Enlight Announces the Start of Commercial Operations at the Tapolca Solar Project
The Tapolca solar project features an impressive capacity of 60 MW, with a total investment of $48 million dedicated to its construction.
This project marks Enlight's fifth initiative in Hungary, boosting the Company's total operational generation capacity in the country to 144 MW.
TEL AVIV, Israel — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading entity in the renewable energy industry, has announced that operations have begun at the Tapolca solar project located in Hungary, which has a production capacity of 60 megawatts. The project officially started commercial electricity sales on July 31, 2024, ahead of the expected timeline.
As Enlight's fifth project in Hungary, the Tapolca initiative adds to a total generating capacity of 144 MW for the Company in the region. The facility will generate revenue by selling electricity at market rates, providing green energy that can supply power to approximately 30,000 households in Hungary each year.
The entire construction of the project cost $48 million. For its first full year of operation, projected revenues are estimated to be around $6 million, while EBITDA is expected to reach approximately $5 million. Funding for the construction was secured through Raiffeisen Bank, with financial closing occurring in March 2024, and Enlight contributing $21 million in long-term equity for this project.
CEO’s Statement
Gilad Yavetz, CEO of Enlight, shared his excitement about the start of operations, stating, “We are pleased to announce the grid connection and the launch of commercial operations at our fifth project in Hungary. The ongoing development and efficient management of new projects in Europe, such as Tapolca, showcase Enlight’s extensive international execution capabilities across various continents. Enlight Europe is experiencing significant growth, advancing our operational strategy in diverse markets to create a balanced portfolio, which in turn accelerates the expansion of our overall operations as a Company.”
About Enlight Renewable Energy
Founded in 2008, Enlight is focused on the development, financing, construction, ownership, and operation of utility-scale renewable energy projects. The Company specializes in the three main segments of the renewable energy sector today: solar, wind, and energy storage. As a global player, Enlight operates in the United States, Israel, and ten European countries. 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.
