Enlight’s 2022 Revenues Improved 88 Percent YoY

Israel & US Listed Enlight Improved 2022 Annual Revenues, Adjusted EBITDA & Net Income; Increases Annual Project Deployment Guidance From 2026

Enlight’s 2022 Revenues Improved 88 Percent YoY

Enlight sees supportive regulatory backdrop in the US and Europe as positives for its renewable energy business in these markets. It now expects to install 1.5 GW annually from 2026 and beyond. (Source: Enlight Renewable Energy)

  • Enlight exited 2022 having operationalized 810 MW new capacity, and added close to 2 GW to project pipeline in Q4
  • It has clarity on module supply for its project pipeline with several contracts including a 2 GW agreement with India’s Waaree
  • Expects to report between $290 million and $300 million in revenues, along with $188 million and $198 million adjusted EBITDA in 2023

Enlight Renewable Energy, the Israel based renewable energy company that has now also debuted on the NASDAQ and raised $271 million, improved its annual revenues in 2022 by 88% to $192 million along with reporting 96% increase in adjusted EBITDA having brought online over 810 MW new capacity.

Net income of Enlight last year went up 76% to $38 million. To the annual numbers, Q4/2022 contributed $61 million in revenues and $43 million in adjusted EBITDA, both having risen 74% and 99% YoY, respectively.

It also started construction on 630 MW of new generation and 1.7 GWh of energy storage capacity in 2022. Management expects its mature project portfolio, including 4.5 GW of generation and 2.7 GWh of energy storage globally to reach commercial operation by 2025-end.

In Q4/2022, it added close to 2 GW to its project pipeline that had cleared interconnection cost and timeline studies in the US, taking the cumulative to over 8.4 GW due to strong demand in the market.

Enlight’s total operational capacity now stands at 1.4 GW. Another 1 GW of generation and 1.7 GWh of storage capacity is currently under construction. Procurement for all projects under construction is complete, including for 360 MW Atrisco Solar Project that will be accompanied by 1,200 MWh storage that have been sourced from a US supplier.

It has also entered a procurement contract for 2 GW with India’s Waaree, that are AD/CVD and UFLPA compliant, to be delivered through 2025. This, it says, gives the company clarity on meeting module supply needs for the US pipeline.

Enlight amended PPAs for 988 MW generation and 1,200 MWh storage in 2022 with increase ranging between 17% to 25%. Another 885 MW of additional capacity is currently under negotiation to be amended.

Due to these amendments and benefits of the Inflation Reduction Act (IRA), Philip Shen of Roth MKM expects attractive project returns for the company in the near future. PPAs could be amended to increase to around 20%, according to Shen.


For FY 2023, Enlight expects to lock in between $290 million and $300 million in revenues, along with $188 million and $198 million adjusted EBITDA. It guides for 1.759 GW capacity to become operational by 2023-end.

“With the passage of the Inflation Reduction Act in the US and a supportive regulatory backdrop in Europe, we believe we are well positioned to deliver both rapid growth and above-market project returns,” said Enlight’s CEO Gilad Yavetz. “We are therefore increasing our annual project deployment guidance from 2026 and beyond to 1.5 GW per year, as we believe we are very well positioned to strategically capture the largest and most attractive renewable energy opportunities across our markets.”

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

Subscribe To Newsletter

Register for the upcoming event

Latest Videos


Subscribe To Our Taiyang NewsLetter 
Enter your email to receive our daily solar sector updates.