Enlight Renewable Energy Ltd., a leading global developer of renewable energy projects, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to pursue an initial public offering (IPO) on the Nasdaq Capital Markets exchange. The Israeli company, which is already listed on the Tel Aviv Stock Exchange, plans to use the same ticker symbol, ENLT, when it dual-lists in Israel and the U.S. The details of the U.S. offering, including the number of shares and capital size, have not yet been determined.
Leading investment banks J.P. Morgan, BofA Securities, and Barclays have been named as the lead book-running managers for the U.S. listing, with Credit Suisse and the Wolfe | Nomura Alliance serving as joint book-running managers. Roth Capital Partners is also a co-manager for the offering.
Enlight, which is based in Rosh Ha'ayin, Israel, has an active portfolio of 17 GW of solar and wind farms, as well as 15.3 GWh of storage, across nine countries, including 17 U.S. states. The company, which was founded in 2008, specializes in developing, financing, constructing, owning, and operating utility-scale renewable energy projects, and generates revenue from the sale of electricity produced by facilities secured under long-term power purchase agreements (PPAs).
The company's entry into the U.S. renewables market came in August 2021 through the acquisition of Clēnera, a Boise, Idaho-based developer of utility-scale solar and storage projects, for $433 million. Michael Avidan, who has held various senior roles at Recurrent Energy, SunPower, and PG&E, heads Enlight's U.S. business.
Enlight has 7.7 GW of projects in advanced interconnect status, set to enter operations in the U.S., where 64% of its operations are located in California, the Southwest, and the western region. The company generated $102.5 million in revenue in 2021, a 45% increase from $70.3 million in 2020. Its market capitalization value on the Tel Aviv Stock Exchange is currently 7.16 billion shekel ($2.1 billion).
