Enlight Renewable Energy Q2 2024 Earnings Call Transcript

Quartr
Provided by Quartr
August 7, 2024

There are 8 speakers on the call.

Operator

Good day, and thank you for standing by. Welcome to the nLIGHT's Second Quarter 2024 Earnings Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Yonah Weisz, Director. Please go ahead.

Speaker 1

Thank you, operator. Good morning, everyone, and thank you for joining our Q2 2024 Earnings Conference Call for nLIGHT Renewable Energy. Before beginning this call, I would like to draw participants' attention to the following. Certain statements made on the call today, including, but not limited to, statements regarding business strategy and plans, our project portfolio, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources pricing trends for materials progress of company projects, including anticipated timing of related approvals and project completion and anticipated production delays expected impact from various regulatory developments completion of development, the potential impact of the current conflicts in Israel on our operations and financial condition and company actions designed to mitigate such impact and the company's future financial and operational results and guidance, including revenue and adjusted EBITDA, are forward looking statements within the meaning of U. S.

Speaker 1

Federal securities laws, which reflect management's best judgment based on currently available information. We reference certain project metrics in this earnings call and additional information about such metrics can be found in our earnings release. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our 2023 Annual Report filed with the SEC on March 28, 2024, and other filings for more information on the specific factors that could cause actual results to differ materially from our forward looking statements. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

Speaker 1

Additionally, non IFRS financial measures may be discussed on the call. These non IFRS measures should be considered in addition to and not as a substitute for or in isolation from our results prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations webpage. With me this morning are Gilad Yarets, CEO and Co Founder of Enyte Nir Yehuda, CFO of Ignite and Adam Pichel, CEO and Co Founder of Clanera. Gilad will provide some opening remarks and will then turn the call over to Adam for a review of our U.

Speaker 1

S. Activity and then Taneer for a review of our Q2 results. Our executive team will then be available to answer your questions.

Speaker 2

Thank you, Yonah, and thank you all for joining us today. NLIGHT continues to deliver excellent performance as we progress through 2024, and we are pleased to present a very strong set of financial results for the first half and second quarter of 2024. Comparing the first half of twenty twenty four to the same period in 2023, revenue grew 42% to $175,000,000 adjusted EBITDA grew 33 percent to 126,000,000 dollars net income dropped to $34,000,000 and cash flow from operation was lower by 4% to $91,000,000 On a quarter to quarter basis compared to last year, revenue was up 61% to $85,000,000 and adjusted EBITDA grew 39 percent to $58,000,000 Net income was $9,000,000 versus $22,000,000 driven by inflation indexation impacts and the cleaner earnout calculation, which Nir will explain in more detail later on, while cash flow from operation rose to $56,000,000 up 42%. On the back of these results, we are pleased to increase our full year 2024 guidance ranges. We now expect 2024 revenues of 3.40 $5,000,000 to $360,000,000 up from $330,000,000 to $360,000,000 dollars while we now expect 2024 EBITDA of $245,000,000 to 260,000,000 dollars up from $235,000,000 to $255,000,000 This represents an increase of $5,000,000 $7,500,000 at the midpoint, respectively.

Speaker 2

Enlight is now in the midst of delivering on its major expansion plan, and we continue to execute on the build out of our mature portfolio. From the beginning of 2024, we have completed construction on 0.5 Gigawatt and 1.4 Gigawatt Hour of capacity, including our flagship Atrisco Solar and Energy Storage Project in New Mexico. This capacity is expected to contribute $71,000,000 in revenues $56,000,000 in EBITDA on a full year basis. In the next two quarters, we will start with construction CapEx on 8 10 megawatts and more than 2 gigawatt hour at 3 additional projects in the U. S, which are expected to contribute $132,000,000 in revenues and $106,000,000 in EBITDA on an annual basis when fully operational.

Speaker 2

In the next 3 years, our global generation and storage The United States is now experiencing a transformation in electricity demand. Power consumption is rising fast and it's estimated that 2 thirds of the growth in the U. S. Power demand till the end of this decade can be attributed to the electricity needs of data centers, AI and electric vehicles alone. This is being reflected in higher PPA prices.

Speaker 2

And light is uniquely positioned for a tight power market environment with a broad set of projects that are deliverable in the short to medium term. These include our flagship Atrisco project with 3 64 Megawatts and 1.2 Gigawatt Hour capacity located in New Mexico, where we have recently achieved financial close for the energy storage portion of the complex for more than $400,000,000 in loans and tax equity. This completes the financing for the entire Atriska complex with the solar portion financed in December 2023. Atrisco construction has been completed with the gradual commencement of the solar component planned to begin in the coming weeks. We expect full COD of the co located solar and energy storage complex to be reached by the end of the year.

Speaker 2

We are also beginning to build additional capacity in the Western U. S. With Country Acres, Quail Ranch and Roadrunner, 3 major projects totaling 8 10 Megawatts and 2.0 Gigawatt Hours capacity. We are now completing development and expect construction CapEx to begin by the end of 2024. Equipment prices remain favorable with panels and battery prices having fallen by around 25% to 30% from the start of 2023.

Speaker 2

All these factors create extremely beneficial tailwinds for the project that we will be building between now and 2027, which we expect to yield an attractive unlevered return of approximately 10.5%. Adding in financing between 5.5% to 6 percent results in leverage returns in the mid to high teens. Our European projects are benefiting from robust market conditions. Spanish electricity prices now in the €60,000,000 to €70,000,000 range are resulting in excellent financial performance at Chicama. The profitability of this project is well above what we modeled when we first planned it, and we have already recovered half of our equity investments in the past 3 years.

Speaker 2

We have hedged 65 percent of HECAM's anticipated 2024 generation for EUR 100 per megawatt hour and have already begun building up a hedge for 2025, which so far covers 45% of next year's output at a price of €64 per megawatt hour. Thekama continues to excel on an operational level with generation volumes up 14% 17% for the Q2 of 2024 and first half twenty twenty four respectively when compared to the same period last year. Construction at Project Pupil in Serbia continues on pace with turbines now being delivered and installed on-site. This 94 Megawatts wind form achieved financial close last quarter and is scheduled to reach COD during the second half of twenty twenty five. Finally, Tepolsa, a 60 megawatt fully merchant solar project, began operation on schedule at the end of July, marking the completion of our 5th project in Hungary.

Speaker 2

Enlai keeps on broadening its presence in Israel. Yesh and Reim 2 projects that are part of the 248 Megawatts and 593 Megawatt Hour Israel Solar and Storage Cluster reached COD during the Q2. The cluster is approaching its full capacity with 3 more projects left to be completed during 2024. We also received approval for 200 megawatts of additional interconnect to Israel National Grid, which will be used to expand the offtake of existing projects as well as support the launching of new ones. On the commercial side, we continue to expand our reach into Israel newly deregulated power sector.

Speaker 2

Our joint venture with Electropower to supply electricity to the country's household sector was formally launched in July, and we signed 5 additional PPAs with industrial customers. To sum up, this quarter showed strong financial performance, which is reflected in our results and increased guidance ranges. The U. S. Market presents a compelling opportunity to drive Enlight's rapid growth.

Speaker 2

Power demand continues to rise, while equipment costs remain low, resulting in higher PPA prices and attractive project returns. We continue to progress with our development goals and project CODs on a global scale. And it is exactly such an environment which position in light to realize its dual goal of delivering higher than market growth at higher than market returns. I'd now like to hand the call over to Adam.

Speaker 3

Thank you, Gilat. NLIGHT and Clean Air continue to deliver on our rapid expansion strategy in the U. S. Renewable energy market. We are currently focused on commissioning the Atrisco project as well as financing and starting construction on the Quail Ranch, Roadrunner and Country Acres projects.

Speaker 3

Together, these four projects total approximately 1.2 gigawatts of solar and 3.2 gigawatt hours of energy storage capacity. Let us begin with a closer look at Atrisco. This project has a capacity of 3 64 Megawatts of Solar and 1.2 Gigawatt Hours of Energy Storage and is one of the largest battery projects in the U. S. The first portion of the solar facility is expected to be connected to the grid imminently and we expect the remaining solar and energy storage components to be connected and achieve COD later this year.

Speaker 3

In addition, we recently reached financial close on the energy storage portion of the project receiving more than $400,000,000 of debt and tax equity from top tier lenders including HSBC and U. S. Bank. This financing from the world's leading banks demonstrates the quality of our projects and our ability to fund our growth. We are proud to have earned their trust and are excited to build upon these key relationships.

Speaker 3

As Atrisco nears completion, we continue to focus on Country Acres, Quail Ranch and Roadrunner. These projects total 8 10 megawatts of solar and over 2 gigawatt hours of energy storage capacity. All three projects are nearing construction. Development of Country Acres, a 3 92 Megawatt Energy and 688 Megawatt Hour Battery Project in California is progressing and we are finalizing details with the utility. Quail Ranch, a New Mexico project is a 128 Megawatt Solar and 400 Megawatt Hour Storage brownfield expansion of Atrisco.

Speaker 3

It awaits regulatory and legal approval of the PPA and ESA agreements. Roadrunner is a 2 90 Megawatt Solar and 9 40 Megawatt Hour Energy Storage Project in Arizona. It is currently awaiting government permits ahead of construction. We are also excited to highlight our C. O.

Speaker 3

Bar Complex in Arizona. The C. O. Bar Complex is currently made up of 3 projects totaling 1.2 gigawatts of solar and 8 24 Megawatt hours of energy Storage with the potential to expand the energy storage portion to an additional 3.2 gigawatt hours, making it the largest complex we've announced in the U. S.

Speaker 3

The project has been delayed due to the interconnection queue reform announced by APS in the Q3 of 20 23. This process is still ongoing and we continue to work with the utility to help enable completion of the interconnection facilities as rapidly as possible. The energy market continues to provide compelling support for our project fundamentals. Increased demand for renewable energy is reinforcing PPA pricing, which reflects the scarcity of new projects. Both solar module and battery prices are lower than at the beginning of last year.

Speaker 3

Additionally, there is some indication interest rates may begin to drop, which would have a positive impact on our cost of finance. Our relationship with suppliers remains strong and we have been able to adapt to the new AD CBD framework. For example, one of our key panel suppliers has relocated self production to non affected Southeast Asian countries, which enables a stable supply of modules for future projects. In light of the current U. S.

Speaker 3

Regulatory environment, we are expanding relationships with suppliers to further diversify our supply chain and pursue more domestic content qualifications. These important partnerships, our ability to adapt to changing market conditions and continuing to deliver high quality projects are propelling our U. S. Expansion strategy. I'd now like to turn the call over to Nir for a review of our quarterly results.

Speaker 3

Nir?

Speaker 4

Thank you, Adam. In the Q2 of 2024, the company's revenue increased to $84,000,000 up from $53,000,000 last year, a growth rate of 61% year over year. Growth was mainly driven by new projects compared to last year as well as higher production and inflation indexation at some of our operational projects. Since the Q2 of 2023, where new projects in the U. S, Hungary and Israel started selling electricity.

Speaker 4

The most important of this is Genesis Wind, which contributed $10,000,000 to revenue, followed by the Israel storage and solar cluster, which added an additional $6,000,000 The Orenbeth, with third limited amount power during the Q2 of 2023, contributed $5,000,000 in this quarter. The Tama revenue increased 37% year over year to $30,000,000 as the project benefited from positive pricing and production trends. We sold electricity at an average of €71 per megawatt, plus €58 per megawatt for the same period this year, while production was up 40% from the same period last year. The average price realized through our hedging strategy was €85 per megawatt covering 70% of the quarter production. Current market conditions have significantly filled up with prices in the range of EUR 60 to EUR 70 per megawatt.

Speaker 4

Finally, the reclassification of financial assets project in Israel, the fixed asset project boosted revenues by $5,000,000 2nd quarter net income decreased from $22,000,000 last year to $9,000,000 this year, a decline of 58 percentage year over year. The impact of new projects added $6,000,000 In addition, we experienced a significant inflation impact on our shekel denominated debt, which resulted in a non cash financial expenses of 5,000,000 We also expect revenue to rise higher due to the index linkage for the majority of our electricity PPAs in Israel, which will be reflected in our financial statement starting for 2025 onward. Overall, this represents a net benefit to the company. The reclassification of the financial assets reduced financial income by $3,000,000 In addition, other income in the Q2 of last year was higher by $10,000,000 net of tax due to one off benefits linked to change in cleaner analysis calculations and recognition of LDs from Siemens Gamesa due to their delay in reaching full production at Project Bjornberg. In the Q2 of 2024, the company adjusted EBITDA grew by 39% to $58,000,000 compared to $42,000,000 for the same period in 2023.

Speaker 4

On the whole, adjusted EBITDA growth was driven by the same positive factor, which affected our revenue growth and which contributed $24,000,000 Note that adjusted EBITDA for Q2 of 2023 was boosted by $8,000,000 from recognition of LD's compensation. Looking to our balance sheet. Enlight achieved the major financial closing of Atrisko Energy Storage in the U. S. At the end of July.

Speaker 4

We raised 407 $1,000,000 in term loans and tax equity for the construction of energy storage component of the project. When adding the $303,000,000 raised at the financial close of the solar portion in December 2023, the total financing and tax equity amounted to 710,000,000 dollars for the entire solar energy storage complex. Financial and tax equity arrangements for the entire at risk of project are now complete. We also recycled $234,000,000 of the excess capital back to nLIGHT as a result of this transaction. This fund will be used to propel Enlight's future growth forward.

Speaker 4

In addition, Enlight has 3 $20,000,000 of revolving credit facility at Israeli Bank, of which $170,000,000 has been drawn as of the publication of this report. Moreover, in the Q2 of 2024, cash flow from operations was $56,000,000 an increase of 42 percentage year over year. Moving to 2024 guidance. Given the strong set of results we delivered for the Q2 and first half of twenty twenty four, we are raising our financial outlook for the year. On the back of sound operational performance as well as O and M and SG and A cost saving, our range for twenty twenty four revenue guidance rises to $345,000,000 to $360,000,000 from $335,000,000 $360,000,000 previously.

Speaker 4

And our adjusted EBITDA guidance range rises to $245,000,000 to $260,000,000 from $235,000,000 $1,000,000 and $255,000,000 previously. This represents an increase of $5,000,000 $7,500,000 from previous midpoints respectively and further demonstrate the financial strength of the company as it continues to deliver rapid growth and expansion. I will now turn the call over to the operator for questions.

Operator

Thank you. Our first question comes from the line of Justin Clare from Roth Capital Partners. Please go ahead. Your line is open.

Speaker 5

Hi. Thanks for taking the question. So, first off, I was wondering if you could just share how much of your capacity that is currently planned for completion through 2027 is uncontracted at this point. And maybe if you could just talk about your strategy for contracting the remainder of your open capacity, share when you might be able to sign PPAs for the uncontracted amount? And then just do you anticipate PPAs likely to be above where you've contracted other assets recently?

Speaker 5

It sounds like PPA prices are continuing to move upwards. Maybe just comment on what you're seeing there.

Speaker 2

Jono, why don't you take this question and Adam can compliment you?

Speaker 1

Justin, hi there. Thanks for your question. At this point, we have some most of our projects are contracted. We do have some open PPAs on the far end of our mature portfolio. However, the important thing to point out here is that our advanced development portfolio, which is again a bit further out than our mature portfolio is completely uncontracted.

Speaker 1

And we do have a sense given the demand that we see in the United States that PPAs will remain at the levels that we see today and have potential for increases.

Speaker 3

Yes. Thank you for your question and thank you. Thank you, Yonah. Just to add a little bit of color there. Certainly those PPAs we expect to continue to be at this level or higher in the future.

Speaker 3

We are actively with some of the projects that we currently have actively renegotiating PPA prices and receiving higher rates than were previously contracted as well.

Speaker 5

Okay, great. And then maybe just shifting to the supply chain here. I was wondering if you could just share where you are in the procurement process as we look at Quail Ranch, Roadrunner, Country Acres. It sounds like you do have a cell supplier now EDCVD, the new framework that was put in place. But wondering, is that supplier currently in the process of ramping up new manufacturing facilities?

Speaker 5

Is supply available today? And then maybe you could comment on just where you're seeing module prices for U. S. Projects, has that moved upward since the introduction of this new ADCVD framework?

Speaker 2

Yes. I can start and then Adam, you can compliment me if you like. Hi, it's Vilaad. So in general, as you asked, as you said in your question, so we have secured the line of supply for panels for 3 projects in the U. S.

Speaker 2

Through a non ADCVD impacted country. It means that we have a reliable source of supply for all the 800 megawatts in countries that are not impacted. So not from the 4 countries in Southeast Asia rather than in India. And in terms of the trend on the price, so we see of course, I think we need to start with the base trend. So the price before tariffs and then prices after the tariffs.

Speaker 2

So if we analyze prices before tariffs, so we see a very sharp drop in the base panel prices throughout the world. Today, before tariffs, we are on $110 per kilowatt on the international market. And we see the same trend for batteries. We are now on 170 dollars per kilowatt, and we see this trend going down. So towards 2,030, we will So in the U.

Speaker 2

S. With the tariffs, of course, prices are higher, but still lower than what we saw at the beginning of 2023. We are about 25% lower than sometimes 30% lower than the prices that we assumed in our model in 2023. Therefore, the returns for the project right now are increasing in the overall through this higher level of PPA prices, as we mentioned before, lower level of panels in the U. S.

Speaker 2

In the overall after the tariffs and let's say, the stabilized financing cost that we see with some positive trend of the cost of finance even declining. So in the overall, we see better returns. We mentioned in our presentation an average return for the new projects of 10.5% before levered, which is even a rough return because it's only EBITDA to EV to EBITDA. So if you take the long term results, it's even better. And of course, after leverage with cost of capital around 6 percent and maybe lower, returns reaches deep teens.

Speaker 2

So we see good trends on the market right now.

Speaker 5

Okay, great. That's helpful. One more question just on domestic content here, the potential for the ADR. I was wondering if you think you could secure the domestic content adder for any of your battery storage projects with CODs in 2025 or 2026. Sounds like there's different suppliers that are offering alternative approaches to qualification, some with domestic sales, some without.

Speaker 5

So just wondering if that has been factored into your model and what the potential is for securing that ADR?

Speaker 4

So we'll start with Atrisco.

Speaker 2

Atrisco, as you know, is based on Tesla batteries, and they have potential to qualify for the tax equity either. We will know that for sure on COD. So currently, it's not model. It's a pure upside, and we will see in the future. Regarding additional projects in the U.

Speaker 2

S, so in the project where we will use Tesla, so there is a potential for the U. S. Content. Of course, it varies from project to project to clear the line, but there is a clear potential for that. And for the rest of the suppliers, I believe the potential is a little bit down the road towards 20 20 6%, 20 27%.

Speaker 5

Okay, great. I appreciate it. Thank you.

Operator

Thank you. We'll now move on to our next question. Our next question comes from the line of Maheep Mandloi from Mizuho. Please go ahead. Your line is open.

Speaker 6

Hey, hello and thanks for taking the questions here. I'm just following with the last question there. So can you confirm on the unlevered returns? Does that assume your latest module cost assumptions as a supplier moves to the U. S?

Speaker 6

On the Tesla content or other domestic suppliers, does it also include the domestic content or that's still an upside to the yields there?

Speaker 2

So the tax equity adder for domestic content is still not included. So it's an upside on which we will know in the coming months. And on the brownfield side for Atrisco, it is included.

Speaker 6

Perfect. Perfect. And maybe one question just on slide, I think it was 18, where you kind of like show the timeline of projects to be delivered in Virginia, the list of projects, but it's under construction or under development. Could you just maybe talk about the timeline on when do you expect those to be installed or COD in Virginia? And what kind of returns are looking over there as well?

Speaker 2

Yes, great question. Thanks. So we do have quite a substantial portfolio there in PGM comparing, let's say, in light of the fact that Clinera is a developer that is expertise is usually in the West and 70% of the portfolio comes from the West. Having said so, we do have a couple of projects, about 5 to 7 projects in PJM still in permitting phase. So we are still under development.

Speaker 2

We will see for the future. We got some good interconnection response. We hope to complete permitting. So this is an upside that we will see for the future, for the next quarter on how we develop. On the meantime, we do have after the 3 projects that Adam mentioned in his remarks, Quail Ranch, World Runner and Country Acres.

Speaker 2

We do have additional a bunch of projects that are really approaching maturity in terms of completion of development. We see a very strong trend of construction in 2025 after the 3 projects or in following the 3 projects that were mentioned. So we see I believe that we are starting to see the fruits of our investments together with Clinera on the development side in the U. S. And very large projects are coming into fruition.

Speaker 6

Got you. And then just last one on Slide 14 on the portfolio. I think it looks like you pushed out some 300 megawatts from 2026 to 2027. Sorry if I missed this earlier. Could you just remind us what project that is or what's causing that?

Speaker 2

Jonna, would you like to take the answer?

Speaker 1

Sure. Maheep, may I ask you just could you repeat the question?

Speaker 6

Yes. And if I look at the 2026 mature portfolio size, which including the pre construction, it seems 300 megawatts lower than what you had the last quarter. So it looks like project was moved out from 2026 to 2027. Just want to understand now what was that?

Speaker 1

Yes. So I'll just take you back a quarter. And in Q1, we talked about Rustic Hills moving out to 2027 in order to benefit from what we believe will be a healthy domestic panel production industry in the United States. And so we moved Rustic Hills out to 2027 in order to plan to get those domestically produced panels at or in addition to the IRA added for domestic content. And that was a worthwhile move for us.

Speaker 1

And so we've done the same thing in this quarter for, Gemstone and Kogen. And that's the 300 megawatt, which you've seen transferred into 2027. Again, from the idea of, by that time we'll have a good amount of domestic content eligible panels to purchase, which is better for us. At the same time, the utility, which we're in touch with, is not really under any pressure for that immediate supply. And so they're agreeing with this move as well.

Speaker 6

Got it. Understood. Thank you.

Speaker 2

Thank you.

Operator

Thank you. We'll now move on to our next question. Our next question comes from the line of David Pearce from Wolfe Research. Please go ahead. Your line is open.

Speaker 7

Good morning. Hi, good morning. Can you elaborate please on the interconnection Q reform for COBAR in Arizona? Are you waiting on a specific regulatory order? When do you expect clarity on that issue?

Speaker 2

Adam, would you like to take the question?

Speaker 3

Yes. So we've been working very closely with utility. That discussion is ongoing. We expect to receive clarity on that in the coming months.

Speaker 7

And is that the gating item? Do you have to do a subsequent filing or proceeding?

Speaker 3

That is the gating item. And we expect the utility has been very helpful in this process. And so we expect that to close out here pretty quickly.

Speaker 7

Great. And you may have just addressed this on a previous question, but how much capacity is in the advanced development book that is not in your mature projects, but you footnoted in your slides? Is that what you just described in the previous question with Gemstone and Kogan or are those other plants?

Speaker 2

There are much bigger plants. So, Janard, maybe you can go over the main projects that are in the queue after with the next one in the U. S. And mention also a little bit the progress in Europe and Israel as well that is aggregating.

Speaker 1

Okay. Again, you're asking as to what's in the advanced development portfolio? Forgive me, could you repeat that?

Speaker 7

Sure. In your mature projects portfolio, there's a footnote that says that it excludes some advanced some projects in 2027 in your advanced development book that could that are not illustrated. I'm just curious what that potential could be for 2027 or that could be pulled into your mature projects book?

Speaker 1

Sure. It could be 4 giga of generation and up to 14 gigawatt of storage.

Speaker 7

Got it. Okay, great.

Speaker 2

Can you elaborate a little bit about Seobar and Snowflake and the other projects to give some color on what we have in line after the 3 projects that were mentioned specifically as mature?

Speaker 1

Sure. Well, on Seobar, we have essentially a very large potential capacity of uncontracted storage and that's around 3 gigawatts of uncontracted storage capacity. And that is something which still stays open. That is in our mature portfolio, but it has the potential that I described earlier on of the advanced development portfolio of not being contracted. And we have another project named Snowflake in the U.

Speaker 1

S, which I believe is approximately 1 gigawatt of generation capacity and approximately 2 gigawatt of storage capacity and that is uncontracted as well. We also have projects in which we may be working on in the Balkans, as well as also looking for Italy and Spain as well.

Speaker 2

Great. Okay. Thank you.

Operator

Thank you. We'll now move on to our next question. Our next question comes from the line of Adeel Hasidim from Bank Lumi. Please go ahead. Your line is open.

Operator

As there is no response, that concludes today's question and answer session. So I'll hand the call back to Yonah for closing remarks.

Speaker 1

Thank you everyone for joining us and we look forward to speaking with you next quarter.

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Enlight Renewable Energy Q2 2024
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