The Venture incorporates 60 MW of photo voltaic era capability, and value $48 million to assemble
Tapolca is Enlight’s fifth mission in Hungary, bringing the Firm to a complete of 144 MW of working era capability within the nation
TEL AVIV, Israel, Aug. 18, 2024 (GLOBE NEWSWIRE) — Enlight Renewable Power (Enlight, “the Company, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the commencement of operations at the Tapolca solar project (the Project) in Hungary, which has a production capacity of 60 megawatts. The project began commercial sales of electricity on July 31, 2024, ahead of the Company’s original schedule.
This is Enlight’s fifth project in Hungary, bringing the Company’s total generating capacity in the country to 144 MW. Tapolca will sell electricity at merchant prices, and it is expected to provide green power equal to the total annual consumption of approximately 30,000 Hungarian households.
The Project’s total construction cost amounted to $48 million. Revenues in its first full year of operation are expected to be approximately $6 million, and EBITDA is expected to be approximately $5 million. The financing for the construction of the project was provided by Raiffeisen Bank, and the financial close occurred in March 2024. Enlight provided $21 million of long-term equity for the Project.
Gilad Yavetz, CEO of Enlight: “We’re blissful to announce the grid connection and graduation of business operations at our fifth mission in Hungary. The continued improvement and operation of recent European initiatives corresponding to Tapolca is one other instance of Enlight’s broad worldwide execution capabilities on plenty of totally different continents. Enlight Europe is present process important enlargement, implementing our working technique in various markets which hedge and stability one another, accelerating the expansion of our working portfolio and the Firm as complete.
About Enlight Renewable Power
Based in 2008, Enlight develops, funds, constructs, owns, and operates utility-scale renewable power initiatives. Enlight operates throughout the three largest renewable segments at present: photo voltaic, wind and power storage. A world platform, Enlight operates in the US, Israel and 10 European international locations. Enlight has been traded on the Tel Aviv Inventory Change since 2010 (TASE: ENLT) and accomplished its U.S. IPO (Nasdaq: ENLT) in 2023. Study extra at www.enlightenergy.co.il.
Contacts:
Yonah Weisz
Director IR
buyers@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
buyers@enlightenergy.co.il
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