Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report. As of December 31, 2024, the registrant had 118,566,615outstanding ordinary shares, par value 0.1 NIS per share.
Enlight Renewable Energy Ltd.
Notes to the Financial Statements as of December 31, 2024
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The projects’ tax benefits include an ITC (Investment Tax Credit) or PTC (Production Tax Credit) as well as a proportionate share in the taxable income of the projects (hereinafter - the “Tax Benefits”). Future amounts that will be paid to the Tax Equity Partners out of the free cash flow for distribution constitute a financial liability, which is measured using an amortized cost model in accordance with the effective interest method. The tax benefits are accounted for as an analogy of revenue in accordance with IFRS 15. The amounts attributed to the Tax Equity Partner’s right to receive a proportionate share of the taxable income of the Partnership are recognized as a non-financial liability, which is carried to profit and loss over the arrangement period, with the tax equity partners. In addition, once the tax equity partners reach the predetermined rates of return set in the agreement, the “flip point”, the share of the tax equity partners decreases. In addition, the Company has utilized another tax equity structure for its solar projects in the form of a sale and leaseback transaction. This structure is treated in the same manner as the accounting treatment mentioned above.
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Deferred taxes (Cont.)
Deferred tax assets and liabilities are presented after offsetting if the entity has a legally enforceable right to offset current tax assets against current tax liabilities, and if they pertain to income taxes which are levied by the same tax authority, and the Group intends to settle the deferred tax assets and liabilities on a net basis.
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Cluster of operational and pre-construction PV project partnerships in Israel are presented as a disposal group held for sale following the intention of the Company’s management, to sell partial holding in these entities. The sale has been completed during the first quarter of 2025, for additional information please see Note 32(a). The disposal group of sale is represented in the consolidated statements of financial position at their carrying amount as the fair value less the costs of sell is higher. As of December 31, 2024 the disposal group comprised assets of USD 81,661thousand less liabilities of USD 46,635thousand.
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)
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Note 12 - Other Payables
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Halutziot 2
NIS
September 2022
30
3.32%, CPI-linked
2045
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Loans from banks and other financial institutions for project financing (Cont.)
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of foreign operations
USD
in thousands
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Expenses (income) from the creation of deferred taxes in respect of losses and unused tax benefits
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Note 18 - Earnings Per Share
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General description of the Company’s options:
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Note 27 - Leases
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A. Financial risk management policy (Cont.)
(1) Changes in currency exchange rates (Cont.)
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(1)
Interest rate risk (Cont.)
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(3)
Liquidity risk (Cont.)
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USDin thousands
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(*) Including general and administrative and development expenses (excluding depreciation and amortization and share-based compensation).
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In the Company’s annual meeting in August 2021 (the “2021 Meeting”), a progressive salary program was approved for Gilad. Gilad’s terms of tenure were amended in the Company’s Special General Meeting in April 2024 (the “2024 Meeting”) effective as of January 1, 2024. The following also reflects the salary during the entire reporting year):
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B. Engagements with interested parties and Related parties (Cont.)
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In 2024, Picasso wind energy project in Sweden had an additional agreement in place for hedging the price of half of the electricity produced in the project which is not subject to the original PPA.
Series of PV projects integrated with storage in Israel – commercial operation
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Bank and other financial institutions guarantees which were issued by the Company: (Cont.)
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Guaranty given by Enlight Renewable Energy Ltd. to U.S. Bancorp Community Development Corporation, dated July 25, 2024 (Atrisco BESS - tax equity). Guarantee (a) Investor Indemnified Costs under the LLCA, and (b) all other obligations of the Obligors (including the Class B Member) under the ECCA, LLCA, Development Services and Construction Management Agreement, and Management Services Agreement (together, the "Guaranteed Agreements")
This guaranty will expire earlier of: (1) the date upon which all indemnification obligations of the Obligors under the Guaranteed Agreements have expired and any existing Guaranteed Obligations existing as of that date have been paid in full, (2) the date upon which the Guaranteed Agreements have been terminated, except for any contingent obligations that survive terminations, and (3) delivery of a Replacement Guaranty.
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