Enlight Launches Tapolca Solar Facility, Boosting Capacity in Hungary
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Enlight Announces the Commencement of Commercial Operations at the Tapolca Solar Project
The Tapolca solar project boasts a significant capacity of 60 MW, with a total investment of $48 million for its construction.
This marks Enlight's fifth project within Hungary, increasing the Company's overall operational generation capacity in the nation to 144 MW.
TEL AVIV, Israel — Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a prominent player in the renewable energy sector, has announced the initiation of operations at the Tapolca solar project situated in Hungary, which features a production capacity of 60 megawatts. The project successfully commenced commercial electricity sales on July 31, 2024, ahead of the anticipated schedule.
As Enlight's fifth venture in Hungary, the Tapolca project contributes to a cumulative generating capacity of 144 MW for the Company in the region. The facility will operate by selling electricity at market rates, providing green energy that can power around 30,000 households in Hungary annually.
The total cost of constructing the project reached $48 million. For its first full operational year, projected revenues are expected to be around $6 million, while EBITDA is anticipated to be approximately $5 million. Funding for the project's construction was secured through Raiffeisen Bank, and financial closing was achieved in March 2024, with Enlight contributing $21 million in long-term equity for this initiative.
CEO’s Statement
Gilad Yavetz, CEO of Enlight, expressed enthusiasm about the operational commencement, stating, "We are pleased to announce the grid connection and the start of commercial operations at our fifth project in Hungary. The ongoing development and efficient operation of new projects in Europe, such as Tapolca, exemplify Enlight’s vast international execution capabilities across various continents. Enlight Europe is experiencing notable growth, advancing our operational strategy in diverse markets to create a balanced portfolio, thereby expediting the expansion of our overall operations as a Company."
About Enlight Renewable Energy
Established in 2008, Enlight is engaged in the development, financing, construction, ownership, and operation of utility-scale renewable energy projects. The Company specializes in the three primary segments of the renewable energy sector today: solar, wind, and energy storage. As a global entity, Enlight operates in the United States, Israel, and across ten European nations. The Company has been listed on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and successfully completed its initial public offering in the United States (NASDAQ: ENLT) in 2023.
Contact Information
Contacts:
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Frequently Asked Questions
1. What is the capacity of the Tapolca solar project?
The Tapolca solar project has a capacity of 60 MW.
2. How much did it cost to construct the project?
The total construction cost of the project was $48 million.
3. What is the anticipated revenue for the first year of operation?
Expected revenues for the first full year of operation are approximately $6 million.
4. How many households can the project power?
The Tapolca solar project is expected to provide energy that can power about 30,000 Hungarian households annually.
5. Where is Enlight Renewable Energy operational?
Enlight operates in the United States, Israel, and ten European countries, focusing on utility-scale renewable energy projects.
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