Shareholders |
|
Principal shareholders
|
Number of
Ordinary
Shares |
% of
Outstanding
Shares |
||||||
|
Greater than 5% shareholders
|
||||||||
|
Migdal Insurance & Financial Holdings Ltd. (1)
|
11,195,156.00 |
8.03 |
% | |||||
|
Harel Insurance Investments & Financial Services Ltd. (2)
|
14,512,845.30 |
10.41 |
% | |||||
|
Phoenix Financial Ltd. (3)
|
12,158,327.88 |
8.72 |
% | |||||
|
Meitav Investment House Ltd. (4)
|
9,629,569.00 |
6.91 |
% | |||||
|
Clal Insurance Enterprises Holdings Ltd. (5)
|
9,890,141.30 |
7.09 |
% | |||||
|
Menora Mivtachim Holdings Ltd. (6)
|
8,155,587.00 |
5.85 |
% | |||||
|
Directors and executive officers |
||||||||
|
Adi Leviatan |
- |
- |
||||||
|
Nir Yehuda (7)
|
37,642.00 |
0.03 |
% | |||||
|
Amit Paz (8)
|
265,049.10 |
0.19 |
% | |||||
|
Ilan Goren (9)
|
294,341.00 |
0.21 |
% | |||||
|
Ayelet Cohen Israeli (10)
|
21,512.00 |
0.02 |
% | |||||
|
Marko Liposcak (11)
|
6,401.00 |
0.01 |
% | |||||
|
Lisa Haimovitz (12)
|
59,012.00 |
0.04 |
% | |||||
|
Meron Carr (13)
|
33,032.00 |
0.02 |
% | |||||
|
Ziv Shor (14)
|
53,734.00 |
0.04 |
% | |||||
|
Itay Banayan |
- |
- |
||||||
|
Gilad Doron |
- |
- |
||||||
|
Gilad Yavetz (15)
|
1,191,916.10 |
0.85 |
% | |||||
|
Yair Seroussi (16)
|
149,116.00 |
0.11 |
% | |||||
|
Liat Benyamini (17)
|
3,408.00 |
0.00 |
% | |||||
|
Michal Tzuk (18)
|
3,408.00 |
0.00 |
% | |||||
|
Alla Felder (19)
|
3,408.00 |
0.00 |
% | |||||
|
Dr. Shai Weil (20)
|
18,022.00 |
0.01 |
% | |||||
|
Yitzhak Betzalel (21)
|
3,408.00 |
0.00 |
% | |||||
|
Zvi Furman (22)
|
3,408.00 |
0.00 |
% | |||||
|
All executive officers and
directors as a group (19 persons) |
2,146,817.20 |
1.53 |
% | |||||
| (1) |
Pursuant to a Schedule 13G filed by Migdal Insurance & Financial
Holdings Ltd. (“Migdal”) with the SEC on November 13, 2025, consists of 11,195,156 ordinary shares as of September 30,
2025, beneficially owned by Migdal and entities under its control. The address of Migdal is 4 Efal Street, P.O. Box 3063, Petach Tikva,
Israel. |
| (2) |
Pursuant to a Schedule 13G filed by Harel Insurance Investments &
Financial Services Ltd. (“Harel”) with the SEC on February 9, 2026, consists of 14,512,845.3 ordinary shares as of December
31, 2025, beneficially owned by Harel and entities under its control. In addition, to the Company’s knowledge, Harel holds 6,599,319
units of Series C Debentures. To the Company’s knowledge, the ultimate controlling shareholders of Harel are Mr. Yair Hamburger,
Mr. Gideon Hamburger and Ms. Nurit Manor. The address of Harel is Abba Hillel 3, Ramat Gan, Israel. |
| (3) |
To the Company’s knowledge, consists of 12,158,327.88 ordinary
shares as of December 31, 2025, beneficially owned by the Phoenix Financial Ltd. (“Phoenix”) and entities under its control.
In addition, to the Company’s knowledge, Phoenix holds 69,625,443 units of Series C Debentures and 9,708,364 units of Series H Debentures.
The address of Phoenix is Derech Hashalom 53, Givataim, 53454, Israel. |
| (4) |
To the Company’s knowledge, consists of 9,629,569 ordinary
shares as of December 31, 2025, beneficially owned by Meitav Investment House Ltd. (“Meitav”) and entities under its control.
The address of Meitav is 1 Jabotinski, Bene-Beraq, Israel. |
| (5) |
To the Company’s knowledge, consists
of 9,890,141.3 ordinary shares as of December 31 ,2025, beneficially owned by Clal Insurance Enterprises Holdings Ltd. (“Clal”)
and entities under its control. In addition, to the Company’s knowledge, Clal holds 22,651,517 units of Series C Debentures and
20,076,069 units of Series H Debentures. The address of Clal is 36 Raul Walenberg St., Tel Aviv, Israel. |
| (6) |
Pursuant to a Schedule 13G filed by Menora Mivtachim Holdings
Ltd. (“Menora”) with the SEC on February 11, 2026, consists of 8,155,587 ordinary shares as of December 31, 2025, beneficially
owned by Menora and entities under its control. The address of Menora is Menora House, 23 Jabotinsky St., Ramat Gan 5251102, Israel.
|
| (7) |
Consists of (i) 13,890 RSUs held by Mr. Yehuda that vest within 60
days of March 15, 2026, and (ii) 23,752 ordinary shares subject to options held by Mr. Yehuda that are exercisable within 60 days
of March 15, 2026. |
| (8) |
Consists of (i) 252,423.1 ordinary shares beneficially owned directly by Mr. Paz,
and (ii) 12,626 RSUs held by Mr. Paz that vest within 60 days of March 15, 2026. |
| (9) |
Consists of (i) 9,341 RSUs held by Mr. Goren that vest within 60
days of March 15, 2026, and (ii) 285,000 ordinary shares subject to options held by Mr. Goren that are exercisable within 60 days of March 15,
2026. |
| (10) |
Consists of (i) 6,512 RSUs held by Ms. Cohen Israeli that vest within 60 days of March
15, 2026, and (ii) 15,000 ordinary shares subject to options held by Ms. Cohen Israeli that are exercisable within 60 days of March 15,
2026. |
| (11) |
Consists of 6,401 RSUs held by Mr. Liposcak that vest within 60 days
of March 15, 2026. |
| (12) |
Consists of (i) 6,512 RSUs held by Ms. Haimovitz that vest within
60 days of March 15, 2026, and (ii) 52,500 ordinary shares subject to options held by Ms. Haimovitz that are exercisable within 60 days
of March 15, 2026. |
| (13) |
Consists of (i) 11,364 RSUs held by Mr. Carr that vest within 60
days of March 15, 2026, and (ii) 21,668 ordinary shares subject to options held by Mr. Carr that are exercisable within 60 days of March 15,
2026. |
| (14) |
Consists of (i) 19,392 RSUs held by Mr. Shor that vest within 60
days of March 15, 2026, and (ii) 34,342 ordinary shares subject to options held by Mr. Shor that are exercisable within 60 days of March
15, 2026. |
| (15) |
Consists of (i) 796,198.1 ordinary shares beneficially owned directly
by Mr. Yavetz, (ii) 43,511 RSUs held by Mr. Yavetz that vest within 60 days of March 15, 2026, and (iii) 352,207 ordinary shares subject
to options held by Mr. Yavetz that are exercisable within 60 days of March 15, 2026. |
| (16) |
Consists of (i) 7,116 RSUs held by Mr. Seroussi that vest within
60 days of March 15, 2026, and (ii) 142,000 ordinary shares subject to options held by Mr. Seroussi that are exercisable within 60 days
of March 15, 2026. |
| (17) |
Consists of 3,408 RSUs held by Ms. Benyamini that vest within 60
days of March 15, 2026. |
| (18) |
Consists of 3,408 RSUs held by Ms. Tzuk that vest within 60 days
of March 15, 2026. |
| (19) |
Consists of 3,408 RSUs held by Ms. Felder that vest within 60 days
of March 15, 2026. |
| (20) |
Consists of (i) 14,614 ordinary shares beneficially owned directly
by Dr. Weil and (ii) 3,408 RSUs held by Dr. Weil that vest within 60 days of March 15, 2026. Not included as beneficially owned by
Dr. Weil are 470,091 ordinary shares owned directly by Givon Investments Partnership (GAAS), which is controlled by the Weil family of
which Dr. Weil is a part. |
| (21) |
Consists of 3,408 RSUs held by Mr. Betzalel that vest within 60 days
of March 15, 2026. |
| (22) |
Consists of 3,408 RSUs held by Mr. Furman that vest within 60 days
of March 15, 2026. |
| B. |
Related Party Transactions |
| C. |
Interests of Experts and Counsel |
| A. |
Consolidated Statements and Other Financial Information |
| B. |
Significant Changes |
| A. |
Offer and Listing Details |
| B. |
Plan of Distribution |
| C. |
Markets |
| D. |
Selling Shareholders |
| E. |
Dilution |
| F. |
Expenses of the Issue |
| A. |
Share Capital |
| B. |
Memorandum and Articles of Association |
| C. |
Material Contracts |
| D. |
Exchange Controls |
| E. |
Taxation |
| • |
amortization of the cost of purchased patent, rights to use
a patent, and know-how, which are used for the development or advancement of the Industrial Enterprise, over an eight-year period, commencing
on the year in which such rights were first exercised; |
| • |
under limited conditions, an election to file consolidated
tax returns with related Israeli Industrial Companies; and |
| • |
expenses related to a public offering are deductible in equal amounts over three years
commencing on the year of the offering. |
| F. |
Dividends and Paying Agents |
| G. |
Statement by Experts |
| H. |
Documents on Display |
| I. |
Subsidiary Information |
| J. |
Annual Report to Security Holders |
|
Year Ended December 31, |
||||||||
|
2025 |
2024 |
|||||||
|
(in thousands) |
||||||||
|
Audit Fees |
$ |
892 |
$ |
861 |
||||
|
Tax Fees |
238 |
128 |
||||||
|
Total |
$ |
1,130 |
$ |
989 |
||||
| • |
the quorum requirement for shareholder meetings. As permitted under the Companies Law,
pursuant to our Articles of Association, the quorum required for an ordinary meeting of shareholders generally consists of at least one
shareholder present in person, by proxy or by other voting instrument in accordance with the Companies Law who holds or represents at
least 25% of the outstanding voting power of our ordinary shares (and if the meeting is adjourned for a lack of quorum, in the event that
a quorum as defined above is not present, the adjourned meeting will take place with any number of shareholders). This quorum standard
replaces the 33 1⁄3% of the issued share capital required under the corporate governance rules of Nasdaq; |
| • |
the Nasdaq Stock Market Rule 5635(c), which sets forth the circumstances under which
shareholder approval is required prior to an issuance of securities in connection with equity-based compensation of officers, directors,
employees or consultants. With respect to the circumstances described above, we expect to follow Israeli law which does not require approval
of our shareholders with respect to an issuance of securities in connection with equity-based compensation of officers, directors, employees
or consultants within the limit and subject to the terms of the delegation granted to our board of directors in the form (and within the
limits and conditions) of our registered share capital; and |
| • |
the Nasdaq Stock Market Rule 5605(e), which requires independent director oversight of
director nominations. With respect to this requirement, we intend to follow Israeli law which does not require such oversight. |
| • |
Adheres
to multiple regulatory frameworks, based on geography and vertical (including but not limited to NERC‑CIP, NIS2, NIST, and the Israeli
MOE Cyber Regulation); |
| • |
Maps
known or potential threats, from acts of terror to corporate espionage; and |
| • |
Augments
existing regulatory safeguards with an enhanced security layer, utilizing a detailed severity probability matrix to ensure optimal protection.
|
| • |
Strict
compliance with applicable regulatory standards across Israel, Europe, and the United States, in each case seeking to apply the highest
standard (including NERC, NIS2, NIST CSF 2.0, NERC‑CIP, CIRCIA, and Israeli Ministry of Energy and Israel National Cyber Directorate
regulations). |
| • |
Protection
of all IT and OT systems across our assets and internal organizational networks to ensure information security, operational control, data‑privacy
protection, and business continuity. |
| • |
Periodic
internal risk assessments and bi-annual external risk assessments by independent experts (covering both IT and OT), including regulatory
compliance, gap‑analysis reports, and internal audit reviews. |
| • |
Development
of cyber‑defense programs to help ensure detection of unauthorized access to our systems, continuous monitoring of system vulnerabilities
through proactive penetration testing, organizational readiness for cyber events, operational resiliency during incidents, and rapid recovery.
|
| • |
Implementation
of effective risk‑management procedures, including identification, monitoring, intrusion mapping, activation of an incident‑response
team, structured reporting to management and the board of directors, post‑incident investigation, and documenting and implementing
lessons learned to our overall strategy. |
|
Incorporation
by Reference | ||||||||||||
|
Exhibit
No. |
Description
|
Form
|
File
No. |
Exhibit
No. |
Filing
Date |
Filed
/ Furnished | ||||||
|
F-1
|
333-269311
|
3.2
|
1/20/2023
|
|||||||||
|
|
|
|
|
|
|
|||||||
| 2.1 |
20-F
|
001-41613
|
2.1 |
3/28/2025
|
||||||||
|
|
|
|
|
|
|
|||||||
|
F-1
|
333-269311
|
4.1
|
1/20/2023
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
F-1
|
333-269311
|
10.1
|
1/20/2023
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
20-F
|
001-41613
|
4.2
|
3/28/2025
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
20-F
|
001-41613
|
4.2
|
3/30/2023
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
F-1
|
333-269311
|
10.3
|
1/20/2023
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
20-F
|
001-41613
|
4.4
|
3/28/2024
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
F-1
|
333-269311
|
10.4
|
1/20/2023
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
20-F
|
001-41613
|
4.6
|
3/28/2024
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
6-K
|
001-41613
|
99.1
|
8/7/2025
|
|||||||||
|
Incorporation
by Reference | ||||||||||||
|
Exhibit
No. |
Description
|
Form
|
File
No. |
Exhibit
No. |
Filing
Date |
Filed
/ Furnished | ||||||
|
|
|
|
|
*
| ||||||||
|
|
|
|
|
|
|
|||||||
|
*
| ||||||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
*
| ||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
*
| ||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
**
| ||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
**
| ||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
*
| ||||||||
|
|
|
|
|
|
|
|||||||
|
20-F
|
001-41613
|
99.7
|
3/28/2024
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
101.INS
|
Inline
XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the
Inline XBRL document |
|
|
|
|
*
| ||||||
|
|
|
|
|
|
|
|||||||
|
101.SCH
|
Inline
XBRL Taxonomy Extension Schema Document |
|
|
|
|
*
| ||||||
|
|
|
|
|
|
|
|||||||
|
101.CAL
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
|
*
| ||||||
|
|
|
|
|
|
|
|||||||
|
101.DEF
|
Inline
XBRL Taxonomy Definition Linkbase Document |
|
|
|
|
*
| ||||||
|
101.LAB |
Inline
XBRL Taxonomy Extension Label Linkbase Document |
* | ||||||||||
|
101.PRE |
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
* | ||||||||||
|
104
|
Inline XBRL for the cover page of this Annual Report on Form 20-F, included in the Exhibit 101 Inline XBRL Document Set |
* |
|
*
|
Filed
herewith. | |
|
|
| |
|
**
|
Furnished
herewith. | |
|
|
| |
|
#
|
Unofficial
English translation from Hebrew original. | |
|
|
| |
|
†
|
Indicates
management contract or compensatory plan or arrangement. |
SIGNATURES
|
|
ENLIGHT
RENEWABLE ENERGY LTD. | ||
|
|
|
|
|
|
Date:
March 30, 2026 |
By:
|
/s/
Adi Leviatan |
|
|
|
Name:
|
Adi
Leviatan |
|
|
|
Title:
|
Chief
Executive Officer |
|
|
Financial
Statements as of December 31, 2025 |
|
Page
| |
|
Report
of Independent Registered Public Accounting Firm (PCAOB
ID No.
|
F-3
- F-5 |
|
Financial
Statements: |
|
|
F-6
- F-7 | |
|
F-8
- F-9 | |
|
F-10
- F-12 | |
|
F-14
- F-15 | |
|
F-16
- F-95 |

The Board of Directors and Shareholders
Enlight Renewable Energy Ltd.
Basis for Opinion
|
Consolidated
Statements of Financial Position as of December 31 |
|
2025
|
2024
|
||||||||||
|
Note
|
USD
in thousands |
USD
in thousands |
|||||||||
|
Assets
|
|||||||||||
|
Current
assets |
|||||||||||
|
Cash and cash equivalents
|
5
|
|
|
||||||||
|
Restricted cash
|
|
|
|||||||||
|
Trade receivables
|
|
|
|||||||||
|
Other receivables
|
6
|
|
|
||||||||
|
Other financial assets
|
27
|
|
|
||||||||
|
Assets of disposal groups
classified as held for sale |
7
|
|
|
||||||||
|
Total
current assets |
|
|
|||||||||
|
Non-current
assets |
|||||||||||
|
Restricted cash
|
|
|
|||||||||
|
Other long-term receivables
|
|
|
|||||||||
|
Deferred costs in respect
of projects |
|
|
|||||||||
|
Deferred borrowing costs
|
|
|
|||||||||
|
Loans to investee entities
|
|
|
|||||||||
|
Investments in equity
accounted investees |
|
|
|||||||||
|
Fixed assets, net
|
9
|
|
|
||||||||
|
Intangible assets, net
|
10
|
|
|
||||||||
|
Deferred taxes assets
|
15
|
|
|
||||||||
|
Right-of-use asset, net
|
26
|
|
|
||||||||
|
Financial assets at fair
value through profit or loss |
27
|
|
|
||||||||
|
Other financial assets
|
27
|
|
|
||||||||
|
Total
non-current assets |
|
|
|||||||||
|
Total
assets |
|
|
|||||||||
|
Consolidated
Statements of Financial Position as of December 31 (Cont.) |
|
2025
|
2024
|
||||||||||
|
Note
|
USD
in thousands |
USD
in thousands |
|||||||||
|
Liabilities
and equity |
|||||||||||
|
Current
liabilities |
|||||||||||
|
Credit and current maturities
of loans from banks and other financial institutions |
12
|
|
|
||||||||
|
Trade payables
|
|
|
|||||||||
|
Other payables
|
11
|
|
|
||||||||
|
Current maturities of
debentures |
13
|
|
|
||||||||
|
Current maturities of
lease liability |
26
|
|
|
||||||||
|
Other financial liabilities
|
27
|
|
|
||||||||
|
Liabilities of disposal
groups classified as held for sale |
7
|
|
|
||||||||
|
Total
current liabilities |
|
|
|||||||||
|
Non-current
liabilities |
|||||||||||
|
Debentures
|
13
|
|
|
||||||||
|
Convertible debentures
|
13
|
|
|
||||||||
|
Loans from banks and
other financial institutions |
12
|
|
|
||||||||
|
Loans from non-controlling
interests |
|
|
|||||||||
|
Financial liabilities
through profit or loss |
27
|
|
|
||||||||
|
Other financial liabilities
|
27
|
|
|
||||||||
|
Deferred taxes liabilities
|
15
|
|
|
||||||||
|
Deferred income related
to tax equity |
|
|
|||||||||
|
Employee benefits
|
|
|
|||||||||
|
Lease liability
|
26
|
|
|
||||||||
|
Asset retirement obligation
|
|
|
|||||||||
|
Total
non-current liabilities |
|
|
|||||||||
|
Total
liabilities |
|
|
|||||||||
|
Equity
|
|||||||||||
|
Ordinary share capital
|
16
|
|
|
||||||||
|
Share premium
|
16
|
|
|
||||||||
|
Capital reserves
|
|
|
|||||||||
|
Proceeds on account of
convertible options |
|
|
|||||||||
|
Accumulated profit
|
|
|
|||||||||
|
Equity attributable to
shareholders of the Company |
|
|
|||||||||
|
Non-controlling interests
|
|
|
|||||||||
|
Total
equity |
|
|
|||||||||
|
Total
liabilities and equity |
|
|
|||||||||
|
Gilad Yavetz |
Adi Leviatan |
Nir Yehuda | ||
| Chairman of the Board of Directors | CEO | CFO |
|
Consolidated
Statements of Income and Other Comprehensive Income |
|
2025
|
2024
|
2023
|
|||||||||||||
|
Note
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||
|
Revenues
|
19
|
|
|
|
|||||||||||
|
Tax
benefits |
20
|
|
|
|
|||||||||||
|
Total
revenues and income |
|
|
|
||||||||||||
|
Cost
of sales (*) |
21
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Depreciation
and amortization |
(
|
)
|
(
|
)
|
(
|
)
| |||||||||
|
General
and administrative expenses |
22
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Development
expenses |
23
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Total
operating expenses |
(
|
)
|
(
|
)
|
(
|
)
| |||||||||
|
Gains
from projects disposals |
30A(3)
|
|
|
|
|
||||||||||
|
Other
income, net |
24
|
|
|
|
|||||||||||
|
Operating
profit |
|
|
|
||||||||||||
|
Finance
income |
25A
|
|
|
|
|
||||||||||
|
Finance
expenses |
25B
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||
|
Total
finance expenses, net |
(
|
)
|
(
|
)
|
(
|
)
| |||||||||
|
Profit
before tax and equity loss |
|
|
|
||||||||||||
|
Share
of losses of equity accounted investees |
(
|
)
|
(
|
)
|
(
|
)
| |||||||||
|
Profit
before income taxes |
|
|
|
||||||||||||
|
Taxes
on income |
15B
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||
|
Profit
for the year |
|
|
|
||||||||||||
|
Other
comprehensive income (loss): |
|||||||||||||||
|
Amounts
which will be classified in the future under profit or loss, net of tax: |
|||||||||||||||
|
Foreign
currency translation differences for foreign operations |
(
|
)
|
(
|
)
|
|
||||||||||
|
Effective
portion of changes in fair value of cash flow hedges, net |
27
|
(
|
)
|
(
|
)
|
|
|||||||||
|
Other
comprehensive loss item that will not be transfer to profit or loss: |
|||||||||||||||
|
Presentation
currency translation adjustment |
|
(
|
)
|
(
|
)
| ||||||||||
|
Total
other comprehensive income (loss) for the year |
|
(
|
)
|
|
|||||||||||
|
Total
comprehensive profit for the year |
|
|
|
||||||||||||
|
Consolidated
Statements of Income and Other Comprehensive Income (Cont.) |
|
2025
|
2024
|
2023
|
|||||||||||||
|
Note
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||
|
Profit
for the year attributed to: |
|||||||||||||||
|
Owners
of the Company |
|
|
|
||||||||||||
|
Non-controlling
interests |
|
|
|
||||||||||||
|
|
|
|
|||||||||||||
|
Other
Comprehensive income (loss) for the year attributed to: |
|||||||||||||||
|
Owners
of the Company |
|
(
|
)
|
|
|||||||||||
|
Non-controlling
interests |
|
|
|
||||||||||||
|
|
|
|
|||||||||||||
|
Earnings
per ordinary share (in USD) with a par value of NIS |
17
|
||||||||||||||
|
Basic
earnings per share |
|
|
|
||||||||||||
|
Diluted
earnings per share |
|
|
|
||||||||||||
|
Weighted
average of share capital used in the calculation of earnings: |
|||||||||||||||
|
Basic
per share |
|
|
|
||||||||||||
|
Diluted
per share |
|
|
|
||||||||||||
|
Consolidated
Statements of Changes in Equity |
|
For
the year ended December 31, 2025 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Owners
of the parent company |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capital
reserves |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share
capital |
Share
premium |
Proceeds
on account of convertible
options
|
Controlling
shareholders (1) |
Transactions
with non-controlling interests (1) |
Transactions
Share-based payment (1) |
Hedge
Reserve (1) |
Translation
reserve from foreign operation (1) |
Translation
reserve from currency Presentation (1) |
Accumulated
profit (loss) |
Total
attributable to the owners of the company |
Non-controlling
interests |
Total
|
||||||||||||||||||||||||||||||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||||||||||||||||||||||||||||||
|
Balance
as of January 1, 2025 |
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Profit for
the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Other
comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair value changes of
financial instruments used for cash flow hedging, net of tax |
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||
|
Exchange differences
due to translation of foreign operations |
|
|
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||
|
Other
comprehensive income item that will not be transfer to profit or loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presentation currency
translation adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Total
other comprehensive loss for the year |
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Total
comprehensive income (loss) for the year |
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Issuance of shares, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Issuance of convertible
debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Exercise of options into
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Conversion of debentures
into shares |
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Increase in ownership
rate interest within control |
|
|
|
|
(
|
)
|
|
|
|
|
|
(
|
)
|
|
(
|
)
| ||||||||||||||||||||||||||||||||||||
|
Sale of consolidated
subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||||
|
Dividends and distributions
by subsidiaries to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||||
|
Investment in consolidated
entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||||||||
|
Balance
as of December 31, 2025 |
|
|
|
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| (1) |
The Capital reserves as of December 31, 2025 total
to USD
|
|
Consolidated
Statements of Changes in Equity (Cont.) |
|
For
the year ended December 31, 2024 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Owners
of the parent company |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capital
reserves |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share
capital |
Share
premium |
Proceeds
on account of convertible
options
|
Controlling
shareholders (1) |
Transactions
with non-controlling interests (1) |
Transactions
Share-based payment (1) |
Hedge
Reserve (1) |
Translation
reserve from foreign operation (1) |
Translation
reserve from currency Presentation (1) |
Accumulated
profit (loss) |
Total
attributable to the owners of the company |
Non-controlling
interests |
Total
|
||||||||||||||||||||||||||||||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||||||||||||||||||||||||||||||
|
Balance
as of January 1, 2024 |
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Profit for
the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Other
comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair value changes of
financial instruments used for cash flow hedging, net of tax |
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
(
|
)
|
(
|
||||||||||||||||||||||||||||||||||||
|
Exchange differences
due to translation of foreign operations |
|
|
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
(
|
||||||||||||||||||||||||||||||||||||
|
Other
comprehensive income item that will not be transfer to profit or loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presentation currency
translation adjustment |
|
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||
|
Total
other comprehensive loss for the year |
|
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
||||||||||||||||||||||||||||||||||
|
Total
comprehensive income (loss) for the year |
|
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
|||||||||||||||||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Exercise of options into
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Increase in ownership
rate interest within control |
|
|
|
|
(
|
)
|
|
|
|
|
|
(
|
)
|
|
(
|
)
| ||||||||||||||||||||||||||||||||||||
|
Exercise of loans into
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Sale of consolidated
subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends and distributions
by subsidiaries to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||||
|
Investment in consolidated
entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||||||||
|
Balance
as of December 31, 2024 |
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| (1) |
The Capital reserves as of December 31, 2024 total
to USD
|
|
Consolidated
Statements of Changes in Equity (Cont.) |
|
For
the year ended December 31, 2023 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Owners
of the parent company |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capital
reserves |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share
capital |
Share
premium |
Proceeds
on account of convertible options |
Controlling
shareholders (1) |
Transactions
with non-controlling interests (1) |
Transactions
Share-based payment (1) |
Hedge
Reserve (1) |
Translation
reserve from foreign operation (1) |
Translation
reserve from currency Presentation (1) |
Accumulated
loss |
Total
attributable to the owners of the company |
Non-controlling
interests |
Total
|
||||||||||||||||||||||||||||||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||||||||||||||||||||||||||||||
|
Balance
as of January 1, 2023 |
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
||||||||||||||||||||||||||||||||||||
|
Profit for
the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Other
comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fair value changes of
financial instruments used for cash flow hedging, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Exchange differences
due to translation of foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Other
comprehensive income item that will not be transfer to profit or loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presentation currency
translation adjustment |
|
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||
|
Total
other comprehensive income (loss) for the year |
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Total
comprehensive income (loss) for the year |
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Issuance of shares, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Exercise of options and
conversion of debentures into shares |
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Increase in ownership
rate interest within control |
|
|
|
|
(
|
)
|
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||
|
Sale of consolidated
subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends and distributions
by subsidiaries to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
| |||||||||||||||||||||||||||||||||||||
|
Investment in consolidated
entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||||||
|
Balance
as of December 31, 2023 |
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| (1) |
The Capital reserves as of December 31, 2023 total
to USD
|
|
Consolidated
Statements of Cash Flows |
|
2025
|
2024
|
2023
|
||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||
|
Cash
flows from operating activities |
||||||||||||
|
Profit
for the year |
|
|
|
|||||||||
|
Income
and expenses not associated with cash flows: |
||||||||||||
|
Depreciation
and amortization |
|
|
|
|||||||||
|
Finance
expenses, net |
|
|
|
|||||||||
|
Share-based
compensation |
|
|
|
|||||||||
|
Taxes
on income |
|
|
|
|||||||||
|
Tax
benefits |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Other
income, net |
|
(
|
)
|
(
|
)
| |||||||
|
Company’s
share in losses of investee partnerships |
|
|
|
|||||||||
|
Gains
from projects disposals |
(
|
)
|
(
|
)
|
|
|||||||
|
|
|
|
||||||||||
|
Changes
in assets and liabilities items: |
||||||||||||
|
Change
in other receivables |
(
|
)
|
|
(
|
)
| |||||||
|
Change
in trade receivables |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Change
in other payables |
|
|
|
|||||||||
|
Change
in trade payables |
|
|
|
|||||||||
|
(
|
)
|
|
|
|||||||||
|
Income
Tax paid |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Repayment
of contract assets |
|
|
|
|||||||||
|
Net
cash flows from operating activities |
|
|
|
|||||||||
|
Cash
flows from investing activities |
||||||||||||
|
Sale (acquisition) of consolidated companies, net (Annex A) |
|
|
(
|
)
| ||||||||
|
Changes
in restricted cash and bank deposits, net |
(
|
)
|
|
(
|
)
| |||||||
|
Purchase,
development and construction in respect of projects |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Payments
on account of acquisition of consolidated Company |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Interest
receipts (*) |
|
|
|
|||||||||
|
Loans
provided and investment in investees |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Repayment
of loans to investees |
|
|
|
|||||||||
|
Loans
provided to non-controlling interests |
(
|
)
|
|
|
||||||||
|
Purchase
of financial assets measured at fair value through profit or loss, net |
(
|
)
|
(
|
)
|
|
|||||||
|
Net
cash used in investing activities |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Consolidated
Statements of Cash Flows (Cont.) |
|
2025
|
2024
|
2023
|
||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||
|
Cash
flows from financing activities |
||||||||||||
|
Receipt
of loans from banks and other financial institutions |
|
|
|
|||||||||
|
Repayment
of loans from banks and other financial institutions |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Interest
paid (*) |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Issuance
of debentures |
|
|
|
|||||||||
|
Issuance
of convertible debentures |
|
|
|
|||||||||
|
Repayment
of debentures |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Dividends
and distributions by subsidiaries to non-controlling interest |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Proceeds
from investments by tax-equity investors |
|
|
|
|||||||||
|
Repayment
of tax equity investment |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Deferred
borrowing costs |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Receipt
of loans from non-controlling interests |
|
|
|
|||||||||
|
Repayment
of loans from non-controlling interests |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Increase
in holding rights of consolidated entity. |
(
|
)
|
(
|
)
|
|
|||||||
|
Issuance
of shares |
|
|
|
|||||||||
|
Exercise
of share options |
|
|
|
|||||||||
|
Repayment
of lease liability |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Proceeds
from investment in entities by non-controlling interest |
|
|
|
|||||||||
|
Net
cash from financing activities |
|
|
|
|||||||||
|
Increase
(decrease) in cash and cash equivalents |
|
(
|
)
|
|
||||||||
|
Balance
of cash and cash equivalents at beginning of year |
|
|
|
|||||||||
|
Changes
in cash of disposal groups classified as held for sale |
|
(
|
)
|
|
||||||||
|
Effect
of exchange rate fluctuations on cash and cash equivalents |
|
(
|
)
|
|
||||||||
|
Cash
and cash equivalents at end of year |
|
|
|
|||||||||
|
Consolidated
Statements of Cash Flows (Cont.) |
|
2025
|
2024
|
2023
|
||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||
|
Annex
A – Acquisition (sale) of Consolidated Companies, net |
||||||||||||
|
Working
capital (except for cash and cash equivalents) |
|
(
|
)
|
|
||||||||
|
Restricted
cash |
|
|
(
|
)
| ||||||||
|
Fixed
assets |
|
|
(
|
)
| ||||||||
|
Intangible
assets |
|
|
|
|||||||||
|
Deferred
costs in respect of projects |
|
|
|
|||||||||
|
Deferred
taxes |
|
(
|
)
|
(
|
)
| |||||||
|
Investment
in investee |
|
|
(
|
)
| ||||||||
|
Assets
of disposal groups classified as held for sale |
(
|
)
|
|
|
||||||||
|
Liabilities
of disposal groups classified as held for sale |
|
|
|
|||||||||
|
Right-of-use
asset and lease liability, net |
|
|
|
|||||||||
|
Loans
from banks and other financial institutions |
-
|
|
|
|||||||||
|
Loan
to investee |
|
(
|
)
|
(
|
)
| |||||||
|
Loan
from non-controlling interests |
|
(
|
)
|
|
||||||||
|
Non-controlling
interests |
|
(
|
)
|
(
|
)
| |||||||
|
Gain
on loss of control in subsidiary |
(
|
)
|
|
|
||||||||
|
Total
consideration which was received (paid), after deducting cash in consolidated companies |
(
|
)
|
(
|
)
|
|
|||||||
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Enlight Renewable Energy Ltd. (hereinafter: “the
Company”) is a public company located in Israel, whose shares are listed on NASDAQ and Tel Aviv Stock Exchange (hereinafter: “TASE”).
The Company’s address is 13 Amal St., Park Afek, Rosh Ha’ayin, Israel. As of the reporting date, the Company is engaged in
the renewable energy industry. Since May 2018, the Company has no controlling shareholder and/or a control core. |
| B. |
The Company is engaged in the initiation, planning,
development, construction and operation of projects for the production of electricity from renewable energy sources in Israel, Europe
and the United States. In its activities, the Company is engaged, inter alia, in architectural and engineering planning of the aforementioned
projects for the production of electricity, in purchasing the components which are required for the construction of those projects, in
building the projects, in securing the regulatory permits and licenses which are required for the construction of each project, in the
production and sale of electricity to the electric corporation, and in the operation of those facilities, once completed.
|
| C. |
Definitions
|
|
The
Group |
-
|
The
Company and its consolidated entities (as defined below). | |
|
Consolidated
Entities |
-
|
Companies
or partnerships which are directly or indirectly under the Company’s control (as defined in IFRS 10), and whose financial reports
are wholly consolidated with the Company’s reports. The material active consolidated entities are as specified in Note 8.
| |
|
Related
Party |
-
|
As
defined in IAS 24 (2009), “Related Party Disclosures”. |
| D. |
Statement of Compliance
with International Financial Reporting Standards (IFRS) |
| E. |
Classifications
|
| F. |
Operating cycle period
|
| G. |
Exchange rates and linkage
base |
| (1) |
Balances denominated in or linked to foreign currency
are included in the financial statements according to the representative exchange rates which were published by Bank of Israel, and which
applied as of the end of the reporting period. |
F - 16
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| G. |
Exchange rates and linkage
base (Cont.) |
| (2) |
Balances linked to the Israeli Consumer Price
Index (hereinafter: the “CPI”) are presented according to the last known index on the balance sheet data (hereinafter: the
“Known Index”). |
| (3) |
Presented
below are data regarding the EUR, HUF and NIS exchange rates, and regarding the CPI: |
|
Representative
exchange rate |
CPI(*)
|
|||||||||||||||
|
EUR
|
NIS
|
HUF
|
Known
index |
|||||||||||||
|
(USD
to 1) |
In
points |
|||||||||||||||
|
Date
of the financial statements: |
||||||||||||||||
|
As of December 31, 2025
|
|
|
|
|
||||||||||||
|
As of December 31, 2024
|
|
|
|
|
||||||||||||
|
%
|
%
|
%
|
%
|
|||||||||||||
|
Rates
of change: |
||||||||||||||||
|
For the year ended:
|
||||||||||||||||
|
As of December 31, 2025
|
|
|
|
|
||||||||||||
|
As of December 31, 2024
|
|
|
(
|
)
|
|
|||||||||||
| (*) |
Base: 2012 average = 100. |
| A. |
Foreign currency
|
| (1) |
Functional currency and
presentation currency |
| (2) |
Translation of transactions
in currencies other than the functional currency: |
F - 17
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Foreign currency (Cont.)
|
| (3) |
Method for recording
exchange differences |
| (4) |
Translation of financial
statements of investees whose functional currency is different from the Company’s functional currency |
| (5) |
Hedge of net investment
in foreign operation |
| B. |
Basis of consolidation
|
| (1) |
Business combinations
|
F - 18
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Basis of consolidation
(Cont.) |
| (1) |
Business combinations
(Cont.) |
| (2) |
Goodwill
|
| (3) |
Issuance of put option
to non-controlling interests |
F - 19
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Basis of consolidation
(Cont.) |
| (4) |
Acquisition of property
company |
| C. |
Classification
of taxes and dividends payments, dividends receipts and Change in the accounting policy for Interest paid and received in the statement
of cash flows |
|
For
the year ended |
||||||||||||
|
December
31, 2024 |
||||||||||||
|
As
reported |
Adjustments
|
As
adjusted |
||||||||||
|
Net cash from operating
activities |
|
|
|
|||||||||
|
Net cash used in investing
activities |
(
|
)
|
|
(
|
)
| |||||||
|
Net
cash from financing activities |
|
(
|
)
|
|
||||||||
|
Decrease
in cash and cash equivalents |
(
|
)
|
|
(
|
)
| |||||||
F - 20
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Classification of taxes
and dividends payments, dividends receipts and Change in the accounting policy for Interest paid and received in the statement of cash
flows (Cont.) |
|
For
the year ended |
||||||||||||
|
December
31, 2023 |
||||||||||||
|
As
reported |
Adjustments
|
As
adjusted |
||||||||||
|
Net cash from operating
activities |
|
|
|
|||||||||
|
Net cash used in investing
activities |
(
|
)
|
|
(
|
)
| |||||||
|
Net
cash from financing activities |
|
(
|
)
|
|
||||||||
|
Decrease
in cash and cash equivalents |
|
|
|
|||||||||
| D. |
Fixed assets
|
| (1) |
General
|
| (2) |
Subsequent costs
|
F - 21
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| D. |
Fixed assets (Cont.)
|
| (3) |
Depreciation of fixed
assets |
|
Useful
lifetime |
Depreciation
rates |
Depreciation
method | ||||
|
Wind farms
|
|
|
%
|
| ||
|
Photovoltaic systems
|
|
|
%
|
| ||
|
Battery
Energy Storage systems (BESS) |
|
|
%
|
| ||
|
Others
|
|
|
%
|
| ||
| (4) |
Borrowing costs
|
| (A) |
Borrowing costs which are directly attributable
to the purchase or construction of facilities for the production of electricity, where preparing them for their intended use requires
a significant period of time, are capitalized to the cost of those assets until the date when those assets are ready for their intended
use. |
| (B) |
The Company determines the amount of borrowing
costs which are not directly attributable, and which are capitalizable, by attributing a capitalization rate for expenses in respect of
qualifying assets. This capitalization rate is the weighted average of borrowing costs which are appropriate for the Company’s credit
during that period, which is not directly attributable to the project. The Company capitalizes borrowing costs which are not directly
attributable, in an amount which does not exceed the total sum of borrowing costs which arose for it during that period. Exchange differences
in respect of loans denominated in a currency other than the functional currency are capitalized to the cost of those assets, to the extent
where they are considered an adjustment of interest costs. All other borrowing costs are recognized in the statement of income on the
date of their creation. |
| (5) |
Liability in respect
of the costs of dismantling and removal of the facility and restoring the site where the facility is located |
F - 22
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| E. |
Deferred costs in respect
of projects |
| F. |
Service concession arrangements
|
| • |
The value of the construction services is determined
according to the construction costs, plus the standard construction margin, according to the Company’s estimate.
|
| • |
The value of the operating services is determined
according to the operating costs, plus the standard margin, according to the Company’s estimate. |
F - 23
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| F. |
Service concession arrangements
(Cont.) |
| G. |
Intangible assets
|
| H. |
Impairment of non-financial
assets |
F - 24
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| I. |
Financial assets
|
| (1) |
General
|
| (2) |
Financial assets measured
at fair value |
| (3) |
Financial assets measured
at amortized cost |
| • |
The Group’s business model is to hold the
assets with the aim of collecting contractual cash flows, and |
| • |
The contractual terms of the asset establish precise
dates when the contractual cash flows will be received which constitute principal and interest payments only. |
| (4) |
Impairment of financial
assets |
F - 25
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| J. |
Financial liabilities
and equity instruments which were issued by the Group |
| (1) |
Classification as a financial
liability or as an equity instrument |
| (2) |
Financial liabilities
|
| • |
Financial liabilities at fair value through profit
or loss (derivatives not designated in hedge accounting relationship). |
| • |
Financial liabilities at amortized cost.
|
| (3) |
Debentures convertible
into Company shares |
| (4) |
Capital notes
|
F - 26
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| J. |
Financial liabilities
and equity instruments which were issued by the Group (Cont.) |
| (5) |
Deferred borrowing costs
|
| K. |
Derivative financial
instruments and hedge accounting |
| L. |
Tax equity partnership
|
F - 27
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| M. |
Revenue recognition
|
| (1) |
Revenues from the sale
of electricity |
| (2) |
Revenues from operation
of facilities (service concession arrangements) |
| (3) |
Revenues from construction
services |
| (4) |
Revenues from management
or development fees |
F - 28
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| N. |
Share-based payment transactions
|
| O. |
Income taxes
|
| (1) |
General
|
| (2) |
Current taxes
|
| (3) |
Deferred taxes
|
F - 29
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| O. |
Income taxes (Cont.)
|
| (3) |
Deferred taxes (Cont.)
|
| (4) |
Uncertain tax positions
|
| P. |
Employee benefits
|
| Q. |
Disposal group held for
sale |
F - 30
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| a) |
New standards, amendments
to standards and interpretations not yet been adopted |
|
Standard
/ interpretation / amendment |
|
Publication
requirements |
|
Application
and transitional provisions |
|
Expected
impact |
|
Amendments
to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, Amendments to the Classification and Measurement of
Financial Instruments |
|
The
amendments address the following matters:
•
Clarifications are added as to the date of recognition and derecognition of financial instruments, and an exception is added with respect
to the timing of derecognizing financial liabilities settled by electronic transfers of cash;
•
Classification of financial assets –
o
Updated application guidance for assessing whether contractual cash flows of a financial asset are solely payments of principal and interest
(SPPI) when the contractual terms of the asset include contingent features (such as linkage to ESG measures) and examples on the matter.
o
Clarification as to when financial instruments are contractually linked and when they are non-recourse, for the purpose of determining
whether they are solely payments of principal and interest (SPPI).
•
Updated disclosure requirements for financial instruments having contingent features that are not directly related to changes in the basic
risks/cost of the instrument; and
•
Updated disclosure requirements for investments in equity instruments measured at fair value through other comprehensive income (FVOCI).
|
|
The
amendments are effective for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. An entity
may choose to early apply all the amendments or only the amendments regarding the classification of financial assets (including the amendment
to IFRS 7 that includes the related disclosure requirements).
The
amendment to IFRS 9 is to be applied retrospectively and there is no requirement to restate comparative data. In the application of the
amendment to IFRS 7 an entity is not required to provide disclosures with respect to periods before the initial date of application of
the amendments. |
|
The
Group is examining the effects of the amendments on the financial statements with no plans for early adoption. |
|
(2) IFRS
18, Presentation and Disclosure in Financial Statements |
This
standard replaces IAS 1, Presentation of Financial Statements. The standard provides guidance for
improving the structure and content of the financial statements, particularly the income statement.
The
standard includes new disclosure and presentation requirements as well as requirements that were taken from IAS 1, Presentation
of Financial Statements.
As
part of the new disclosure requirements, it is required to present two subtotals in the income statement: operating profit and profit
before financing and taxes.
Furthermore,
the results in the income statement will be classified into three new categories: an operating category, an investing category and a financing
category.
In
addition to the changes in the structure of the income statements, the standard also includes a requirement to provide separate disclosure
in the financial statements regarding the use of management-defined performance measures (MPM).
Furthermore,
the standard adds specific guidance for aggregation and disaggregation of items in the financial statements and in the notes.
|
The
standard’s initial date of application is for annual reporting periods beginning on or after January 1, 2027 with earlier application
being permitted. |
The
Group is examining the effects of the standard on its financial statements with no plans for early adoption. |
F - 31
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
General
|
| B. |
Use of estimates
and judgment |
|
Estimate |
|
Main assumptions |
|
Possible implications
|
|
Reference |
|
Recognition of project costs as assets
|
|
For the purpose of determining
whether project costs can be classified as an asset, Group management conducts an assessment in which it evaluates whether the series
of statutory permits, land ties, possibility for electricity connection, etc., in the project, lead to the conclusion that the project
will produce economic benefits for the Company (in other words, whether the project is expected to reach completion of construction and
commercial operation). When regulatory approvals are not expected to be obtained, the Company amortizes the development costs to the statement
of income. |
|
Amortization of development costs to the statement
of income. |
|
See Note 2E regarding deferred project costs.
|
F - 32
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
|
December 31
|
December 31
|
||||||
|
|
2025
|
2024
|
||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
Cash
in banks |
|
|
||||||
|
Short term deposits
|
|
|
||||||
|
|
||||||||
|
|
|
|
||||||
|
|
December 31
|
December 31
|
||||||
|
|
2025
|
2024
|
||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
|
||||||||
|
Government institutions
|
|
|
||||||
|
Other receivables
|
|
|
||||||
|
Prepaid expenses
|
|
|
||||||
|
|
||||||||
|
|
|
|
||||||
|
|
December
31 |
December
31 |
||||||
|
|
2025
|
2024
|
||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
|
||||||||
|
Cash and cash equivalents
|
|
|
||||||
|
Trade receivables
|
|
|
||||||
|
Other receivables
|
|
|
||||||
|
Restricted cash
|
|
|
||||||
|
Fixed assets, net
|
|
|
||||||
|
Right-of-use asset,
net |
|
|
||||||
|
|
||||||||
|
|
|
|
||||||
F - 33
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
|
December
31 |
December
31 |
||||||
|
|
2025
|
2024
|
||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
|
||||||||
|
Trade
payables |
|
|
||||||
|
Other
payables |
|
|
||||||
|
Loans
from banks and other financial institutions |
|
|
||||||
|
Loans
from non-controlling interests |
|
|
||||||
|
Lease
liability |
|
|
||||||
|
Excess
of liabilities over assets in investees |
|
|
||||||
|
|
||||||||
|
|
|
|
||||||
| A. |
Consolidated entities:
|
| 1) |
Business combinations
|
| 1. |
The Company, through a wholly controlled American
subsidiary, acquired the seller’s holdings, while the two founders will maintain a minority stake of
|
| 2. |
The consideration for the transaction is comprised
of upfront payments and future performance-dependent payments that will be determined in accordance with a gradual, performance-based
(“Earn Out”) payment mechanism, which will gradually decrease according to the projects’ respective years of commercial
operation, until 2025. |
| 3. |
5 years after the closing
of the transaction, the founders will be given the opportunity to exercise a put option in respect of their holdings in Clēnera,
in accordance with an agreed-upon mechanism. |
F - 34
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Consolidated entities: (Cont.):
|
| 2) |
Details of material consolidated
entities which are held by the Company: |
|
Entity
name |
Country
of
incorporation
|
Effective
stake in equity interests consolidated entity |
||||||||
|
|
|
As
of December 31 |
||||||||
|
|
|
2025
|
2024
|
|||||||
|
|
|
%
|
%
|
|||||||
|
Eshkol Havatzelet - Halutziot
- Enlight L.P. (hereinafter: “Halutziot”) |
Israel
|
|
|
|||||||
|
Mivtachim Green Energies
Ltd. (hereinafter: “Mivtachim”) |
Israel
|
|
|
|||||||
|
Talmei Bilu Green Energies
Ltd. (hereinafter: “Talmei Bilu”) |
Israel
|
|
|
|||||||
|
Emek HaBacha Wind Energy
Ltd. (hereinafter: “Emek HaBacha”) |
Israel
|
|
|
|||||||
|
Ruach Beresheet L.P.
(hereinafter: “Ruach Beresheet”) |
Israel
|
|
|
|||||||
|
Enlight Sde Nitzan L.P.,
Enlight Ein Habesor L.P., Enlight Maccabi L.P., Enlight Maccabi 2 L.P., Enlight Revivim Ein Gedi L.P., Orsan Energy 3 L.P., A.N. Faran
Solar L.P., Enlight Reim Renewable Energy L.P., A.N Mahanim L.P., Enlight Lavi L.P. (altogether hereinafter: "PV+Storage ")
|
Israel
|
|
|
|||||||
|
Enlight Baron Floating
Energy L.P. |
Israel
|
|
|
|||||||
|
Enlight Enterprise L.P.
|
Israel
|
|
|
|||||||
|
Enlight Finance L.P.
|
Israel
|
|
|
|||||||
|
Vjetroelektrana Lukovac
d.o.o (Co-Op subsidiary, hereinafter: “Lukovac”) |
Croatia
|
|
|
|||||||
|
EW-K-Wind d.o.o (Co-Op subsidiary,
hereinafter: “EWK”) |
Serbia
|
|
|
|||||||
|
SOWI Kosovo LLC (hereinafter:
“SOWI”) |
Kosovo
|
|
|
|||||||
|
Vindpark Malarberget
I Norberg AB (hereinafter: “Picasso”) |
Sweden
|
|
|
|||||||
|
Generacion Eolica Castilla
La Mancha Sl (hereinafter: “Gecama”) |
Spain
|
|
|
|||||||
|
Björnberget Vindkraft
AB (R) (hereinafter: “Bjornberget”) |
Sweden
|
|
|
|||||||
|
Enlight K2-Wind doo Belgrade-Novi
Belgrade (hereinafter: "Pupin") |
Serbia
|
|
|
|||||||
|
Clēnera LLC an American
holding company that fully owns PV and storage projects entities in the US |
USA
|
|
|
|||||||
F - 35
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Subsidiaries entities
in which the non-controlling interests are material: |
|
|
As
of December 31, 2024 |
For
the year ended December 31, 2024 |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Partnership
/ investee |
Rate
of ownership rights held by non-controlling interests % |
Balance
of non-controlling interests |
Current
assets |
Non-current
assets |
Current
liabilities |
Non-current
liabilities |
Revenues
|
Profit
|
Profit
attributed to non-controlling interests |
Cash
flows from operating activities |
Cash
flows from investing activities |
Cash
flows from financing activities |
Total
change in cash and cash equivalents |
|||||||||||||||||||||||||||||||||||||||
|
|
USD
in thousands |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Co-Op (holding Lukovac
and EWK) |
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
The Iberian Wind (holding
Gecama) |
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||||||
F - 36
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. | Subsidiary entities in which the non-controlling interests are material: (Cont.) |
|
|
As
of December 31, 2023 |
For
the year ended December 31, 2023 |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Partnership
/ investee |
Rate
of ownership rights held by non-controlling interests % |
Balance
of non-controlling interests |
Current
assets |
Non-current
assets |
Current
liabilities |
Non-current
liabilities |
Revenues
|
Profit
|
Profit
attributed to non-controlling interests |
Cash
flows from operating activities |
Cash
flows from investing activities |
Cash
flows from financing activities |
Total
change in cash and cash equivalents |
|||||||||||||||||||||||||||||||||||||||
|
|
USD
in thousands |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Co-Op (holding Lukovac
and EWK) |
|
|
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||||||||||||||||||||
F - 37
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
2025
|
||||||||||||||||
|
PV
+ Storage |
Wind
farms |
Others
|
Total
|
|||||||||||||
|
USD
in thousands |
||||||||||||||||
|
Cost:
|
||||||||||||||||
|
As
of January 1, 2025 |
|
|
|
|
||||||||||||
|
Additions
|
|
|
|
|
||||||||||||
|
Translation
differences |
|
|
|
|
||||||||||||
|
Cost
as of December 31, 2025 |
|
|
|
|
||||||||||||
|
Accumulated
depreciation: |
||||||||||||||||
|
As
of January 1, 2025 |
|
|
|
|
||||||||||||
|
Depreciation
expenses |
|
|
|
|
||||||||||||
|
Translation
differences |
|
|
|
|
||||||||||||
|
Accumulated
depreciation as of December 31, 2025 |
|
|
|
|
||||||||||||
|
Carrying
value as of December 31, 2025 |
|
|
|
|
||||||||||||
|
2024
|
||||||||||||||||
|
PV
+ Storage |
Wind
farms |
Others
|
Total
|
|||||||||||||
|
USD
in thousands |
||||||||||||||||
|
Cost:
|
||||||||||||||||
|
As
of January 1, 2024 |
|
|
|
|
||||||||||||
|
Additions
|
|
|
|
|
||||||||||||
|
Initial
consolidation |
|
|
|
|
||||||||||||
|
Reclassification
from contract assets according to IFRIC 12 (*) |
|
|
|
|
||||||||||||
|
Classification
to disposal group held for sale (**) |
(
|
)
|
|
|
(
|
)
| ||||||||||
|
Translation
differences |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Cost
as of December 31, 2024 |
|
|
|
|
||||||||||||
|
Accumulated
depreciation: |
||||||||||||||||
|
As
of January 1, 2024 |
|
|
|
|
||||||||||||
|
Depreciation
expenses |
|
|
|
|
||||||||||||
|
Classification
to disposal group held for sale (**) |
(
|
)
|
|
|
(
|
)
| ||||||||||
|
Translation
differences |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Accumulated
depreciation as of December 31, 2024 |
|
|
|
|
||||||||||||
|
Carrying
value as of December 31, 2024 |
|
|
|
|
||||||||||||
| (*) |
At the beginning of 2024, the Company reclassified
cluster of PV projects in Israel from contract assets to fixed assets due to significant changes to terms of the concession agreement.
|
| (**) |
At the end of 2024, the Company reclassified a
cluster of PV + Storage projects in Israel to disposal group held for sale according to the Company’s intention of selling the projects,
for additional information please see Note 7. |
F - 38
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Composition and changes
|
|
Electricity
supply agreements and concession agreements |
Goodwill
|
Total
|
||||||||||
|
USD
in thousands |
||||||||||||
|
Cost
|
||||||||||||
|
Balance as of January
1, 2024 |
|
|
|
|||||||||
|
Initial consolidation
|
|
|
|
|||||||||
|
Additions
|
|
-
|
|
|||||||||
|
Translation differences
|
(
|
)
|
|
(
|
)
| |||||||
|
Balance
as of December 31, 2024 |
|
|
|
|||||||||
|
Initial consolidation
|
|
|
|
|||||||||
|
Disposals
|
(
|
)
|
|
(
|
)
| |||||||
|
Translation differences
|
|
|
|
|||||||||
|
Balance
as of December 31, 2025 |
|
|
|
|||||||||
|
Amortization:
|
||||||||||||
|
Balance as of January
1, 2024 |
|
|
|
|||||||||
|
Amortization
|
|
|
|
|||||||||
|
Translation differences
|
(
|
)
|
|
(
|
)
| |||||||
|
Balance
as of December 31, 2024 |
|
|
|
|||||||||
|
Amortization
|
|
|
|
|||||||||
|
Translation differences
|
|
|
|
|||||||||
|
Balance
as of December 31, 2025 |
|
|
|
|||||||||
|
Depreciated
cost as of December 31, 2024 |
|
|
|
|||||||||
|
Depreciated
cost as of December 31, 2025 |
|
|
|
|||||||||
F - 39
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Impairment
testing for cash-generating unit containing goodwill |
|
As
of December 31 |
||||||||
|
2025
|
2024
|
|||||||
|
USD
thousands |
USD
thousands |
|||||||
|
Goodwill
|
|
|
||||||
| (1) |
Discount rate
|
| (2) |
Sponsor Cash Flows
|
|
December 31
2025
|
December 31
2024
|
|||||||
|
USD
in thousands |
USD
in thousands |
|||||||
|
Accrued expenses
|
|
|
||||||
|
Provision for construction
completion cost |
|
|
||||||
|
Liabilities to employees
and other liabilities for salaries |
|
|
||||||
|
Government institutions
|
|
|
||||||
|
Payables in respect of
purchase transaction |
|
|
||||||
|
Interest payable in respect
of debentures |
|
|
||||||
|
Interest payable in respect
of loans |
|
|
||||||
|
Others
|
|
|
||||||
|
|
|
|||||||
F - 40
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
Current
liabilities |
Non-current
liabilities |
Total
|
||||||||||||||||||||||
|
As
of December 31 |
As
of December 31 |
As
of December 31 |
||||||||||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||||||||||||
|
Credit
from banks (1) |
|
|
|
|
|
|
||||||||||||||||||
|
Loans
from banks and other financial institutions for project financing (2) |
|
|
|
|
|
|
||||||||||||||||||
|
Loans
from banks for corporate financing |
|
|
|
|
|
|
||||||||||||||||||
|
Total
credit |
|
|
|
|
|
|
||||||||||||||||||
| (1) |
The
Credit from banks as of December 31, 2025, are part of short-term credit facilities totaling USD |
F - 41
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (2) |
Loans
from banks and other financial institutions for project financing |
|
Balance
of the loan as of December 31, |
||||||
|
Project
name |
Original
loan currency |
Date
financing provided |
2025
|
2024
|
Interest
rate and Indexation (*) |
Maturity
|
|
USD
in million | ||||||
|
Halutziot
|
|
|
|
|
|
|
|
Halutziot
1 upgrade |
|
|
|
|
|
|
|
Halutziot
2 |
|
|
|
|
|
|
|
Mivtachim
and Talmei Bilu |
|
|
|
|
|
|
|
Kramim
and Idan |
|
|
|
|
|
|
|
Emek
HaBacha |
|
|
|
|
|
|
|
Solar
and Storage projects in Israel |
|
|
|
|
|
|
|
Ruach
Beresheet |
|
|
|
|
|
|
|
Tullynamoyle
|
|
|
|
|
90%
of the loan - 3.47%
10%
of the loan - 3M Euribor plus 2% |
|
|
Lukovac
|
|
|
|
|
84%
of the loan - 3.5%-3.75%
16%
of the loan - 3M Euribor plus 3%-3.5% |
|
|
EWK
|
|
|
|
|
60%
of the loan – 2.3%
29%
of the loan - 3.95%
11%
of the loan – 4.65%-4.83% |
|
|
Picasso
|
|
|
|
|
Until
2029 – 1.58%
Until
2039 – 2.33% |
|
|
SOWI
|
|
|
|
|
49%
of the loan – 1.91%
32%
of the loan – 4.06%
1%
of the loan – 4.46%
18%
of the loan – 6M Euribor plus 4% |
|
|
Gecama
(1) |
|
|
|
|
|
|
|
Björnberget
|
|
|
|
|
79%
of the loan – 2.28%
21%
of the loan - 6M Euribor plus 1.75%.
|
|
|
Attila
|
|
|
|
|
70%
of the loan – 6.3%.
30%
of the loan – 4.05%. |
|
|
Raaba
Flow and Raaba ACDC |
|
|
|
|
70%
of the loan – 6.1%
30%
of the loan - 3M Euribor plus 3.15%-3.25%. |
|
|
PUPIN
|
|
|
|
|
70%
of the loan – 6.3%
30%
of the loan - 3M Euribor plus 3.3%. |
|
|
Atrisco
PV |
|
|
|
|
|
|
|
Atrisco
BESS |
|
|
|
|
|
|
|
Roadrunner
PV (3) |
|
|
|
|
|
|
|
Roadrunner
Bess (3) |
|
|
|
|
|
|
|
Quail
Ranch PV (4) |
|
|
|
|
|
|
|
Quail
Ranch Bess (4) |
|
|
|
|
|
|
|
Country
Acers (5) |
|
|
|
|
|
|
|
Snowflake
A (6) |
|
|
|
|
|
|
|
Mezzanine
loan (2) |
|
|
|
|
|
|
F - 42
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (2) |
Loans from banks and other financial institutions for project financing (Cont.) | |
| • |
Final
Maturity Date for the refinancing bonds is June 30, 2045. |
| • |
|
| • |
Repayment
Schedule – Semi-annual repayments both for principal and interest |
| • |
Main
Events for Immediate Repayment - The loan is subject to immediate repayment in cases of severe breaches that have been set, mainly: late
payment; breach of material representations or commitments; insolvency; failure to obtain or cancellation of required permits for the
projects; an event that materially affects the projects and the debt. |
| • |
Main
Collateral - As is customary in project financing (first ranking pledge of shares, moveable assets, immovable assets (mortgages) receivables
and accounts, land easements and leases (conditional). |
| • |
ADSCR
for default –
|
| • |
ADSCR
for distribution –
|
F - 43
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (2) |
Loans
from banks and other financial institutions for project financing (Cont.) | |
F - 44
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
Current
liabilities |
Non-current
liabilities |
Total
|
||||||||||||||||||||||
|
As
of December 31 |
As
of December 31 |
As
of December 31 |
||||||||||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||||||||||||
|
Debentures (Series E)
(1) |
|
|
|
|
|
|
||||||||||||||||||
|
Debentures (Series F)
(2) |
|
|
|
|
|
|
||||||||||||||||||
|
Debentures (Series C)
(3) |
|
|
|
|
|
|
||||||||||||||||||
|
Debentures (Series D)
(3) |
|
|
|
|
|
|
||||||||||||||||||
|
Debentures (Series G)
(4) |
|
|
|
|
|
|
||||||||||||||||||
|
Debentures (Series H)
(4) |
|
|
|
|
|
|
||||||||||||||||||
|
Total
Debentures |
|
|
|
|
|
|
||||||||||||||||||
| 1. |
Debentures (Series E)
|
| • |
|
| • |
The debentures bared fixed annual interest of
|
| 2. |
Debentures (Series F)
|
| • |
The Company’s equity according to its financial
statements (audited or reviewed) will be no less than NIS |
| • |
The ratio of standalone net financial debt to
net cap will not exceed |
| • |
The standalone net financial debt does not exceed
NIS |
| • |
The equity to total balance sheet ratio in the
Company’s standalone reports will be no less than |
| • |
The Company will not create and/or will not agree
to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge,
to secure any debt or obligation whatsoever. |
| • |
The Company’s undertaking to repay the debentures
is not secured by any collateral, or any other security |
| • |
Insofar as the Series F have not been repaid in
full, the Company will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the Debentures.
|
F - 45
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| 3. |
Debentures (Series C
and D) |
| • |
Series C is not linked to any index, has a par
value of NIS |
| • |
The unpaid principal balance of the debentures
will bear fixed annual interest of |
| • |
The unpaid principal balance of the Series C is
convertible into Company's ordinary shares, with a par value of NIS
|
| • |
In 2021 Midroog Ltd. updated the rating of the
debentures (Series C) which the Company issued, from A3.il to A2.il, stable rating outlook, and up to December 31, 2025 the rating remained
consistent. |
| • |
The Company’s undertaking to repay the debentures
is not secured by any collateral, or any other security |
| • |
Series D is not linked to any index, has a par
value of NIS |
| • |
The unpaid principal balance of the debentures
bears fixed annual interest of |
| • |
In 2021 Midroog Ltd. updated the rating of the
debentures (Series D) which the Company issued, from A3.il to A2.il, stable rating outlook, and up to December 31, 2025 the rating remained
consistent. |
| • |
The Company’s undertaking to repay the debentures
is not secured by any collateral, or any other security. |
F - 46
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| 3. |
Debentures (Series C
and D) (Cont.) |
| • |
The Company’s equity according to its financial
statements (audited or reviewed) will be no less than NIS |
| • |
The ratio between standalone net financial debt
and net cap will not exceed |
| • |
The equity to total balance sheet ratio in the
Company’s standalone financial statements will be no less than |
| • |
The ratio of net financial debt (consolidated)
to EBITDA as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed).
The debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be
included in that calculation. |
| • |
The Company will not create and/or will not agree
to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge,
to secure any debt or obligation whatsoever. |
| • |
The Company will not perform a distribution, as
this term is defined in the Companies Law, including a buyback of its shares, except subject to cumulative conditions specified in the
trust deed of the debentures. |
| • |
Mechanism was determined for adjusting the interest
rate due to a deviation from the financial covenants and due to a change in the rating or discontinuation of it. |
| 4. |
Debentures (Series G
and H) |
| • |
Series H is not linked to any index, has a par
value of NIS |
| • |
The unpaid principal balance of the Series H debentures
will bear fixed annual interest of |
| • |
The unpaid principal balance of the Series H is
convertible into Company's ordinary shares, with a par value of NIS
|
| • |
Midroog Ltd. rated the convertible debentures
(Series H) at A2.il, stable rating outlook. |
F - 47
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| 4. |
Debentures (Series G
and H) (Cont.) |
| • |
Series G is not linked to any index, have a par
value of NIS |
| • |
The unpaid principal balance of the Series G debentures
will bear fixed annual interest of |
| • |
Midroog Ltd. rated the convertible debentures
(Series G) at A2.il, stable rating outlook. |
| • |
The Company’s equity according to its financial
statements (audited or reviewed) will be no less than USD |
| • |
The ratio between standalone net financial debt
and net cap will not exceed |
| • |
The equity to total balance sheet ratio in the
Company’s standalone financial statements will be no less than |
| • |
The ratio of net financial debt (consolidated)
to EBITDA as of the calculation date (if any) will not exceed 17 during more than two consecutive financial statements (audited or reviewed).
The debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be
included in that calculation. |
| • |
The Company will not create and/or will not agree
to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge,
to secure any debt or obligation whatsoever. |
| • |
The Company will not perform a distribution, as
this term is defined in the Companies Law, including a buyback of its shares, except subject to cumulative conditions specified in the
trust deed of the debentures. |
| • |
Mechanism was determined for adjusting the interest
rate due to a deviation from the financial covenants and due to a change in the rating or discontinuation of it. |
F - 48
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
Balance
as of January 1, 2025 |
Cash
flows from financing activities (4) |
Translation
differences in respect of foreign operations |
Adjustments
in respect of cash flows for operating activities |
Non-cash
activities |
Balance
as of December 31, 2025 |
|||||||||||||||||||
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
|||||||||||||||||||
|
Debentures
(1) |
|
|
|
|
|
|
||||||||||||||||||
|
Convertible
Debentures (1) |
|
|
|
|
|
|
||||||||||||||||||
|
Loans
from banks and other financial institutions (1) |
|
|
|
|
(
|
)(2)
|
|
|||||||||||||||||
|
Loans
from non-controlling interests |
|
(
|
)
|
|
|
|
|
|||||||||||||||||
|
Liability
in respect of tax equity arrangement |
|
|
(
|
)
|
|
|
|
|||||||||||||||||
|
Deferred
income related to tax equity |
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||
|
Lease
liability |
|
(
|
)
|
|
|
|
(3)
|
|
||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) |
Including interest payable.
|
| (2) |
Mostly due to capitalization of finance
expenses during the construction period. |
| (3) |
Initial creation and index linking vis-à-vis
right-of-use asset. |
| (4) |
See Note 2C for
additional information regarding the change in presentation of interest receipts and interest paid. |
F - 49
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
Note 14 - Changes in Liabilities from Financing Activities (Cont.)
|
Balance
as of January 1, 2024 |
Cash
flows from financing activities (3) |
Translation
differences in respect of foreign operations |
Adjustments
in respect of cash flows for operating activities |
Non-cash
activities |
Balance
as of December 31, 2024 |
|||||||||||||||||||
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
|||||||||||||||||||
|
Debentures
(1) |
|
|
|
|
|
|
||||||||||||||||||
|
Convertible
Debentures (1) |
|
(
|
)
|
(
|
)
|
|
|
|
||||||||||||||||
|
Loans
from banks and other financial institutions |
|
|
(
|
)
|
|
(
|
)(2) |
|
||||||||||||||||
|
Loans
from non-controlling interests |
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||||
|
Liability
in respect of tax equity arrangement |
|
|
|
|
|
|
||||||||||||||||||
| Deferred income related to tax equity | ( |
) | ||||||||||||||||||||||
|
Lease
liability |
|
(
|
)
|
(
|
)
|
|
|
(4) |
|
|||||||||||||||
|
|
|
(
|
)
|
|
|
|
||||||||||||||||||
| (1) |
Including interest payable. |
| (2) |
Mostly due to the offsetting of deferred borrowing costs which were prepaid
by the project companies on the financial closing dates, capitalization of finance expenses during the construction period and classification
of disposal groups classified as held for sale. |
| (3) |
See Note 2C for additional information regarding the change in presentation
of interest receipts and interest paid. |
| (4) |
Initial creation and index linking vis-à-vis right-of-use asset and classification
to liabilities of disposal groups classified as held for sale. |
|
Balance
as of January 1, 2023 |
Cash
flows
from
financing
activities
(5) |
Translation
differences in respect of foreign operations |
Adjustments
in respect of cash flows for operating activities (3) |
Non-cash
activities |
Balance
as of December 31, 2023 |
|||||||||||||||||||
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
USD
in
thousands
|
|||||||||||||||||||
|
Debentures
(1) |
|
|
(
|
)
|
|
|
|
|||||||||||||||||
|
Convertible
Debentures (1) |
|
(
|
)
|
(
|
)
|
|
(
|
)(2)
|
|
|||||||||||||||
|
Loans
from banks and other financial institutions |
|
|
|
|
(
|
) |
|
|||||||||||||||||
|
Loans
from non-controlling interests |
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||
|
Liability
in respect of tax equity arrangement |
|
|
|
|
|
|
||||||||||||||||||
| Deferred income related to tax equity | ( |
) | ||||||||||||||||||||||
|
Lease
liability |
|
(
|
)
|
|
|
|
(4) |
|
||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) |
Including interest payable.
|
| (2) |
Mostly due to the offsetting of deferred borrowing
costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction
period. |
| (3) |
Including interest accrued and interest paid.
|
| (4) |
Initial creation and index linking vis-à-vis
right-of-use asset. |
| (5) |
See
Note 2C for additional information regarding the change in presentation of interest receipts and interest paid. |
F - 50
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Deferred tax balances:
|
|
As
of December 31 |
||||||||
|
2025
|
2024
|
|||||||
|
USD
in thousands |
USD
in thousands |
|||||||
|
Current
tax assets (liabilities): |
||||||||
|
Current tax assets
|
|
|
||||||
|
Current tax liabilities
|
(
|
)
|
(
|
)
| ||||
|
Total
current tax assets (liabilities) |
(
|
)
|
(
|
)
| ||||
|
Non-current
tax assets (liabilities): |
||||||||
|
Deferred tax assets
|
|
|
||||||
|
Deferred tax liabilities
|
(
|
)
|
(
|
)
| ||||
|
Total
non-current tax assets (liabilities) |
(
|
)
|
(
|
)
| ||||
|
Balance
as of January 1 2025 |
Recognized in the statement of income |
Other
comprehensive income |
Balance
as of December 31 2025 |
|||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||||||
|
Temporary
differences: |
||||||||||||||||
|
Fixed assets
|
(
|
)
|
|
(
|
)
|
(
|
)
| |||||||||
|
IFRS 16 – Leases
|
|
|
|
|
||||||||||||
|
Financial instruments
|
(
|
)
|
(
|
)
|
|
(
|
)
| |||||||||
|
Contingent consideration
|
(
|
)
|
|
|
(
|
)
| ||||||||||
|
Tax equity arrangement
|
(
|
)
|
(
|
)
|
|
(
|
)
| |||||||||
|
Disposal
groups classified as held for sale |
|
(
|
)
|
|
|
|||||||||||
|
Others
|
(
|
)
|
(
|
)
|
|
(
|
)
| |||||||||
|
Total
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
|
Unused
losses and tax benefits: |
||||||||||||||||
|
Tax losses
|
|
|
|
|
||||||||||||
|
|
|
|
|
|||||||||||||
|
Total
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||
F - 51
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Deferred tax balances:
(Cont.) |
|
Balance
as of January 1 2024 |
Classification
|
Recognized in the statement of income |
Other
comprehensive income |
Initial
consolidation |
Balance
as of
December 31 2024
|
|||||||||||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||||||||||||
|
Temporary
differences: |
||||||||||||||||||||||||
|
Fixed assets
|
(
|
) |
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
| |||||||||||||
|
IFRS 16 – Leases
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||
|
Financial instruments
|
(
|
) |
|
|
|
|
(
|
)
| ||||||||||||||||
|
Contractual asset in
respect of
concession
arrangements |
(
|
) |
|
|
|
|
|
|||||||||||||||||
|
Contingent consideration
|
(
|
) |
|
(
|
)
|
|
|
(
|
)
| |||||||||||||||
|
Tax equity arrangement
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
| |||||||||||||||
|
Disposal
groups classified as held for sale |
|
|
|
|
|
|
||||||||||||||||||
|
Others
|
(
|
) |
|
|
|
|
(
|
)
| ||||||||||||||||
|
Total
|
(
|
) |
|
(
|
)
|
|
(
|
)
|
(
|
)
| ||||||||||||||
|
Unused
losses and tax benefits: |
||||||||||||||||||||||||
|
Tax losses
|
|
(
|
)
|
|
(
|
)
|
|
|
||||||||||||||||
|
|
(
|
)
|
|
(
|
)
|
|
|
|||||||||||||||||
|
Total
|
(
|
) |
|
(
|
)
|
|
(
|
)
|
(
|
)
| ||||||||||||||
F - 52
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Total expenses (income)
from income taxes which were recognized in the statement of income: |
|
For
the year ended December 31 |
||||||||||||
|
2025
|
2024
|
2023
|
||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||
|
Current
taxes: |
||||||||||||
|
Current tax expenses
|
|
|
|
|||||||||
|
Prior year taxes
|
|
|
(
|
)
| ||||||||
|
Total
current taxes |
|
|
|
|||||||||
|
Deferred
taxes: |
||||||||||||
|
Deferred tax expenses
in respect of the creation and reversal of temporary differences |
|
|
|
|||||||||
|
Prior year taxes
|
|
(
|
)
|
|
||||||||
|
Expenses
(income) from the creation of deferred taxes in respect of losses and unused tax benefits |
(
|
)
|
(
|
)
|
|
|||||||
|
Total
deferred taxes |
|
|
|
|||||||||
|
Total
expenses from income taxes |
|
|
|
|||||||||
F - 53
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Reconciliation between
the theoretical tax on the pre-tax profit and the tax expense |
|
For
the year ended December 31 |
||||||||||||
|
2025
|
2024
|
2023
|
||||||||||
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||
|
Profit before income
taxes from continuing operations |
|
|
|
|||||||||
|
Primary tax rate of the
Company |
|
%
|
|
%
|
|
%
| ||||||
|
Tax calculated according
to the Company’s primary tax rate |
|
|
|
|||||||||
|
Additional
tax (tax saving) in respect of: |
||||||||||||
|
No
controlling share in the profits / losses of investee partnerships |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Different tax rate of
foreign subsidiaries |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Non-deductible expenses
|
|
|
|
|
||||||||
|
Exempt income
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Utilization of tax losses
and benefits from prior years |
|
|
|
|||||||||
|
Temporary
difference in respect of subsidiaries for which deferred taxes were not recognized |
|
|
|
|||||||||
|
Change in taxes in respect
of previous years |
|
(
|
)
|
(
|
)
| |||||||
|
Others
|
|
(
|
)
|
|
||||||||
|
Total
income taxes from continuing operations as presented in profit or loss |
|
|
|
|||||||||
| D. |
Carryforward losses
|
| E. |
Details regarding the
Group’s tax environment |
| (1) |
Presented below are the
tax rates which were relevant to the Group’s activity in Israel during the years 2024-2025: |
| (2) |
Taxation of subsidiaries
outside of Israel: |
| • |
Entities incorporated
in Croatia: The corporate tax rate which applies to the Company’s activity in Croatia is
|
F - 54
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| E. |
Details regarding the
Group’s tax environment: (Cont.) |
| (2) |
Taxation of subsidiaries
outside of Israel: (Cont.) |
| • |
Entities incorporated
in Serbia: The corporate tax rate which applies to the Company’s activity in Serbia is
|
| • |
Entities incorporated
in Hungary: The corporate tax rate which applies to the Company’s activity in Hungary is
|
| • |
Entities incorporated
in Sweden: The corporate tax rate which applies to the Company’s activity in Sweden is
|
| • |
Entities incorporated
in Kosovo: The corporate tax rate which applies to the Company’s activity in Kosovo is
|
| • |
Entities incorporated
in Spain: The corporate tax rate which applies to the Company’s activity in Spain is
|
| • |
Entities incorporated
in the United States: The federal tax rate is |
| • |
Entities incorporated
in Italy: The corporate tax rate is |
| • |
Entities incorporated
in Poland: The corporate tax rate which applies to the Company’s activity in Poland is
|
| (3) |
Tax procedures
|
F - 55
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Registered capital |
|
|
December 31 |
December 31 |
||||||
|
|
2025 |
2024 |
||||||
|
|
Number of shares |
|||||||
|
Ordinary shares with par value of NIS
|
|
|
||||||
| B. |
Issued capital: |
|
|
|
Share capital |
|
|
Share premium |
| ||||||||||||||||||
|
|
|
As of December 31 |
|
|
As of December 31 |
|
|
As of December 31 |
| |||||||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
| ||||||
|
|
|
Number of shares |
|
|
USD in thousands |
|
|
USD in thousands |
|
|
USD in thousands |
|
|
USD in thousands |
| |||||||||
|
Fully paid-up ordinary shares with par value of NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| C. |
Changes in fully paid-up share capital |
|
|
Number of shares |
|||
|
Balance as of January 1, 2024 |
|
|||
|
|
||||
|
Exercise of options by employees |
|
|||
|
|
||||
|
Balance as of December 31, 2024 |
|
|||
|
|
||||
|
Issuance of shares (1) |
|
|||
|
Conversion into shares of convertible debentures |
|
|||
|
Exercise of options by employees and vesting of RSUs |
|
|||
|
|
||||
|
Balance as of December 31, 2025 |
|
|||
| (1) |
On August 21, 2025, the Company completed an issuance of |
F - 56
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Basic earnings per share
|
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Profit attributable to
the Company’s owners for the purpose of calculating basic earnings per share |
|
|
|
|||||||||
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
||||||||||||
|
Weighted average of the
number of ordinary shares used for the purpose of calculating basic earnings per share |
|
|
||||||||||
| B. | Diluted earnings per share: |
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Profit
which was used to calculate diluted earnings per share |
|
|
|
|||||||||
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
Weighted average of the
number of ordinary shares used to calculate diluted earnings per share |
|
|
|
|||||||||
F - 57
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (1) |
The number
of units and weighted average exercise prices of share options and RSU granted to the Company’s employees:
|
|
Number
of share options |
Weighted
average exercise price |
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Units
|
Units
|
NIS
|
NIS
|
|||||||||||||
|
Outstanding
at January 1 |
|
|
|
|
||||||||||||
|
Forfeited
during the year |
(
|
)
|
(
|
)
|
|
|
||||||||||
|
Expired
during the year |
(
|
)
|
(
|
)
|
|
|
||||||||||
|
Exercised
during the year (*) |
(
|
)
|
(
|
)
|
|
|
||||||||||
|
Granted
during the year |
|
|
|
|
||||||||||||
|
Outstanding
at December 31 |
|
|
|
|
||||||||||||
|
Exercisable
at December 31 |
|
|
|
|
||||||||||||
|
Number
of RSU |
||||||||
|
2025
|
2024
|
|||||||
|
Units
|
Units
|
|||||||
|
Outstanding
at January 1 |
|
|
||||||
|
Forfeited
during the year |
(
|
)
|
(
|
)
| ||||
|
Expired
during the year |
|
|
||||||
|
Vested
during the year |
(
|
)
|
|
|||||
|
Granted
during the year |
|
|
||||||
|
Outstanding
at December 31 |
|
|
||||||
| (2) |
General description
of the Company’s share options and RSU’s: |
| a. |
The options will be exercised in accordance
with the cashless exercise mechanism, as specified in the options plan. Subject to the other terms of the options plan, eligibility will
materialize for each of the aforementioned offerees to exercise the options in accordance with the vesting period as follows: |
| b. |
All RSUs allocations were performed
based on the Company’s current options plan.
|
F - 58
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (3) |
Details regarding
material allocations: |
| (A) |
On November 28, 2019, the Company
performed a private allocation of |
| (B) |
On April 12, 2020, the Company performed
a private allocation of |
| (C) |
On September 30, 2021, the Company
performed a private allocation of
|
| (D) |
On September 30, 2021, the Company
performed a private allocation of |
| (E) |
On June 28, 2022, the Company performed
a private allocation of
|
| (F) |
On April 24, 2023, the Company performed
a private allocation of |
| (G) |
On December 18, 2023, the Company
performed a private allocation of |
F - 59
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (H) |
On
April 17, 2024, the company granted restricted stock units (RSUs) the Company’s Chairman of the Board at the time of grant, Mr.
Yair Seroussi and to Company’s CEO at the time of grant, Gilad Yavetz, which will entitle the offerees to receive ordinary shares
of the company, worth |
| (I) |
On April 17, 2024, the company granted
restricted stock units (RSUs) to the Company’s External Directors, which will entitle the offerees to receive ordinary shares of
the company, worth |
| (J) |
On April 21, 2024, the Company performed
a private allocation of |
| (K) |
On April 21, 2024, the company granted
restricted stock units (RSUs) to its management members, which will entitle the offerees to receive ordinary shares of the company, worth |
| (L) |
On September 15, 2024, the
Company performed a private allocation of |
| (M) |
On September 15, 2024, the company
granted restricted stock units (RSUs) to its management members, which will entitle the offerees to receive ordinary shares of the
company, worth |
| (N) |
On August 04, 2025, the
Company performed a private allocation of |
| (O) |
On August 04, 2025, the
company granted restricted stock units (RSUs) to its management members, which will entitle the offerees to receive ordinary shares
of the company, worth |
| (P) |
On October 01, 2025, the
Company performed a private allocation of |
F - 60
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (Q) |
On October 01, 2025, the
company granted restricted stock units (RSUs) and performance-based RSUs (“PSUs”) to the Company’s CEO, Adi Leviatan,
the Company’s Chairman of the Board, Gilad Yavetz, the Company’s Vice Chairman of the Board, Yair Seroussi.
|
| (4) |
Details
on options grants for the year ended December 31, 2025
|
|
Grant
date |
25/03/2025
|
25/03/2025
|
05/05/2025
|
04/08/2025
|
04/08/2025
|
29/07/2025
|
01/10/2025
|
01/10/2025
|
|
Number
of options |
|
|
|
|
|
|
|
|
|
Option
value in NIS |
|
|
|
|
|
|
|
|
|
Option
value in USD |
|
|
|
|
|
|
|
|
|
Exercise
price in NIS |
|
|
|
|
|
|
|
|
|
Share
price in NIS |
|
|
|
|
|
|
|
|
|
Risk-free
interest rate |
|
|
|
|
|
|
|
|
|
Standard
deviation |
|
|
|
|
|
|
|
|
|
Value
of options in NIS Thousands |
|
|
|
|
|
|
|
|
|
Value
of options in USD Thousands |
|
|
|
|
|
|
|
|
|
Options
expiration |
| |||||||
F - 61
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Sale
of electricity |
|
|
|
|||||||||
|
Sales
of Green certificates |
|
|
|
|||||||||
|
Operation
of facilities |
|
|
|
|||||||||
|
Construction
services |
|
|
|
|||||||||
|
Management
and development fees |
|
|
|
|||||||||
|
|
||||||||||||
|
Total
|
|
|
|
|||||||||
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Income from
Investment Tax Credit (ITC) |
|
|
|
|||||||||
|
Income from
Production Tax Credit (PTC) |
|
|
|
|||||||||
|
|
||||||||||||
|
Total
|
|
|
|
|||||||||
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Site maintenance
|
|
|
|
|||||||||
|
Payroll, salaries and
associated expenses |
|
|
|
|||||||||
|
Insurance
|
|
|
|
|||||||||
|
Municipal taxes
|
|
|
|
|||||||||
|
Lease
|
|
|
|
|||||||||
|
Expenses associated with
facility construction services |
|
|
|
|||||||||
|
|
||||||||||||
|
Total
|
|
|
|
|||||||||
F - 62
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Payroll,
salaries and associated expenses |
|
|
|
|||||||||
|
Professional
services |
|
|
|
|||||||||
|
Office and
maintenance |
|
|
|
|||||||||
|
Management
and director fees |
|
|
|
|||||||||
|
Insurance
|
|
|
|
|||||||||
|
Computer
services |
|
|
|
|||||||||
|
Others
|
|
|
|
|||||||||
|
|
||||||||||||
|
Total
|
|
|
|
|||||||||
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Payroll,
salaries and associated expenses |
|
|
|
|||||||||
|
Other development
expenses |
|
|
|
|||||||||
|
|
||||||||||||
|
Total
|
|
|
|
|||||||||
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Changes in
contingent consideration |
|
|
|
|||||||||
|
Production
delay compensation |
|
|
|
|||||||||
|
Others
|
(
|
)
|
(
|
)
|
|
|||||||
|
|
||||||||||||
|
Total
|
|
|
|
|||||||||
F - 63
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Finance income
|
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Finance
income from contract asset in respect of concession arrangements |
|
|
|
|||||||||
|
Changes in
the fair value of financial instruments measured at fair value through profit or loss |
|
|
|
|||||||||
|
Finance income
from loans to investee entities |
|
|
|
|||||||||
|
Finance income
from loans to non-controlling interests |
|
|
|
|||||||||
|
Finance income
from deposits in banks |
|
|
|
|||||||||
|
Finance income
from hedging transactions |
|
|
|
|||||||||
|
Exchange
differences |
|
|
|
|||||||||
|
Others
|
|
|
|
|||||||||
|
Total
|
|
|
|
|||||||||
| B. |
Finance expenses
|
|
|
For
the year ended December 31 |
|||||||||||
|
|
2025
|
2024
|
2023
|
|||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||
|
Interest
expenses from project finance loans |
|
|
|
|||||||||
|
Interest
expenses from corporate loans |
|
|
|
|||||||||
|
Interest
expenses from Debentures |
|
|
|
|||||||||
|
Finance expenses
in respect of contingent consideration arrangement |
|
|
|
|||||||||
|
Interest
expenses from non-controlling interests loans |
|
|
|
|||||||||
|
Finance expenses
from hedging transactions |
|
|
|
|||||||||
|
Finance expenses
in respect of lease liability |
|
|
|
|||||||||
|
Exchange
differences |
|
|
|
|||||||||
|
Finance expenses
from lease back liability |
|
|
|
|||||||||
|
Finance expenses
related to tax equity arrangements |
|
|
|
|||||||||
|
Others
|
|
|
|
|||||||||
|
|
|
|
|
|||||||||
|
Amounts capitalized
to the cost of qualifying assets |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Total
|
|
|
|
|||||||||
F - 64
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
|
USD
in thousands |
Land
|
Offices
and vehicles |
Total
|
|||||||||
|
|
||||||||||||
|
Balance
as of January 1, 2025 |
|
|
|
|||||||||
|
Additions
|
|
|
|
|||||||||
|
Depreciation
of right-of-use assets |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Linkage to
index |
|
|
|
|||||||||
|
Reserve for
translation differences |
|
|
|
|||||||||
|
Balance
as of December 31, 2025 |
|
|
|
|||||||||
|
USD
in thousands |
Land
|
Offices
and vehicles |
Total
|
|||||||||
|
|
||||||||||||
|
Balance
as of January 1, 2024 |
|
|
|
|||||||||
|
Additions
|
|
|
|
|||||||||
|
Depreciation
of right-of-use assets |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Linkage to
index |
|
|
|
|||||||||
|
Classification
to Assets of disposal groups classified as held for sale |
(
|
)
|
|
(
|
)
| |||||||
|
Reserve for
translation differences |
(
|
)
|
(
|
)
|
(
|
)
| ||||||
|
Balance
as of December 31, 2024 |
|
|
|
|||||||||
|
Effects
on the statements of income |
For
the year ended
December
31 |
|||||||
|
2025
|
2024
|
|||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
|
||||||||
|
Interest
expenses in respect of lease liability |
(
|
)
|
(
|
)
| ||||
|
Expenses
attributed to variable lease payments which were not included in measurement of lease liability
|
(
|
)
|
(
|
)
| ||||
|
Depreciation
expenses |
(
|
)
|
(
|
)
| ||||
|
Total
|
(
|
)
|
(
|
)
| ||||
F - 65
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Financial risk
management policy |
| (1) |
Changes in foreign
currency exchange rates |
|
|
|
|
|
|
|
Amount receivable in transaction currency |
|
|
Amount payable in transaction currency |
|
|
|
|
|
Fair
value |
|
|
|
|
Project
|
|
|
Millions
|
|
|
Millions
|
|
|
Expiration date
|
|
|
USD millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
|
NIS
|
|
|
|
|
|
(
|
|
|
|
USD
|
EUR
|
|
(
|
| (1) |
Hedging transaction to hedge against the USD/NIS
exchange rate, based on the schedule of payments to the main contractors of the projects. |
| (2) |
Hedging transaction to hedge against the USD/EUR
exchange rate, based on the schedule of payments to the main contractors of the projects. |
F - 66
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Financial risk
management policy (Cont.) |
| (1) |
Changes in currency exchange
rates (Cont.) |
|
|
As
of December 31, 2025 |
|||||||||||||||||||
|
|
Increase
5% |
Decrease
5% |
||||||||||||||||||
|
|
OCI
|
Pre-tax
profit |
Value
|
Pre-tax
profit |
OCI
|
|||||||||||||||
|
5% Change in the currency
exchange rate |
USD
in thousands |
|||||||||||||||||||
|
|
||||||||||||||||||||
|
NIS
vs EURO |
||||||||||||||||||||
|
Loans to foreign operations
|
|
(
|
)
|
|
|
|
||||||||||||||
|
|
||||||||||||||||||||
|
Equity
of foreign operations |
||||||||||||||||||||
|
NIS vs EURO
|
(
|
)
|
|
|
|
|
||||||||||||||
|
NIS vs HUF
|
(
|
)
|
|
|
|
|
||||||||||||||
|
Total
effect OCI |
(
|
)
|
|
|
|
|
||||||||||||||
|
|
As
of December 31, 2024 |
|||||||||||||||||||
|
|
Increase
5% |
Decrease
5% |
||||||||||||||||||
|
|
OCI
|
Pre-tax
profit |
Value
|
Pre-tax
profit |
OCI
|
|||||||||||||||
|
5% Change in the currency
exchange rate |
USD
in thousands |
|||||||||||||||||||
|
|
||||||||||||||||||||
|
NIS
vs EURO |
||||||||||||||||||||
|
Loans to foreign operations
|
|
(
|
)
|
|
|
|
||||||||||||||
|
|
||||||||||||||||||||
|
Equity
of foreign operations |
||||||||||||||||||||
|
NIS vs EURO
|
(
|
)
|
|
|
|
|
||||||||||||||
|
NIS vs HUF
|
(
|
)
|
|
|
|
|
||||||||||||||
|
Total
effect on OCI |
(
|
)
|
|
|
|
|
||||||||||||||
F - 67
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Financial risk
management policy (Cont.) |
| (2) |
Change in index
|
|
|
As
of December 31, 2025 |
|||||||||||
|
|
Increase
3% |
Carrying
value |
Decrease
3% |
|||||||||
|
|
Pre-tax
profit |
Pre-tax
profit |
||||||||||
|
3% Change in the index
rate |
USD
in thousands |
|||||||||||
|
|
||||||||||||
|
Loans to investees and
non-controlling interests |
|
|
(
|
)
| ||||||||
|
Loans from banks and
other financial institutions |
(
|
)
|
(
|
)
|
|
|||||||
|
Loans from non-controlling
interests |
(
|
)
|
(
|
)
|
|
|||||||
|
Other financial liabilities
|
(
|
)
|
(
|
)
|
|
|||||||
|
|
||||||||||||
|
|
(
|
)
|
(
|
)
|
|
|||||||
|
|
As
of December 31, 2024 |
|||||||||||
|
|
Increase
3% |
Carrying
value |
Decrease
3% |
|||||||||
|
|
Pre-tax
profit |
Pre-tax
profit |
||||||||||
|
3% Change in the index
rate |
USD
in thousands |
|||||||||||
|
|
||||||||||||
|
Loans to non-controlling
interests |
|
|
(
|
)
| ||||||||
|
Loans from banks and
other financial institutions |
(
|
)
|
(
|
)
|
|
|||||||
|
Loans from non-controlling
interests |
(
|
)
|
(
|
)
|
|
|||||||
|
Other financial liabilities
|
(
|
)
|
(
|
)
|
|
|||||||
|
|
||||||||||||
|
|
(
|
)
|
(
|
)
|
|
|||||||
F - 68
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Financial risk factors
|
| (1) |
Interest rate risk
|
|
|
As
of December 31, 2025 |
|||||||||||
|
|
Increase
2% |
Carrying
|
Decrease
2% |
|||||||||
|
|
Pre-tax
profit |
value
|
Pre-tax
profit |
|||||||||
|
2% Change in the interest
rate |
USD
in thousands |
|||||||||||
|
|
||||||||||||
|
Euribor-linked loan from
banks |
(
|
)
|
(
|
)
|
|
|||||||
|
SOFR-linked credit and
loans from banks (*) |
|
(
|
)
|
|
||||||||
|
Loans to investees with
variable interest |
|
|
(
|
)
| ||||||||
|
|
||||||||||||
|
|
(
|
)
|
(
|
)
|
|
|||||||
|
|
As
of December 31, 2024 |
|||||||||||
|
|
Increase
2% |
Carrying
|
Decrease
2% |
|||||||||
|
|
Pre-tax
profit |
value
|
Pre-tax
profit |
|||||||||
|
2% Change in the interest
rate |
USD
in thousands |
|||||||||||
|
|
||||||||||||
|
Euribor-linked loan from
banks (*) |
(
|
)
|
(
|
)
|
|
|||||||
|
SOFR-linked credit and
loans from banks (*) |
|
(
|
)
|
|
||||||||
|
Loans to investees with
variable interest |
|
|
(
|
)
| ||||||||
|
|
||||||||||||
|
|
(
|
)
|
(
|
)
|
|
|||||||
| (*) |
The company has loans which are linked to the
SOFR interest rate and loans linked to the Euribor interest rate. The loans are used to finance projects under construction. Interest
expenses during the construction period are capitalized to the cost of the facilities and have no impact on the Company’s results.
|
F - 69
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Financial risk factors (Cont.)
|
| (1) |
Interest rate risk (Cont.)
|
|
|
Interest
rates |
Par
value |
Final
|
Carrying
value | |
|
Hedged
contract |
Original
|
After
hedging |
In thousands
|
repayment
date |
USD
in thousands |
|
Loan to finance the Lukovac
project |
|
|
EUR
(USD
|
|
|
|
Loan to finance the Picasso
project |
|
|
EUR
(USD
|
|
|
|
Loan to finance the Attila
projects |
Bubor |
|
HUF
(USD
|
|
|
|
Loan to finance the Bjorn
project |
|
|
EUR
(USD
|
|
|
|
Loan to finance the Raaba
ACDC project |
|
|
EUR
(USD
|
|
(
|
|
Loan to finance the Raaba
Flow project |
|
|
EUR
(USD
|
|
(
|
|
Loan to finance the Pupin
project |
|
|
EUR
(USD
|
|
(
|
|
Loan to finance the Atrisco
project - PV |
6 month
SOFR
|
|
USD
|
|
(
|
|
Loan to finance the Atrisco
project - BESS |
6 month
SOFR
|
|
USD
|
|
(
|
|
Loan to finance the Country
Acres project |
3 month
SOFR
|
|
USD
|
|
|
|
Loan to finance the Quail
Ranch project |
3 month
SOFR
|
|
USD
|
|
(
|
|
Loan to finance the Roadrunner
project |
3 month
SOFR
|
|
USD
|
|
(
|
|
Loan to finance the Snowflake
project |
3 month
SOFR
|
|
USD
|
|
|
F - 70
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Financial risk factors
(Cont.) |
| (2) |
Credit risk
|
| (3) |
Liquidity risk
|
F - 71
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Financial risk factors
(Cont.) |
| (3) |
Liquidity risk (Cont.)
|
|
|
As
of December 31, 2025(**) |
|||||||||||||||||||||||||||
|
|
After
|
|||||||||||||||||||||||||||
|
|
2026
|
2027
|
2028
|
2029
|
2030
|
2030
|
Total
|
|||||||||||||||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||||||||||||||
|
Liability in respect
of deferred consideration arrangement |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
|
Liability in respect
of put option |
(
|
)
|
|
|
|
|
|
(
|
)
| |||||||||||||||||||
|
Loans from non-controlling
interests |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
|
Debentures(*)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
|
Credit and loans from
banks and other financial institutions (*)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
|
Liability in respect
of tax equity arrangements |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
|
Lease liability(*)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
|
|
||||||||||||||||||||||||||||
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
| ||||||||||||||
| (*) |
The above figures are presented according to their
par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date.
|
| (**) |
The Company has commitments in power purchase
agreements which are not reflected in the Company’s statement of financial position. |
F - 72
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Fair value
|
| (1) |
Details of assets and
liabilities which are measured in the statement of financial position at fair value: |
| - |
Level 1: Quoted (unadjusted) prices in active
markets for identical properties or identical liabilities as those to which the entity has access on the measurement date.
|
| - |
Level 2: Inputs, except for quoted prices which
are included in level 1, which are observable in respect of the asset or liability, directly or indirectly. |
| - |
Level 3: Unobservable inputs in respect of the
asset or liability. |
|
|
|
Valuation
method for |
|
Financial
instrument |
|
determining
fair value |
|
Non-marketable shares
measured at fair value through profit or loss |
|
Fair value measured using
a valuation method that includes the discounted cash flow method |
|
|
|
|
|
Performance-based (“earn
out”) contingent consideration |
|
Fair value measured using
the discounted cash flow method |
|
|
Level
1 |
Level
2 |
Level
3 |
Total
|
||||||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||
|
Financial
Assets at fair value: |
||||||||||||||||
|
Non-marketable shares
measured at fair value through profit or loss |
|
|
|
|
||||||||||||
|
|
||||||||||||||||
|
Interest rate swaps
|
|
|
|
|
||||||||||||
|
|
||||||||||||||||
|
Financial
liabilities at fair value: |
||||||||||||||||
|
Contracts in respect
of forward transactions |
|
(
|
)
|
|
(
|
)
| ||||||||||
|
|
||||||||||||||||
|
Transactions to peg electricity
prices swap (CFD differences contract) |
|
(
|
)
|
|
(
|
)
| ||||||||||
|
Interest rate swaps
|
|
(
|
)
|
|
(
|
)
| ||||||||||
F - 73
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Fair value (Cont.)
|
|
|
Level
1 |
Level
2 |
Level
3 |
Total
|
||||||||||||
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
||||||||||||
|
Financial
Assets at fair value: |
||||||||||||||||
|
Non-marketable shares
measured at fair value through profit or loss |
|
|
|
|
||||||||||||
|
|
||||||||||||||||
|
Interest rate swaps
|
|
|
|
|
||||||||||||
|
Financial
liabilities at fair value: |
||||||||||||||||
|
Contracts in respect
of forward transactions |
|
(
|
)
|
|
(
|
)
| ||||||||||
|
|
||||||||||||||||
|
Interest rate swaps
|
|
(
|
)
|
|
(
|
)
| ||||||||||
|
|
||||||||||||||||
|
Transactions to peg electricity
prices swap (CFD differences contract) |
|
(
|
)
|
(
|
)
| |||||||||||
|
|
2025
|
2024
|
||||||
|
|
Financial
assets |
|||||||
|
Non-marketable
shares measured at fair value through profit or loss |
USD
thousands |
|||||||
|
Balance
as of January 1 |
|
|
||||||
|
Investment
|
|
|
||||||
|
Revaluation
(*) |
|
|
||||||
|
Translation
differences |
|
(
|
)
| |||||
|
Balance
as of December 31 |
|
|
||||||
|
|
2025
|
2024
|
||||||
|
|
Financial
liabilities |
|||||||
|
Performance-based
(“earn out”) contingent consideration |
USD
thousands |
|||||||
|
Balance
as of January 1 |
|
(
|
)
| |||||
|
Revaluation
|
|
(
|
)
| |||||
|
Repayment
|
|
|
||||||
|
Balance
as of December 31 |
|
|
||||||
| (*) |
Under financing income and expenses.
|
F - 74
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Fair value (Cont.)
|
| (2) |
Fair value of items which
are not measured at fair value in the statement of financial position: |
|
|
|
Carrying
value |
Fair
value |
|||||||||||||||
|
|
|
As
of December 31 |
As
of December 31 |
|||||||||||||||
|
|
Fair
value level |
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
|
|
USD
in thousands |
USD
in thousands |
USD
in thousands |
USD
in thousands |
|||||||||||||
|
Debentures and convertible
debentures |
Level 1
|
|
|
|
|
|||||||||||||
|
|
|
|||||||||||||||||
|
Loans from banks and
other financial institutions (1) |
Level 3
|
|
|
|
|
|||||||||||||
| (1) |
Fair value is determined according to the present
value of future cash flows, discounted by an interest rate which reflects, according to the assessment of management, the change in the
credit margin and risk level which occurred during the period. |
F - 75
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| D. |
Other financial assets,
Other financial liabilities and Financial liabilities through profit or loss |
|
|
December
31 |
December
31 |
||||||
|
|
2025
|
2024
|
||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
Current
assets |
||||||||
|
Other
financial assets |
||||||||
|
Interest
rate swaps |
|
|
||||||
|
Loans
to non-controlling interests (3) |
|
|
||||||
|
Non-current assets
|
||||||||
|
Other
financial assets |
||||||||
|
Loans
to non-controlling interests |
|
|
||||||
|
Interest
rate swaps |
|
|
||||||
|
|
||||||||
|
|
|
|
||||||
|
Current
liabilities |
||||||||
|
Other
financial liabilities |
||||||||
|
Transactions
to peg electricity prices swap (CFD differences contract) |
(
|
)
|
(
|
)
| ||||
|
Interest
rate swaps |
(
|
)
|
(
|
)
| ||||
|
Liability
in respect of tax equity arrangement |
(
|
)
|
(
|
)
| ||||
|
Contracts
in respect of forward transactions |
(
|
)
|
(
|
)
| ||||
|
Financial
liabilities through profit or loss |
||||||||
|
Liability
in respect of deferred consideration arrangement (2) |
(
|
)
|
(
|
)
| ||||
|
Non-current liabilities
|
||||||||
|
Other
financial liabilities |
||||||||
|
Interest
rate swaps |
(
|
)
|
(
|
)
| ||||
|
Liability
in respect of tax equity arrangement |
(
|
)
|
(
|
)
| ||||
|
Financial
liabilities through profit or loss |
||||||||
|
Liability
in respect of deferred consideration arrangement (2) |
(
|
)
|
(
|
)
| ||||
|
Founder’s
put option (1) |
(
|
)
|
(
|
)
| ||||
|
|
||||||||
|
|
(
|
)
|
(
|
)
| ||||
| (1) |
For additional details, see Note 8A(1).
|
| (2) |
The Company has liabilities in respect of deferred
consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the
initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance
of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 11), as of December
31, 2025 and 2024, amounted to USD |
| (3) |
The current maturities related to Loans to non-controlling
interests included in Other receivables in the Consolidated Statements of Financial Position. |
F - 76
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
General
|
|
MENA
segment - |
Produces
its revenue from the sale of the electricity which is produced through solar energy and wind energy in the Middle East and North Africa
(MENA). |
|
|
|
|
Europe
segment - |
Produces
its revenue from the sale of the electricity which is produced through wind energy and solar energy in Europe. |
|
|
|
|
U.S.A
segment - |
Produces
its revenue and income from the sale of the electricity which is produced through solar energy in the United States, mostly at fixed tariffs
over extended periods and from tax benefits. |
|
|
|
|
Others
- |
Produces
its revenue mostly from management services to projects in stages of development, construction or operation, and from construction services
for projects. None of the above meets the quantitative thresholds for determining reportable segment. |
F - 77
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Segmental revenues and
results |
|
For
the year ended December 31, 2025 |
||||||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Adjustments
|
Total
|
||||||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
External
revenues and income |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Inter-segment revenues
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Cost of sales (**)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||||||
|
Intersegment profit
|
|
|||||||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||||||
|
Gains from projects disposals
|
|
|||||||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||||||
|
Share in the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||||||
F - 78
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Segmental revenues and
results (Cont.) |
|
For
the year ended December 31, 2024 |
||||||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Adjustments
|
Total
|
||||||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
External
revenues and income |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Inter-segment revenues
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Cost of sales (**)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||||||
|
Intersegment profit
|
|
|||||||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||||||
|
Other incomes not attributed
to segments |
|
|||||||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||||||
|
Share in the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||||||
F - 79
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Segmental revenues and
results (Cont.) |
|
For
the year ended December 31, 2023 |
||||||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total
reportable segments |
Others
|
Adjustments
|
Total
|
||||||||||||||||||||||
|
USD
in thousands |
||||||||||||||||||||||||||||
|
Revenues
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Tax benefits
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
External
revenues and income |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Inter-segment revenues
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Total
revenues and income |
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Cost of sales (**)
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
|
Segment
adjusted EBITDA |
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Reconciliations
of unallocated amounts: |
||||||||||||||||||||||||||||
|
Headquarter costs (*)
|
(
|
)
| ||||||||||||||||||||||||||
|
Intersegment profit
|
|
|||||||||||||||||||||||||||
|
Repayment of contract
asset under concession arrangements |
(
|
)
| ||||||||||||||||||||||||||
|
Depreciation and amortization
and share-based compensation |
(
|
)
| ||||||||||||||||||||||||||
|
Other incomes not attributed
to segments |
|
|||||||||||||||||||||||||||
|
Operating
profit |
|
|||||||||||||||||||||||||||
|
Finance income
|
|
|||||||||||||||||||||||||||
|
Finance expenses
|
(
|
)
| ||||||||||||||||||||||||||
|
Share in the losses of
equity accounted investees |
(
|
)
| ||||||||||||||||||||||||||
|
Profit
before income taxes |
|
|||||||||||||||||||||||||||
F - 80
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Compensation, benefits
and transactions with related parties: |
|
|
For
the year ended
December
31 |
|||||||
|
|
2025
|
2024
|
||||||
|
|
USD
in thousands |
USD
in thousands |
||||||
|
Compensation
and benefits which were given to related parties: |
||||||||
|
|
||||||||
|
Payroll and related expenses
to Related parties employed in the Company |
|
|
||||||
|
|
||||||||
|
Granting of equity compensation
to Related parties employed in the Company |
|
|
||||||
|
|
||||||||
|
Number of people to whom
the benefit applies |
|
|
||||||
|
|
||||||||
|
Compensation for directors
who are not employed in the Company |
|
|
||||||
|
|
||||||||
|
Number of people to whom
the benefit applies |
|
|
||||||
|
|
||||||||
|
Granting of equity compensation
to directors who are not employed in the Company |
|
|
||||||
|
|
||||||||
|
Number of people to whom
the benefit applies |
|
|
||||||
| B. | Engagements with interested parties and Related parties |
F - 81
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| (1) |
Gilad
Yavetz (“Gilad”): |
|
Relevant
year |
Updated
base salary (NIS) |
Number
of annual bonus salaries subject to the fulfillment of targets which will be determined according to the Company’s compensation
policy* |
|
2023
|
(approximately USD |
|
|
2024
and the first 9 months of 2025 |
(approximately
USD
|
|
|
As
of October, 2025 |
(approximately
USD
|
|
F - 82
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Engagements with interested
parties and Related parties (Cont.) |
| (1) |
Gilad
Yavetz (“Gilad”): (Cont.) |
F - 83
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Engagements with interested
parties and Related parties (Cont.) |
F - 84
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Engagements with interested
parties and Related parties (Cont.) |
| (3) | Board Members: |
| A. |
Engagements
|
| (1) |
Gecama wind energy project
in Spain – transactions of hedging the electricity price |
| (2) |
Pupin
wind energy project in Serbia – Full commercial operation and signing on CFD agreement |
| (3) |
Signing on agreement
of selling a partnership holding a cluster of PV + Storage projects in Israel |
F - 85
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Engagements
(Cont.) | |
| (4) |
Investment in Jupiter
project in Germany |
| (5) |
Two facilities win bids
in the Israel Electricity Authority’s energy storage tender |
| (6) |
Winning in Israel’s
first land tender for an integrated data center and renewable energy facility |
| (7) |
Baron Floating PV + Storage
project in Israel – commercial operation |
| (8) |
Atrisco PV + Storage
project in the United States – additional Domestic Content tax equity investment |
F - 86
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Engagements
(Cont.) | |
| (9) |
Quail Ranch PV + Storage
project in the United States – partial commercial operation and tax equity arrangements |
| (10) |
Roadrunner PV + Storage
project in the United States – partial commercial operation and tax equity arrangements |
F - 87
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Engagements
(Cont.) | |
| (11) |
Snowflake
PV + Storage project in the United States - financial closing |
| (12) | Country Acres PV + Storage project in the United States - financial closing |
F - 88
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Bank and other financial
institutions guarantees which were issued by the Company: |
| (1) | Guarantees Issued in Connection with the Company’s Projects in United States: |
| (1) |
PPA guarantee of USD |
| (2) |
PPA guarantees in the aggregate amount of approximately
USD |
| (3) |
PPA guarantee of USD |
| (4) |
A guarantee in the amount of USD |
| (5) |
LGIA guarantee in the amount of USD |
| (6) |
A guarantee in the amount of USD |
| (7) |
Subsequent to the reporting date, PPA guarantees
in the aggregate amount of approximately USD |
| (8) |
Subsequent to the reporting date, a PPA guarantee
in the amount of USD |
| (9) |
Subsequent to the reporting date, a PPA guarantee
in the amount of USD |
| (10) |
Subsequent to the reporting
date, an LGIA guarantee in the amount of USD |
| (2) | Guarantees Issued in Connection with the Company’s Projects in Europe: |
| (1) |
A guarantee in the amount of EUR |
| (2) |
Two guarantees in the aggregate amount of approximately
EUR |
| (3) |
Subsequent to the reporting date, a performance
guarantee in the amount of EUR
|
F - 89
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| B. |
Bank and other financial institutions guarantees which were issued by the Company: (Cont.) | |
| (3) | Guarantees Issued in Connection with the Company’s Projects in Israel: |
| (1) |
High Voltage Storage Tender – performance
guarantees provided to Noga in the amount of NIS |
| (2) |
Yatir Forest land transaction – financial
guarantees provided to the Israel Land Authority in the amount of NIS |
| (3) |
Consumer supply agreements – financial guarantees
provided to Noga in the aggregate amount of NIS |
| (4) |
Subsequent to the reporting date, an additional
consumer agreement – financial guarantee in the amount of NIS |
F - 90
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Parent company guarantees:
|
| (1) |
As
part of acquiring the renewable energy company Clēnera in the United States, guaranties were given
to secure the Company’s undertakings towards the entrepreneurs. |
| (2) |
Guaranty
in connection with the purchase of an additional solar and energy storage portfolio in the United States on December 30, 2022 (“the
Tranche III Projects”) in favor of Parasol Renewable Energy Holdings LLC (“PREH”) up to a total of $ |
| (3) |
Parent
guaranty in connection with Tax Equity for Apex in favor of CLI-HBAN Solar Trust, dated August
12, 2022. This guaranty would become effective only if (1) Clenera Holdings failed to pay the obligations
under its guaranty and (2) the Apex project company failed to perform its obligations and. This guaranty
covers Clenera’s tax indemnity obligations, certain operational obligations, and other obligations under the tax equity arrangement.
|
| (4) |
Sponsor
Guaranty given by the Company (and Clenera Holdings, LLC) to MUFG Bank, Ltd., dated November 7, 2025. This guarantees certain Borrowers'
obligations under the Snowflake debt financing agreement. |
| (5) |
The
following parental guaranties were issued with respect to Atrisco project:
|
| (a) |
Guaranty
in connection with Tax Equity for Atrisco in favor of Bank of America dated November 17, 2023 (Atrisco PV). This guaranty
was given to secure the obligations of the Class B Member, in accordance with Section 6.02 of the ECCA
(breach of representation or warranty, among other things) and Section 9.01 of the LLCA (breach of representation or warranty, fraud,
failure to maintain Reactive Power Capability, among other things) and all obligations of Class B Member under Section 12.03(b) of the
LLCA (Class B deficit balance contribution obligation on liquidation). |
| (b) |
Guaranty
in favor of HSBC dated December 13, 2023 in connection with debt for Atrisco PV. This guaranty was
given to secure the Atrisco project Company's obligations under the Financing Agreement with respect to (1) Merchant Tail prepayment;
(2) Module Testing prepayment; (3) Reactive Power indemnity; and (4) Reactive Power prepayment. |
| (c) |
Guaranty
given by the Company to U.S. Bancorp Community Development Corporation, dated July 25, 2024 (Atrisco BESS - tax equity). This guarantees
(a) Investor Indemnified Costs under the LLCA, and (b) all other obligations of the Obligors (including the Class B Member) under the
ECCA, LLCA, Development Services and Construction Management Agreement, and Management Services Agreement. |
| (d) |
See
GIA as specified in section (16). |
| (6) |
The following
parental guaranties were issued with respect to CO Bar complex: |
| (a) |
Letter
of Indemnity, dated December 9, 2023, given by the Company in favor of Isreal Discount Bank Ltd. in connection with a letter of credit
posted by Isreal Discount Bank as performance security with respect to certain obligations pursuant to the CO Bar 3 PPA, in the amount
of $ |
| (b) |
See GIAs
as specified in section (16). |
|
|
(7) |
Letter
Agreement between Bank Hapoalim B.M. and Enlight Renewable Energy LLC dated as of September 3, 2021 (as amended from time to time). This
letter agreement was entered into as a condition to Bank Hapoalim issuing letters of credit, which have been posted as performance security
with respect to various PPA and LGIA obligations for the CO Bar 2, Crimson Orchard, Gemstone and Rustic Hills I projects, in the approximate
aggregate amount of $ |
| (8) |
Various
guaranties provided by the Company to Bank Leumi, made as a condition to Bank Leumi issuing various letters of credit posted as performance
security with respect to various PPA, financing agreement and LGIA obligations for Coggon, Country Acres, Hagerman Springs, Horsepen Branch,
Reedy Creek and Rustic Hills I, in the approximate aggregate amount of $46 million. |
| (9) |
The
following parental guaranties were issued with respect to Country Acres project: |
| (a) |
Equity
Commitment Letter given by the Company in favor of Tesla, Inc., dated December 9, 2024 (SPA B). This secures payment obligations of Country
Acres Clean Power LLC under Sale and Purchase Agreement for purchase of batteries for the Country Acres project, in the approximate amount
of $ |
F - 91
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Parent
company guarantees: (Cont.) | |
| (b) |
Amended
and Restated Sponsor Guaranty given by the Company (and Clenera Holdings, LLC) to Natixis, New York Branch, dated April 25, 2025. This
guaranties certain Borrowers' obligations under the debt financing agreement. |
| (c) |
See
guaranty as specified in section (8). |
| (10) |
The
following parental guaranties were issued with respect to Roadrunner project: |
| (a) |
Equity
Commitment Letter given by Enlight Renewable Energy LLC in favor of Tesla, Inc., dated September 6, 2025 (SPA). This secures payment obligations
of Roadrunner Battery Storage LLC under Sale and Purchase Agreement for purchase of batteries for the Roadrunner project, in the amount
of $ |
| (b) |
Sponsor
Guaranty given by the Company (and Clenera Holdings, LLC) to M&T Community & Environmental Development LLC and First-Citizens
Bank & Trust Company, dated September 26, 2025. This is a guaranty of Class B Member's obligations under the LLCA and ECCA.
|
| (c) |
See
guaranty as specified in section (9)(a). |
| (11) |
Guaranty
given by the Company pursuant to that NatPay Program Participating Customer Agreement, dated July 7, 2025, by and among Natixis, New York
Branch, Clenera Holdings, LLC and the Company This guaranties Clenera Holdings, LLC’s obligations under the NatPay Program, a short
term revolving credit facility with an outstanding balance of approximately $ |
| (12) |
Guaranty
(as amendment from time to time) by the Company in favor of Credit Agricole Corporate and Investment Bank, guarantying the obligations
of various Clenera entities pursuant to the Credit Agricole Bill of Exchange program (which in the aggregate had outstanding balances
of approximately of $ |
| (13) |
The
following parental guaranties were issues with respect to the Snowflake A Project: |
| (a) |
Sponsor
Guaranty given by the Company (and Clenera Holdings, LLC) to MUFG Bank, Ltd., dated November 7, 2025. This guaranties certain Borrowers'
obligations under the debt financing agreement. |
| (b) |
Equity
Commitment Letter given by Enlight in favor of Tesla, Inc., dated June 30, 2025. This secures payment obligations of Snowflake Solar A
LLC under Sale and Purchase Agreement for purchase of batteries for the Snowflake A project, in the approximate amount of $ |
| (14) |
The
following parental guaranties were issued with respect to Quail Ranch project: |
| (a) |
Sponsor
Guaranty given by the Company (and Clenera Holdings, LLC) to Natixis, New York Branch, dated April 10, 2025. This guaranties certain Borrowers'
obligations under the debt financing agreement. |
| (b) |
Sponsor
Guaranty given by the Company (and Clenera Holdings, LLC) to Wells Fargo Bank, N.A., dated October 31, 2025. This guaranties the Class
B Member's obligations under the LLCA and ECCA. |
F - 92
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Parent
company guarantees: (Cont.) | |
| (15) |
The
following parental guaranties were issues with respect to the Crimson Orchard Project: |
| (a) |
Sponsor
Guaranty given by the Company (and Clenera Holdings, LLC) to MUFG Bank, Ltd., dated March 12, 2026. This guarantees certain Borrowers'
obligations under the Crimson Orchard debt financing agreement. |
| (b) |
Equity
Commitment Letter given by the Company in favor of Tesla, Inc., dated September 25, 2025, to secure payment obligations of Crimson Orchard
Solar LLC under Sale and Purchase Agreement for purchase of batteries for the Crimson Orchard project, in the approximate amount of $ |
| (16) |
General
Indemnity Agreements (GIAs), entered into during 2023 to 2025 by and among several U.S. insurance companies, Clenera Holdings, LLC, Enlight
Renewable Energy LLC, and the Company, for L/C and bonding facilities in the total capacity of $ |
| (17) |
The
Company issued several guarantees associated with the Gecama hybrid project in Spain: |
| (a) |
Guaranty
given by the Company in favor of the EPC contractor in the amount of approximately $
|
| (b) |
The
following parental guarantee were issued to the turbine supplier with respect to Bjornberget wind project in Sweden. Currently this guarantee
is limited to $ |
| (18) |
Guarantees
of up to $
|
| (19) |
As
part of the signing of the financing agreement with Raiffeisen Bank Zrt., for financing RAABA ACDC (Zalos) and RAABA Flow (Tapolca) projects
in Hungary, the Company has provided on March 14, 2024 a guarantee in connection with all obligations and liabilities of RAABA ACDC kft.
and RAABA Flow kft. (the Borrowers) under the SFA. |
| (20) |
As
part of the signing of the financing agreement with Bank Hapoalim, for financing 11 PV & storage projects in Israel, the Company has
provided on November 29, 2023 the following guarantees: |
| (a) |
Guarantee
in connection with all obligations and liabilities of Enlight – Finance, Limited Partnership (the Borrower) under the SFA.
|
| (b) |
Guarantee
in connection with all obligations and liabilities of the Company's Private Supplier (Enlight Enterprise, Limited Partnership) towards
each of the Project Entities under each Private Supplier Agreement. |
| (21) |
As
part of its activity as a power supplier in the Israeli market, the Company provides from time to time guarantees to secure the Company's
Private Power Supplier (Enlight Enterprise, Limited Partnership) obligations towards commercial customers and project entities (power
producers). |
F - 93
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| C. |
Parent
company guarantees: (Cont.) | |
| (22) |
Guarantee of up to $ |
| (23) |
As part of the signing of the financing agreement with Discount Bank,
for the financing of a floating PV & storage project in Israel, the Company has provided on December 17, 2024 the following guarantees:
|
| (a) |
Guarantee in connection with all obligations and liabilities
of Enlight Floating Energy, Limited Partnership (the Borrower) under the SFA. |
| (b) |
Guarantee in connection with all obligations and liabilities of the Company's
Private Supplier (Enlight Enterprise, Limited Partnership) towards the Project Entity under the Private Supplier Agreement. |
| (24) |
As part of our ongoing business as a power supplier in the Israeli market,
the Company provides from time to time guarantees to secure the Company's Private Power Suppliers (Enlight Enterprise, Limited Partnership
and Enlight Lilach, Limited Partnership) obligations towards commercial customers and project entities (power producers).
|
| (25) |
In addition, the Company has issued several parental guarantees as part
of it regular course of business, in non-material amounts. |
F - 94
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2025
| A. |
Commencement of
commercial operations for Roadrunner Storage project |
| B. |
Commencement of
commercial operations for Quail Ranch Storage project |
| C. |
Completion of final
development milestones for CO Bar project |
| D. |
Issuance of shares
|
| E. | Crimson Orchard PV + Storage project in the United States - financial closing |