Enlight Renewable Energy (NASDAQ:ENLT) reported higher second-quarter results and raised its full-year outlook, citing contributions from newly operating projects, favorable foreign exchange rates, electricity trading in Israel and elevated power prices in Europe.
Revenue and income rose 55% year over year to $210 million in the second quarter, while adjusted EBITDA increased 67% to $160 million. Net income reached $31 million, compared with $6 million a year earlier, and operating cash flow increased 34% to $84 million.
Guidance Raised After Strong First Half
Enlight raised its 2026 revenue and income guidance to $790 million to $820 million, from a previous range of $755 million to $785 million. It increased adjusted EBITDA guidance to $565 million to $585 million, from $545 million to $565 million.
At the midpoint, the updated outlook represents $805 million of revenue and income and $575 million of adjusted EBITDA. Management attributed the increase to first-half performance, higher projected revenue from electricity trading in Israel, and elevated electricity prices in Europe and Israel.
For the first half, revenue and income increased 55%, according to Chief Financial Officer Nir Yehuda. Excluding the contribution from a sale of interests in the Sunlight Cluster, first-half adjusted EBITDA rose approximately $99 million, or 53%, to $314 million. First-half operating cash flow increased 48% to $185 million.
Yehuda said the company’s operating cash flow, excluding working-capital fluctuations, was running at approximately $100 million per quarter. Second-quarter adjusted EBITDA included a $17 million contribution from a follow-on sale of an additional 15% interest in the Sunlight Cluster.
During the question-and-answer session, Chief Corporate Development Officer Itay Banayan said Enlight does not expect additional sell-downs during the second half of 2026. He said the company’s growing electricity-trading activity in Israel contributes to revenue growth but carries a lower EBITDA margin, while the Sunlight transactions also contributed to first-half results.
Portfolio Expands and U.S. Financing Advances
Enlight said its total portfolio increased 4.6% sequentially to 43.1 factored gigawatts, while its mature portfolio of operating, under-construction and pre-construction projects rose 6% to 12.3 factored gigawatts.
The company completed financial close on the $2.6 billion CO Bar Complex financing in Arizona, its largest financing to date. The five-phase complex is planned to include 1,211 megawatts of solar generation and 4,000 megawatt-hours of energy storage. Jared McKee, chief executive officer of Cl?nera, said the project has expected capital expenditures of about $3 billion.
Construction began on CO Bar’s third phase during the quarter, adding 473 MW of photovoltaic generation to phases already under construction. Enlight is targeting full mobilization in the fourth quarter for the final two storage phases, which represent 3,176 MWh of storage. Initial commercial operation is targeted for the second half of 2027, with full commercial operation expected in the first half of 2028.
The company also signed its first U.S. commercial offtake agreement, a power purchase agreement with Google for 200 MW of solar generation from the Solstice project in Oklahoma. McKee said the agreement will support Google’s data-center activity in the region and marks Enlight’s first PPA in the Southwest Power Pool.
Leviatan said Enlight expects to pursue additional agreements with hyperscalers as it expands beyond its historical Western U.S. focus into markets including the Southwest Power Pool and PJM. He said the company may also use generation from certain projects to support data centers it develops itself rather than enter into external PPAs.
Enlight said it safe-harbored 17.9 factored gigawatts of U.S. capacity for Investment Tax Credit purposes, exceeding its previous target range. McKee said that represented an anticipated 52% of the company’s approximately 29-FGW U.S. portfolio. Management said it focused safe-harbor efforts on projects it believes can reach commercial operation before 2030.
European Storage Expansion and Build-Out Plans
In Europe, Enlight entered Romania and expanded its position in Finland through battery-storage acquisitions. In Finland, the company acquired three storage projects with combined capacity exceeding 1.4 GWh. Two projects totaling 902 MWh began construction, and the third is expected to begin construction later this year.
Management expects the Finnish projects to enter commercial operation in the first half of 2028 and generate more than $50 million of EBITDA in their first full year, with a combined unlevered return of about 16.5%.
In Romania, Enlight acquired the Karpen Cluster, which will add 848 MWh of storage capacity. The company expects an unlevered return of approximately 17%, with commercial operation beginning in phases from the second half of 2028 through the first half of 2029.
Leviatan said the company sees opportunities in European storage because growing renewable generation is creating a mismatch between hours of electricity production and consumption. He said Enlight intends to combine merchant-market opportunities with contracted revenue arrangements, including floor contracts, to support project financing while retaining potential upside.
Enlight also began construction on the 880-MWh Bertikow battery-storage project in Germany, which is targeted to begin commercial operation in the first half of 2028.
Liquidity and 2028 Roadmap
The company raised about $350 million in the second quarter through an expansion of its Series G bond on the Tel Aviv Stock Exchange, with a stated rate of 4.4%. This followed a $422 million private equity placement in the first quarter.
As of the end of the second quarter, Enlight had $877 million of cash and cash equivalents at the corporate level and $287 million held by subsidiaries. It also reported $480 million available under credit facilities and approximately $1.1 billion available under letter-of-credit and surety-bond facilities.
Management said its mature portfolio includes 3.9 FGW of operating projects and 8.4 FGW of projects under construction or in pre-construction. Approximately 69% of required project financing had been secured, while about half of the required equity had already been invested. The company said it had about $1.2 billion of liquidity available to fund roughly $700 million of remaining equity investments required for the mature portfolio.
Enlight expects an additional 2.7 FGW to begin construction in 2026 and said it could have more than 7 FGW under construction by year-end. It expects more than 90% of its mature portfolio to be operating or under construction by the end of 2026.
The company’s roadmap calls for operating capacity of about 12 FGW and annual recurring revenue and income above $2.2 billion by the end of 2028. Enlight said it is also developing a data-center pipeline of roughly 2 GWIT across the U.S., Israel and Europe, though its 2028 roadmap does not include contributions from that business. Management expects capital expenditures for selected data-center initiatives to begin in 2027.
About Enlight Renewable Energy (NASDAQ:ENLT)
Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).
Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.
