Growth Strategy Summary

Their big ambitious goal is that they aim to triple the size of the business every three years. They are targeting an annualized revenue and income run rate of $2.1 billion by 2028 as compared to $800 million at the end of 2025. This rate of growth would be consistent with previous growth. Their operating capacity is expected to rise from approximately 3.9 FGW to 12-13 FGW in the three year time period.

There is one important qualification. Enlight’s target combines electricity revenue with income from U.S. tax benefits. Tax benefits are expected to represent approximately 30% of the 2028 run rate. So the $2.1 billion target is not a target of $2.1 billion of conventional electricity sales.

Moving on. A visual they use that I really like is their iceberg (see image below). They visualize their project pipeline, split into categories based on planned date of delivery.

Development => Advanced Development => Pre-construction => Construction => Commercial operation

Where “In construction” means it is projected to be operational in 2026-2028, “Pre-construction” means it will begin construction in the next 12 months, and “Advanced” means it will begin construction in the next 13-24 months.

They have proven that they are able to break into international markets acting as both a greenfield and brownfield developer and independent power producer. What has enabled them to achieve their growth so far is their end to end competencies across engineering, procurement and supply chain, execution and asset management.

They have arranged $6.8 billion of project finance and tax equity. They claim to have secured all the equity they need for the upcoming projects up till 2028 and they appear well positioned to finance their mature portfolio through a combination of cash, project debt, tax equity and other sources.

Future expansion plans include becoming a power provider as well a land provider. Identifying the right place to invest and be able to supply the land, the grid connection and all of the supporting systems. Data centers are also a new growth engine with increasing demand projection is 22% increase per annum and the CEO (Adi Leviatan) believes this is an underestimation. New energy generation is setup near datacenters to minimize cost of transmission infrastructure.

They focus both on large flagship projects requiring 10-years to develop for example CO Bar (2353 FMW, Net CAPEX $1440-1512 million, EBITDA $205-216 million). They also focus on smaller 3-4 year projects for example Roadrunner (567 FMW, Net CAPEX $285-300 million, EBITDA $40-42 million)

The sum of their operational, construction, and pre construction projects sum up to an 11.6 FGW portfolio expected to be all fully operational by 2028. This hypothetical 2028 mature portfolio would account for over 90% of the expected 2028 revenue run rate. So the 2028 plan is not dependent on projects that exists as early stage development opportunities. Most of the required capacity has already progressed through several major development milestones.