ENLIGHT RENEWABLE ENERGY REPORTS

THIRD QUARTER 2023 FINANCIAL RESULTS

 

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

 

TEL AVIV, ISRAEL, November 20, 2023 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the third quarter ended September 30, 2023.

 

The Company’s quarterly earnings materials and a link to the earnings webcast, which will be held today at 8:00 AM ET, may be found on the investor relations section of Enlight’s website at https://enlightenergy.co.il/data/financial-reports/

 

Financial Highlights

 

3 months ending September 30, 2023

 

 

 

 

 

 

9 months ending September 30, 2023

 

 

 

 

 

Business Developments

 

Access to Capital

 

 

 

 

Third Quarter Portfolio Updates

 

 

 

 

 

“Our third quarter results demonstrate continued year over year growth in profitability, as characterized by our Net Income and Adjusted EBITDA. Moreover, we continue to see robust project returns, accelerated portfolio growth, and deep access to capital, despite the higher interest rate environment,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

 

“We are uniquely positioned with our interconnection advantage to build large scale projects for utilities which urgently need power. This is enabling us to push PPA pricing higher, through the 1.8 GW of amendments secured in the last 18 months at an average price increase of 25%, and our newly signed PPAs. At the same time, our flexible procurement agreements have enabled us to capture the value of rapidly declining solar panel and battery prices. Declining project costs coupled with higher priced PPAs are pushing returns higher.”

 

“At the same time, we are continuing to convert our development projects into Mature Projects, including the 530 MW and 1.3 GWh we added to the Mature Portfolio this quarter. While Project CO Bar is now expected to be delayed to 2026, we have been able to accelerate some of our other major projects to 2025, while continuing to build the backlog for 2026 and beyond. Moreover, we continue to progress with our stated financing strategy. We are in the very final stages of securing more than $500m of project finance between Atrisco Solar and Israel Solar + Storage. When these transactions close, we expect more than $300m of equity to be recycled back to Enlight. Combined with cash on hand and cash flow from operational projects, we expect to have sufficient equity to reach up to 4.6 GW and 3.6 GWh of operational projects, extending out into 2026 CODs.”

 

“Finally, over a month ago Israel was attacked and now finds itself in a state of war. Despite this, Enlight continues to operate with minimal disruption. I am extremely proud of our employees’ focus and determination given the challenging environment. Our operational projects in Israel are currently producing power without impact, while the globally diversified nature of our portfolio between the United States, Europe and Israel continues to be a source of strength for our company.”

Overview of Financial and Operating Results: Revenue

 

In the third quarter of 2023, the Company’s revenues increased to $58m, up from $56m last year, a growth rate of 3% year over year. The Company benefited from the revenue contribution of new operational projects and inflation indexation embedded in PPAs for already operational projects. This was largely offset by a decline in revenues at Gecama year over year, driven by lower electricity prices relative to the prices observed in the same quarter last year.

 

Since the third quarter of last year, 544 MW and 81 MWh of projects started selling electricity, including Björnberget in Sweden, Apex Solar in the U.S., ACDC in Hungary, and several small solar and storage projects in Israel. These projects collectively contributed $8m of revenue during the third quarter of 2023. The biggest contributor was Björnberget ($5m), which is now operating at full production. The Company also benefited from inflation indexation embedded in its PPAs, which contributed an additional $3m of revenue during the quarter. This reflected an average indexation of 7.2% across 592 MW of PPAs for projects that have been operational for a full year.  There was no material net FX impact on the Company’s revenues this quarter. Gecama revenues fell year over year by 38% ($8m year over year), driven by lower power prices relative to last year’s peak electricity pricing. During the third quarter last year we sold electricity at Gecama at EUR 135 per MWh versus EUR 81 MWh for the same period this year.

 

Financial performance was well-balanced between Western Europe, Central-Eastern Europe (“CEE”) and Israel, with 60% of revenues in the third quarter of 2023 denominated in Euros, 6% in US Dollars, 4% in another European currency, and 30% denominated in Israeli shekel.

 

In addition to the above, the Company sold $5m of electricity in projects treated as financial assets in the third quarter. Under IFRS this revenue is accounted for as financing income or other non-P&L metrics.

 

Net Income

 

In the third quarter of 2023, the Company’s net income increased to $26m, a growth rate of 35% year over year. There was a non-cash benefit of $8m this quarter attributed to the mark to market of interest rate hedges the Company entered into ahead of the financial close process at Atrisco. Enlight utilizes such hedges as a way to reduce interest rate risk ahead of securing project finance. The residual change in net income was driven by a reduction in the expectation for earnout payments linked to the acquisition of Clenera of $12m, compared to a $18m reduction during the same period in 2022, and gains recognized on project divestitures of $8m.

 

 

In the third quarter of 2023, the Company’s Adjusted EBITDA grew by 32% to $47m compared to $36m for the same period in 2022.  The increase was driven by the same factors which affected our revenue increase; gains recognized from project divestures; and the final instalment of compensation payments from Siemens Gamesa linked to the delay in reaching full production at Björnberget.  We recognized $2m of compensatory payments from Siemens during the quarter. With respect to divestures, the Company sold its 10% stake in the Faraday solar project (683 MW), a pre-NTP (notice to proceed) development project in the U.S. for $190,000 per MW. We recognized a gain of $3m in the third quarter and expect to recognize an additional gain of $2m in the fourth quarter. Similarly, the Company sold 50% of several small operational projects in Israel (25 MW) for $465,000 per MW, recognizing a gain in the third quarter of $5m. These gains were offset by a $1m increase in overhead.

 

Portfolio Overview¹

 

 

 

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United States

 

Project fundamentals in the U.S. remain strong. During the last 18 months, Enlight amended approximately 1.8 GW of PPA contracts at an average price increase of 25%, demonstrating the high value that utilities place on Enlight’s portfolio of advanced interconnections and strategically located projects. In addition, our solar panel and battery prices are falling as indexed equipment supply agreements are delivering capex savings. Both these trends are anticipated to drive favorable returns for projects expected to reach COD between 2024 and 2026.

 

Consistent with this backdrop, we are executing our financing strategy by recycling invested capital from Mature Projects back to Enlight. We have finalized definitive documentation with lenders for debt and tax equity of more than $300m at the solar portion of Atrisco (364 MW). Upon closing, which is expected imminently, excess equity of more than $200m will be recycled back to Enlight. We also divested our 10% holding of the Faraday project for $13m.

 

Since our last report, Enlight has continued to enlarge its U.S. portfolio. We added 556 MW and 1,228 MWh to our Mature Portfolio. The growth was primarily driven by the addition of Country Acres in November 2023 and Quail Ranch in October 2023, two combined solar and storage projects located in the Western U.S. We also expanded Roadrunner in light of greater demand from Arizona Electric Power Cooperative (AEPCO), the offtaker.

 

The Country Acres project has a capacity of 392 MW and 688 MWh and is located in northern California. We added the project to our Mature Portfolio upon signing both a PPA and interconnection agreement with the Sacramento Municipal Utility District. Enlight plans to begin construction on Country Acres in 2024 and reach COD in 2026.

 

In New Mexico, we signed a PPA with Public Service Company of New Mexico (PNM) for the Quail Ranch project, a 120 MW and 400 MWh expansion to the Atrisco project. A clear example of Enlight’s “Land & Expand” strategy, Quail Ranch is anticipated to share Atrisco’s interconnection infrastructure (which already has a signed interconnection agreement), efficiently reducing risk and increasing returns. Construction is expected to begin in 2024, with COD expected in 2025.

 

The Atrisco solar project (364 MW) is progressing well with all panels through U.S. customs or on site. We expect the solar portion of the project to reach COD during the third quarter of 2024. Construction of the storage portion of Atrisco (1.2 GWh) is progressing at a slower pace than originally planned due to supplier delays in the third quarter. We are evaluating the possibility of a change to our battery supplier in order to meet the project schedule. The Company now expects to reach COD on the storage portion of the project during the fourth quarter of 2024.

 

In Arizona, the Arizona Public Services (“APS”) recently enacted a reform of its interconnection process. The reform is being implemented pursuant to a FERC order issued in September 2023, and transitions APS’ interconnection study process from a “first-come, first-serve" approach to “first-ready, first-served". The interconnection associated with our CO Bar project (1.2 GW and 824 GWh) is governed by APS’ interconnection tariff. Although CO Bar is one of the most advanced projects in the APS queue, with its real estate, permitting, offtake, system impact study and affected systems secured, the change in the queue process is likely to delay receipt of CO Bar’s final interconnection agreement by approximately one year. This delay is anticipated to move the project’s expected COD from 2025 to 2026. Consistent with the reform’s first-ready first-served approach, Enlight is working with APS and its offtake partners to minimize the delay based on the project’s advanced status.

 

Our extensive portfolio of Mature Projects enables us to partially offset the impact of the CO Bar delay. The COD schedule for Roadrunner (294 MW and 940 MWh) is now being advanced from the first half of 2026 to the second half of 2025. We have also added Quail Ranch (120 MW and 400 MWh) with a planned COD in 2025. Both projects have signed interconnection agreements, executed PPAs, and advanced permitting in place.

 

On supply chain costs, our indexed supply contracts in the United States have enabled us to capture falling prices for solar panels and batteries. Enlight has the right to purchase up to 2 GW of modules compliant with AD/CVD and UFLPA with delivery through 2025 at spot prices. In the first half of 2023, our project models assumed panel pricing at 36-40 cents per watt and battery container pricing at approximately $250 per KWh. Today this equipment can be acquired at less than 30 cents per watt and under $180 per KWh.

 

Europe

 

The Company made progress on its European portfolio during the quarter. The Company achieved an offtake agreement for Pupin, a 94 MW wind project in Serbia. The arrangement will be structured through a “Contract for Differences” mechanism for 15 years with the state-owned utility Elektroprivreda Srbije, which will secure a base rate of EUR 68.88 per MWh for 72% of the project’s output, linked to Eurostat's Consumer Price Index. The remainder of the electricity produced will be sold on a merchant basis. Pupin is located adjacent to Blacksmith, our existing operational asset in Serbia, and both projects leverage the same interconnection point under our “Land and Expand” strategy.

 

On the development front, Gecama Solar (Spain), a 225 MW solar and 200 MWh storage project, is in final discussions with environmental authorities to secure its environmental permit, the site’s last major development milestone. Start of construction has now been pushed into H1 2024, with COD expected by H1 2025, a quarter delay from our expectation last quarter.

 

Within the Company’s operational portfolio in Europe, wind speeds during the third quarter were as expected. During the third quarter of 2023, Gecama (Spain) sold electricity at an average price of EUR 81 per MWh, of which 58% was hedged at EUR 67 per MWh with the remainder sold on merchant basis at EUR 100 per MWh. Windfall taxes were EUR 7 per MWh. Merchant prices in Spain are expected to remain high through 2024. As of the end of the third quarter, the Company signed hedges comprising 64% of expected production at an average price of EUR 99 per MWh for 2024 delivery. Given the current lack of a permanent government in Spain, there is uncertainty as to whether the windfall tax regime currently in place will be extended into 2024.

 

Israel

 

Genesis Wind, the largest renewable energy project in Israel totaling 207 MW, began commercial operation. Moreover, the Company continues to progress construction on the Solar + Storage project cluster, totaling 248 MW and 567 MWh of storage. Since the release of our last financial statements and until November 20, 2023 (the “Approval Date”), 49 MW and 90 MWh reached commercial operation, increasing the total operational capacity of the cluster to 72 MW and 135 MWh. Most of the remaining cluster is expected to be commercialized by the end of the first half of 2024.

 

Enlight continued to make progress on securing offtake for the Solar + Storage projects. Corporate PPAs were signed with the Israeli division of Applied Materials, BIG Shopping Centers, and other companies totaling 77 MW and 194 MWh, with negotiations ongoing with several additional offtakers. As a result of the deregulation of the electricity sector in Israel planned for the start of 2024, we are observing significant demand for renewable energy from our customers, which has in turn increased our PPA prices and the returns we expect to generate from our future projects.

 

The Company also sold a 50% stake in a 25 MW non-core project for $6m ($465,000 per MW).

 

Impact of Hostilities in Israel on Enlight’s Activities

 

On October 7, 2023, Israel was attacked by terrorist entities from the Gaza Strip, and now finds itself in a state of war. Despite this, Enlight continues to operate with minimal disruption, both in Israel and around the world.

 

With regards to Enlight’s portfolio of projects in Israel, 516 MW and 135 MWh are in operation, and 254 MW and 904 MWh are under construction / pre-construction. All operational projects are functioning without interruption and regular maintenance continues to be performed. We do expect an immaterial delay in the schedule for some of our Israeli projects under construction or pre-construction, as contractors and regulatory bodies are working at a slower pace.

 

The Company’s administrative and management teams based in Israel are fully operational at the moment, and we have put in place business continuity plans to minimize the potential impact of the conflict, including with respect to employees‘ call-up for military service.

 

Though Enlight is an Israeli-based company, most of our portfolio is located in Europe and the U.S. This global diversification provides a source of strength and commercial balance to the Company. Moreover, the relative contribution of Israel is set to fall in the coming years as new projects come online across Europe and the U.S. We provide below the current proportional representation of Israel within the Company’s overall financial performance and business structure for the nine months ended September 30, 2023:

 

 

 

 

We stand fully behind staff, who, as army reservists, have been called up to serve in the Israel Defense Force. We also support the extensive community outreach and acts of goodwill that many Enlight employees have engaged in over the past weeks.

 

Project Finance Arrangements

 

Enlight is in the final stages of completing financial close for two major projects: Atrisco Solar in the U.S. and Solar+Storage cluster in Israel. Definitive documentation for the solar portion of Atrisco has been finalized for more than $300m of debt and tax equity. Completion of the transaction is expected imminently. We are also in the final steps of securing project finance for the Solar + Storage cluster in Israel, of approximately $200m. Upon closing, both these transactions combined are expected to recycle more than $300m of equity capital back to Enlight to be used to fund the Company’s future growth plans.

 

Balance Sheet

 

The Company maintains $170m of revolving credit facilities at several Israeli banks, of which $110m remain undrawn as of the end of the third quarter. These resources enhance our financial strength and provide additional flexibility to the Company as it delivers on its Mature Project portfolio.

 

2023 Financial Outlook

 

Commenting on the outlook, Enlight Chief Financial Officer Nir Yehuda noted, “The Company’s financial performance during the third quarter exhibited the solid progress that characterizes our growth plan. We are therefore pleased to reaffirm our Revenue and Adjusted EBITDA guidance for 2023.”

 

Details of the 2023 outlook include:

 

 

•	Adjusted EBITDA2 between $188m and $198m

 

Enlight plans to hold its Third Quarter 2023 Conference Call and Webcast on Monday, November 20, 2023 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by conference call or webcast:

 

 

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

 

 

Please join and register by webcast https://edge.media-server.com/mmc/p/y6yz9xyf

² The section titled “Non-IFRS Financial Measures” below contains a description of Adjusted EBITDA, a non-IFRS financial measure discussed in this press release. A reconciliation between Adjusted EBITDA and Net Income, its most directly comparable IFRS financial measure, is contained in the tables below. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. We note that “Adjusted EBITDA” measures that we disclosed in previous filings in Israel were not comparable to “Adjusted EBITDA” disclosed in the release and in our future filings.

 

Non-IFRS Financial Measures

 

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

 

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring other income. Non-recurring other income for the third quarter of 2023 included income recognized in relation to the reduction of earnout we expect to pay as part of the Clenera Acquisition and other income recognized in relation to tax credits for projects in the United States. With respect to other expense (income), as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of, or entire, developed assets from time to time, and therefore includes realized gains and losses from these asset dispositions in Adjusted EBITDA. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

 

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

 

Special Note Regarding Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity and potential growth, discussions with commercial counterparties and financing sources, progress of Company projects, including anticipated timing of related approvals and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments, expectations regarding wind production, electricity prices and windfall taxes, the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact, and Revenue and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

 

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility at assets with merchant exposure, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations (such as recent declines in the value of the Israeli shekel following Hamas’ attacks against Israel) and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including with respect to conflicts with Hamas and other hostile groups; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

 

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

About Enlight

 

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

 

Segmental Reporting

 

 

Segmental Reporting (cont.)

 

 

Segmental Reporting (cont.)

 

 

Segmental Reporting (cont.)

 

 

 

Appendix 3 - Mature Projects: 5.4 GW and 5.7 GWh operational by 2026

 

 

 

Appendix 4a)  Segment information: Operational projects

 

* In addition to our reported revenue, we generated $13m and $5m in the 9 months and 3 months respectively, ended September 2023 of proceeds from the sale of electricity under long terms PPAs which are not treated as revenue (projects treated as Financial Assets)

 

** We use an annualized total amount of Segment Adjusted EBITDA given the rapid growth of our Operational Projects between quarters, which resulted in rapid growth in our Segment Adjusted EBITDA in between quarters. In addition, our geographic and technological diversity substantially mitigates any seasonal effects.

 

*** Invested capital in a project reflects the total cost we incurred to complete the development and construction of such project.

 

**** EBITDA results included $10m and $2m in the 9 months and 3 months respectively, ended September 2023 of compensation recognized from Siemens Gamesa due to the delay in reaching full production at Project Björnberget

c)	Projects under construction