v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit for the year $ 160,702 $ 66,505 $ 98,041
Income and expenses not associated with cash flows:      
Depreciation and amortization 149,922 108,889 65,796
Finance expenses, net 118,680 83,560 28,805
Share-based compensation 10,470 8,360 4,970
Taxes on income 43,875 18,275 28,428
Tax benefits (89,437) (20,860) (5,440)
Other income, net 4,922 (4,362) (46,989)
Company’s share in losses of investee partnerships 3,722 3,350 330
Gains from projects disposals (96,431) (601) 0
Total income and expenses not associated with cash flows 145,723 196,611 75,900
Changes in assets and liabilities items:      
Change in other receivables (1,866) 12,261 (3,241)
Change in trade receivables (27,366) (9,892) (2,841)
Change in other payables 14,546 294 6,382
Change in trade payables 5,179 746 15,474
Total changes in assets and liabilities items (9,507) 3,409 15,774
Income Tax paid (14,270) (11,246) (12,236)
Repayment of contract assets 0 0 14,120
Net cash flows from operating activities 282,648 255,279 191,599
Cash flows from investing activities      
Sale (acquisition) of consolidated companies, net (Annex A) 34,295 1,871 (6,975)
Changes in restricted cash and bank deposits, net (378,648) 29,959 (53,131)
Purchase, development and construction in respect of projects (1,812,570) (899,257) (730,976)
Payments on account of acquisition of consolidated Company (6,543) (32,777) (5,728)
Interest receipts [1] 14,795 12,684 12,490
Loans provided and investment in investees (56,255) (26,531) (41,615)
Repayment of loans to investees 30,815 87 13,441
Loans provided to non-controlling interests (297) 0 0
Purchase of financial assets measured at fair value through profit or loss, net (6,475) (14,719) 26,919
Net cash used in investing activities (2,180,883) (928,683) (785,575)
Cash flows from financing activities      
Receipt of loans from banks and other financial institutions 1,783,974 939,627 623,927
Repayment of loans from banks and other financial institutions (505,360) (699,584) (203,499)
Interest paid [1] (86,860) (74,891) (54,469)
Issuance of debentures 125,838 177,914 83,038
Issuance of convertible debentures 114,685 0 0
Repayment of debentures (47,545) (26,016) (14,735)
Dividends and distributions by subsidiaries to non-controlling interest (29,805) (25,536) (13,328)
Proceeds from investments by tax-equity investors 440,484 410,845 198,758
Repayment of tax equity investment (13,609) (839) (82,721)
Deferred borrowing costs (68,225) (21,637) (1,984)
Receipt of loans from non-controlling interests 182 0 274
Repayment of loans from non-controlling interests (858) (2,960) (1,485)
Increase in holding rights of consolidated entity. (1,392) (169) 0
Issuance of shares 290,698 0 266,451
Exercise of share options 53 15 9
Repayment of lease liability (8,580) (5,852) (4,848)
Proceeds from investment in entities by non-controlling interest 12,799 179 5,448
Net cash from financing activities 2,006,479 671,096 800,836
Increase (decrease) in cash and cash equivalents 108,244 (2,308) 206,860
Balance of cash and cash equivalents at beginning of year 387,427 403,805 193,869
Changes in cash of disposal groups classified as held for sale 0 (5,753) 0
Effect of exchange rate fluctuations on cash and cash equivalents 32,826 (8,317) 3,076
Cash and cash equivalents at end of year $ 528,497 $ 387,427 $ 403,805
[1] See Note 2C for additional information regarding the change in presentation of interest receipts and interest paid