Enlight Renewable Energy (ENLT) Status Update summary

Legislative and policy environment

• Pending U.S. legislation could significantly impact tax equity eligibility for renewable projects, with a transition period until the end of 2028 and a new regime from 2029 onward.

• Projects must begin construction within 60 days of enactment and achieve commercial operation by end of 2028 to qualify for tax credits.

• Current interpretation suggests projects meeting safe harbor or start of construction criteria in 2025 are protected from China-origin equipment restrictions for tax equity.

Portfolio growth and financial outlook

• Anticipated operational capacity in the U.S. is 6.5-8 GW by end of 2028, with a global target of 11-13 GW.

• Revenue run rate is projected to reach $2 billion annually by the end of 2028, representing a 40% CAGR.

• No material change in CapEx or cash needs for 2025, as aggressive growth and investment were already planned.

Execution strategy and risk management

• Majority of 2025-2027 projects are already de-risked and under construction, with 4.9 GW meeting start of construction requirements.

• Additional 1.7 GW expected to qualify soon, and up to 2 GW may be eligible within the legislative window.

• Procurement strategies have reduced exposure to Chinese tariffs, with most panels already delivered and 80% of storage based on less-exposed suppliers.