Enlight Renewable Energy, an Israeli alternative energy firm, completed its long planned IPO on the NASDAQ. The company offered 14 million shares opening at $17.90 per share and raised $252 million, almost 18% below its expected raise of $293 million. But the company now has a market cap of just over $2 billion.
Enlight now trades under the ticker symbol ENLT. The company is also traded on the Tel Aviv Stock Exchange where it has a market cap of $1.95 billion. Enlight first went public on TASE in 2010 at a valuation of just $17.3 million. So, the company’s stock jumped by more than 10,000 percent in 12 years.
Founded in 2008, headed by Gilad Yavetzand based in Rosh Ha’ayin, Enlight Renewable Energy funds construction and operation of ventures for generation of clean electricity from renewable energy sources. The company operates in Israel and Europe, benefits from a diverse portfolio of revenue-generating projects that are under construction, leading up to construction and with a signed agreement for the sale of electricity (PPA) with an output of approximately 3,800 MW, approximately 1, 200 MW in advanced development stages and an additional approximately 12,200 MW in various stages of development.
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Enlight Renewable Energy has a growing revenue pipeline from long-term agreements for the sale of electricity and is also working to expand its footprint in additional clean energy markets and segments.
Just last summer Enlight Renewable Energy signed an agreement for the acquisition and joint development of a 525 MW portfolio of renewable energy projects in Croatia, across various stages of development. The portfolio comprises five projects, four of which are solar, totaling 386 MW and one of which is wind, totaling 139 MW. Enlight projects that the projects will commence construction from the end of 2023 through 2025, subject to the successful completion of the development phase for each project.