Enlight Secures PPA for the Pupin Wind Farm in Serbia
October 02 2023 - 10:00AM
Enlight Renewable Energy (“Enlight”, NASDAQ: ENLT, TASE: ENLT.TA)
is pleased to announce that it has been awarded a 15-year
inflation-linked power purchase agreement (“PPA”) for the Company’s
Pupin wind farm in Serbia. Under the PPA, the state-owned utility
Elektroprivreda Srbije will purchase 72% of the project’s output at
a price of EUR 69 per MWh linked to Eurostat's Consumer Price
Index. The remainder of the electricity produced will be sold on a
merchant basis.
With a total generation capacity of 94 megawatts, the Pupin
project will cost USD$149-157 million, and is expected to generate
revenues of USD$22-24 million and EBITDA of USD$13-15 million in
its first full year of operation. Enlight has recently signed a
binding agreement to acquire a 66% stake in the project from its
partners, which is subject to approval by the Serbian regulator.
The Company will own 100% of the project after completion of the
acquisition.
Construction of the Pupin wind farm began in the second quarter
of 2023, post the realization of a turbine supply agreement with
Nordex. Upon execution of the PPA, Enlight will have completed all
development milestones of the project. Pupin is expected to reach
commercial operation in the second half of 2025.
Pupin is located adjacent to Blacksmith, Enlight’s first wind
farm located in Serbia with a capacity of 105 megawatts and
operational since July 2019. Both projects will share the same
connection point to the national grid. This highlights yet again
Enlight’s ability to execute on its “Land and Expand” strategy,
utilizing the Company’s deep understanding of interconnection
infrastructure to deliver high conversion of its development
portfolio.
About Enlight
Renewable EnergyFounded 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 US IPO (NASDAQ:
ENLT) in 2023. Learn more at enlightenergy.co.il.
Forward-Looking StatementsInformation provided
in this press release may contain statements relating to current
expectations, estimates, forecasts, and projections about future
events that are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect or anticipate will or may occur in the future, including
such matters as our projections of annual revenues, expenses and
debt service coverage with respect to our debt securities, future
capital expenditures, business strategy, competitive strengths,
goals, development or operation of generation assets, market and
industry developments and the growth of our business and
operations, are forward-looking statements. When used in this press
release, the words “may”, “will”, “could”, “should”, “expects”,
“plans”, “anticipates”, “believes”, “estimates”, “predicts”,
“projects”, “potential”, or “contemplate” or the negative of these
terms or other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. These forward-looking
statements generally relate to Enlight's plans, objectives and
expectations for future operations and are based upon its
management's current estimates and projections of future results or
trends. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties and other risks described under "Risk
Factors" as described in Enlight’s annual report on Form 20-F filed
with the Securities and Exchange Commission (“SEC”) on March 30,
2023, and in Enlight’s subsequent quarterly reports on Form 6-K and
annual reports on Form 10-K that are filed from time to time with
the SEC and TASE. These forward-looking statements are made only as
of the date hereof, and, except as legally required, we undertake
no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contacts
Media Contact Rachel Kahnrachel@blueshirtgroup.com
Investor Contact Alex Wellinsalex@blueshirtgroup.com
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