Enlight Renewable Energy (ENLT) Investor update summary

Market trends and growth drivers

• Electricity demand and generation in the US and Europe are accelerating, driven by AI and data center growth, shifting the energy mix toward renewables.

• Renewables now account for 40% of global power generation, projected to reach 60% by 2040 and 70% by 2050.

• Renewable energy, especially solar PV and onshore wind, is the fastest, lowest-cost solution to meet surging demand, with short development timelines.

• Data centers, particularly for AI, are major new sources of electricity demand, requiring proximity to generation due to grid constraints.

• Access to power is now the main bottleneck for data center growth, prompting a shift to secondary markets and co-location with generation assets.

Strategic execution and portfolio expansion

• Achieved 40–41% CAGR in revenue and EBITDA over the past decade, with a current portfolio of 42 factored GW.

• Expansion includes new markets in Europe (Germany, Poland, Romania, Finland) and the US, with four US projects already connected.

• By 2028, mature portfolio expected to reach 12–13 factored GW and $2.1 billion in annual recurring revenue.

• Diversification across geographies and technologies, with robust risk management and procurement strategies.

• Tripling of revenue-generating portfolio every three years, with more than 90% of the mature portfolio operating or under construction by end of 2026.

Data center and agro-solar development as growth engines

• Entering data center development, focusing on AI-scale projects co-located with renewable generation.

• Flagship project in Israel (Ashalim) to be commissioned in 2029, with $1.5–$2 billion investment and 116 MW IT capacity.

• US pipeline includes four data centers (1 GW IT) adjacent to generation/storage sites, plus projects in Finland (500 MW IT) and Germany (400 MW IT).

• Data center projects offer IRRs of 10–20% for powered shell, potentially higher for full operations.

• Leading the agro-PV market in Israel, with a pipeline of ~3.5 GW across 100 projects and agro-solar expected to contribute ~30% of revenues by 2040.