Enlight Renewable Energy Ltd. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Enlight Renewable Energy Ltd. reported its 2023 fiscal year results, including the sale of two entities and significant capital reserves.</b>

AI Summary

Enlight Renewable Energy Ltd. (ENLT) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. Enlight Renewable Energy Ltd. filed its 20-F report for the fiscal year ending December 31, 2023. The company's capital reserves totaled USD 30,469 thousand as of December 31, 2023. During 2023, Enlight sold two consolidated entities: 'Dorot' and 'Talmei Yafe'. Approximately USD 28 million of additions in 2023 applied to the capitalization of borrowing costs for qualifying assets. The company engaged in hedging transactions to mitigate EUR/NIS and USD/NIS exchange rate risks.

Why It Matters

For investors and stakeholders tracking Enlight Renewable Energy Ltd., this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and strategic activities for the fiscal year 2023. Key financial figures and operational details are disclosed, offering insights into the company's current standing and future outlook in the renewable energy sector.

Risk Assessment

Risk Level: — Enlight Renewable Energy Ltd. shows moderate risk based on this filing. The company's financial disclosures, while detailed, lack specific consolidated financial statements (revenue, net income, EPS) in the provided text, making a full financial health assessment challenging.

Analyst Insight

Investors should review the full 20-F filing for detailed financial statements and management's discussion and analysis to fully assess Enlight Renewable Energy's performance and outlook.

Key Numbers

• 30,469 — Capital Reserves (As of December 31, 2023 (in thousands of USD))
• 28 — Capitalized Borrowing Costs (Amount in millions of USD applied in 2023)

Key Players & Entities

• Enlight Renewable Energy Ltd. (company) — Filer of the 20-F report
• Dorot (company) — Consolidated entity sold in 2023
• Talmei Yafe (company) — Consolidated entity sold in 2023
• USD 28 million (dollar_amount) — Amount applied to capitalization of borrowing costs in 2023
• EUR/NIS (dollar_amount) — Exchange rate hedged
• USD/NIS (dollar_amount) — Exchange rate hedged

FAQ

Risk Factors

• Future Liability to Sellers [medium — financial]: The balance as of December 31, 2021 and December 31, 2022 was due to a future liability to the sellers in wind projects in Sweden (Picasso), Kosovo (SOWI) and Spain (GECAMA).
• Payables in Spain Project [low — financial]: In 2021, in respect of the project in Spain (GECAMA), there was an additional balance of payables of NIS 3.5 million (EUR 1 million), repayable over one year after the balance sheet date.
• Capitalization of Borrowing Costs [medium — financial]: Approximately USD 28 million in 2023 (USD 39 million in 2022) was applied to the capitalization of borrowing costs arising from the construction of qualifying assets.

Glossary

Reverse Share Split

A corporate action where a company reduces the number of its outstanding shares. (Affects the number of ordinary shares reported.)

Value Added Tax (VAT) Facility

A financial arrangement related to VAT, often used during construction periods. (Withdrawals from this facility are noted in the filing.)

Hedging Transaction

A financial strategy to offset potential losses from adverse price movements. (Used by the company to hedge against currency exchange rate fluctuations.)

Key Financial Figures

• $ — State of Israel, the terms "dollar," "US$," "USD," "U.S. dollar" and "$" refer to
• $1.00 — bruary 26, 2024, which was NIS 3.649 to $1.00. " CEE " refers to central and eastern

Filing Documents

• zk2431157.htm (20-F) — 8928KB
• exhibit_2-1.htm (EX-2.1) — 45KB
• exhibit_4-4.htm (EX-4.4) — 12KB
• exhibit_4-6.htm (EX-4.6) — 10KB
• exhibit_8-1.htm (EX-8.1) — 134KB
• exhibit_12-1.htm (EX-12.1) — 11KB
• exhibit_12-2.htm (EX-12.2) — 11KB
• exhibit_13-1.htm (EX-13.1) — 4KB
• exhibit_13-2.htm (EX-13.2) — 4KB
• exhibit_15-1.htm (EX-15.1) — 4KB
• exhibit_99-7.htm (EX-99.7) — 37KB
• image0.jpg (GRAPHIC) — 385KB
• image00003.jpg (GRAPHIC) — 3KB
• image00008.jpg (GRAPHIC) — 36KB
• image00009.jpg (GRAPHIC) — 34KB
• image00010.jpg (GRAPHIC) — 57KB
• image00012.jpg (GRAPHIC) — 34KB
• image00013.jpg (GRAPHIC) — 36KB
• image00014.jpg (GRAPHIC) — 39KB
• image00015.jpg (GRAPHIC) — 48KB
• image00001.jpg (GRAPHIC) — 372KB
• 0001178913-24-001125.txt (&nbsp;) — 39868KB
• enlt-20231231.xsd (EX-101.SCH) — 273KB
• enlt-20231231_cal.xml (EX-101.CAL) — 97KB
• enlt-20231231_def.xml (EX-101.DEF) — 643KB
• enlt-20231231_lab.xml (EX-101.LAB) — 2198KB
• enlt-20231231_pre.xml (EX-101.PRE) — 951KB
• zk2431157_htm.xml (XML) — 9882KB

Risk Factors

Risk Factors 5 ITEM 4. INFORMATION ON THE COMPANY 42 A. History and Development of the Company 42 B. Business Overview 43 C. Organizational Structure 67 D. Property, Plants and Equipment 68 ITEM 4A. UNRESOLVED STAFF COMMENTS 68 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 68 A. Operating Results 75 B. Liquidity and Capital Resources 80 C. Research and Development, Patents and Licenses, Etc. 89 D. Trend Information 89 E. Critical Accounting Estimates 89 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 90 A. Directors and Senior Management 90 B. Compensation 93 C. Board Practices 99 D. Employees 109 E. Share Ownership 110 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 110 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 110 A. Major Shareholders 110 B. Related Party Transactions 112 C. Interests of Experts and Counsel 112 ITEM 8. FINANCIAL INFORMATION 112 A. Consolidated Statements and Other Financial Information 112 B. Significant Changes 112 ITEM 9. THE OFFER AND LISTING 113 A. Offer and Listing Details 113 B. Plan of Distribution 113 C. Markets 113 D. Selling Shareholders 113 E.

Dilution

Dilution 113 F. Expenses of the Issue 113 ITEM 10. ADDITIONAL INFORMATION 113 A. Share Capital 113 B. Memorandum and Articles of Association 113 C. Material Contracts 113 D. Exchange Controls 113 E. Taxation 113 F. Dividends and Paying Agents 120 G. 120 H. Documents on Display 120 I. Subsidiary Information 120 J. Annual Report to Security Holders 120 ii ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 120 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 121 PART II 121 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 121 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 121 ITEM 15. CONTROLS AND PROCEDURES 122 ITEM 16. [RESERVED] 122 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 122 ITEM 16B. CODE OF ETHICS 122 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 123 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 123 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 123 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 123 ITEM 16G. CORPORATE GOVERNANCE 124 ITEM 16H. MINE SAFETY DISCLOSURE 124 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 124 ITEM 16J. INSIDER TRADING POLICIES 124 ITEM 16K. CYBERSECURITY 124 PART III 126 ITEM 17. FINANCIAL STATEMENTS 126 ITEM 18. FINANCIAL STATEMENTS 126 ITEM 19. EXHIBITS 127

SIGNATURES

SIGNATURES 129 iii INTRODUCTION In this Annual Report on Form 20-F (the "Annual Report"), references to "we," "us," "our," "our business," the "Company," "Enlight" and similar references refer to Enlight Renewable Energy Ltd. and, where appropriate, its consolidated subsidiaries. This Annual Report contains estimates, projections and other information concerning our industry and our business, as well as data regarding market research, estimates and forecasts prepared by our management. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those discussed under the headings "Cautionary Statement Regarding Forward-Looking Statements" and Item 3.D. "Risk Factors" in this Annual Report. CAUTIONARY This Annual Report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report other than statements of historical fact, including, without limitation, statements regarding our future operating results and financial position, our business strategy and plans, capabilities of our project portfolio and achievement of operational objectives, progress of our projects, including anticipated timing of related approvals and of completion of our ongoing projects, anticipated regulatory developments, eco

Identity

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

. Offer

Item 2 . Offer Statistics and Expected Timetable Not applicable.

. Key

Item 3 . Key Information A. [Reserved.] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors You should carefully consider the risks and uncertainties described below and the other information contained in this Annual Report before making an investment decision. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition, results of operations, or strategic objectives could be materially and adversely affected by any of these risks and uncertainties. The trading price and value of our ordinary shares could decline due to any of these risks and uncertainties, and you may lose all or part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks and uncertainties faced by us described below and elsewhere in this Annual Report. Risks related to development and construction of our renewable energy projects The growth of our business depends upon our ability to continue to source and convert our Development Projects, Advanced Development Projects and Mature Projects (which are under construction, are in pre- construction or have signed a PPA) into Operational Projects. We may not be successful in converting our Development Projects, Advanced Development Projects and Mature Projects into Operational Projects. The completion of renewable energy projects involves numerous risks and uncertainties, including the risks set forth elsewhere in this "Risk Factors" section. These risks and uncertainties may prevent some projects from progressing to construction and/or operational phases altogether, in a timely manner and on acceptable terms. In addition, for a variety of r

View Full Filing

View this 20-F filing on SEC EDGAR