Enlight Renewable Energy (NASDAQ:ENLT) reported what management described as a record year in 2025, driven by new project ramp-ups in the U.S. and continued portfolio expansion across multiple geographies and technologies. On its fourth-quarter and full-year 2025 earnings call, executives highlighted year-over-year growth in revenue, income, and adjusted EBITDA, while outlining a construction-heavy 2026 and updated long-term targets through 2028.
Financial results and guidance
CEO Adi Leviatan said revenue and income rose 46% year-over-year to $152 million in the fourth quarter and increased 46% for the full year to $582 million. Adjusted EBITDA for 2025 grew 51% to $438 million, or 36% excluding the Sunlight sell-down, while fourth-quarter adjusted EBITDA rose 51% to $99 million. Leviatan said the company exceeded its full-year revenue and adjusted EBITDA guidance by 4% and 7%, respectively.
Yehuda said electricity sales growth was mainly due to new projects, including:
- Atrisco in New Mexico, which began commercial operations in December 2024 and contributed about $11 million in electricity sales in Q4 2025
- Quail Ranch in New Mexico and Roadrunner in Arizona, which started commercial operations toward the end of 2025 and contributed about $2 million combined
- Project Pupin in Serbia, which started commercial operations toward the end of 2024 and contributed $5 million versus Q4 2024
He also cited a $7 million increase in Israel tied to electricity trade activity and a $7 million contribution from exchange-rate fluctuations.
Fourth-quarter net income increased by $13 million year-over-year to $21 million. Yehuda said higher EBITDA was partially offset by higher depreciation and amortization, increased net financial expenses, and higher taxes.
For 2026, the company guided to revenue and income of $755 million to $785 million and adjusted EBITDA of $545 million to $565 million. At the midpoint, management said that implies 32% and 27% growth, respectively, versus 2025. Yehuda noted the 2026 outlook includes an estimated $160 million to $180 million of income from U.S. tax benefits and that 90% of expected 2026 generation output is sold at fixed prices via PPAs or hedging.
Portfolio growth and project execution
Leviatan said Enlight expanded its total portfolio 26% in 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts. The mature portfolio grew 33% to 11.4 factored gigawatts, and the operating portfolio increased 30% over the past 12 months.
In the U.S., two projects—Quail Ranch and Roadrunner—achieved commercial operation dates (COD) ahead of schedule in the fourth quarter, delivering more than 800 factored megawatts combined. Leviatan said these additions doubled the company’s U.S. operating portfolio to 1.6 factored gigawatts and were achieved at approximately 13% unlevered returns.
Jared McKee, CEO of U.S. subsidiary Clēnera, said Roadrunner in southeast Arizona includes 290 MW of generation and 940 MWh of storage, and Quail Ranch includes 128 MW of PV and 400 MWh of storage. He said the U.S. operating portfolio now totals 888 MW of generation and 2,540 MWh of storage.
Construction ramp in 2026 and long-term targets
Leviatan said the under-construction portfolio doubled over the past year, with construction starting on projects totaling 2.6 factored gigawatts over the last 12 months. He highlighted the CO Bar One and Two phases as a major addition during the quarter, part of a broader CO Bar complex described as a 2.4 factored gigawatt flagship project with five stages and a total investment of $3 billion.
McKee said the CO Bar complex received full approval for a 1 GW interconnection, and he emphasized that the executed LGIA “provides certainty on the interconnection and enables a full construction mobilization.” CO Bar One includes 254 MW of PV and 824 MWh of storage, with commercial operations scheduled for the second half of 2027, while CO Bar Two is a 480 MW PV project anticipated to reach commercial operations in the first half of 2028. McKee also said the company signed energy storage agreements with Salt River Project for CO Bar Four and Five and that the complex is “fully subscribed.”
Looking ahead, Leviatan said 2026 is expected to be a record year of construction, with the planned start of construction on 3 to 4 factored gigawatts, and approximately 7 factored gigawatts under construction during the year. He said the company expects to add about 1.1 factored gigawatts to operational capacity by the end of 2026, primarily in the fourth quarter, contributing annual run-rate revenue and income of $137 million and adjusted EBITDA of $109 million.
By year-end 2028, Leviatan said Enlight expects to reach 12 to 13 factored gigawatts of operating capacity, generating annual run-rate revenue and income of $2.1 billion to $2.3 billion. He added that compared with the prior quarter’s estimates, the 2028 run-rate revenue and income increased by approximately $150 million and planned capacity expanded by one factored gigawatt at the low end.
Europe storage expansion and Project Jupiter
Leviatan emphasized energy storage as a “core pillar” and cited what he described as a shortage of storage capacity in Europe relative to renewable build-out. He said the company acquired Project Jupiter in Germany, a 2 GWh storage project paired with 150 MW of solar generation, expected to generate an unlevered return of about 15%.
In the Q&A, management said Project Jupiter alone contributed $150 million to the 2028 run-rate revenue and income increase. Leviatan also said CO Bar Four and Five moved from advanced development into pre-construction, increasing the level of certainty by bringing them into the mature portfolio.
Capital, funding, and safe harbor updates
Yehuda said Enlight secured significant new funding during 2025, including $2.9 billion of project finance, $470 million of tax equity, and a $350 million mezzanine loan at the project level. At the corporate level, he said the company raised $300 million in equity, $245 million in debentures, and $50 million via an asset sale, totaling $4.3 billion raised since the beginning of 2025.
Management also discussed U.S. tax credit “safe harbor” activity. Leviatan said the company safe harbored more than 4 factored gigawatts over the past quarter, bringing the total eligible for tax equity investments before 2026 to more than 13 factored gigawatts. He said the company expects all of its advanced development portfolio and up to 40% of its development portfolio to be safe harbored by June 2026.
In Q&A, Leviatan said the company plans to safe harbor an additional 0.5 to 3.5 factored gigawatts in the first half of 2026. McKee said the company “stands behind” a 14 to 17 factored gigawatt safe harbor range. Separately, McKee addressed recent guidance related to “FIOC,” saying it was in line with prior expectations and helped reduce uncertainty, and that the company did not expect an impact on current estimations for the mature portfolio or projects already safe harbored in 2025.
Management also said it intends to continue considering minority sell-downs as part of its strategy. Chief Corporate Development Officer Itay Benayan said partial asset sales contributed to 2025 and are not viewed as a one-time event, adding the company has flexibility to pursue similar transactions when accretive.
About Enlight Renewable Energy (NASDAQ:ENLT)
Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).
Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.
