RatingMay 11, 2026, 06:08 AM
Enlight Renewable Energy Rating A2.il; Outlook Positive
AI Summary
Midroog assigned an A2.il rating to Enlight Renewable Energy Ltd.'s new debentures series 7, expected to be issued for up to 550 million par value, and affirmed the rating for outstanding bonds. The rating outlook was changed from stable to positive. The proceeds from the issuance are intended for refinancing existing debt and supporting ongoing business operations. The positive outlook is supported by the strengthening of the company's capital base, anticipated commercial operation of significant projects in the U.S., strong business position, high cash flow certainty, and financial flexibility.
Key Highlights
- Midroog assigned an A2.il rating to Enlight Renewable Energy's debentures series 7 (up to 550 million par value).
- The rating outlook for Enlight Renewable Energy was changed from stable to positive.
- EBITDA for 2025 totaled $284 million, up from $247 million in 2024.
- Capex expenses were $1.8 billion in 2025, compared to $0.9 billion in 2024.
- Gross financial debt to capital resources (Cap) ratio was 71.1% at the end of 2025.
- Debt to EBITDA ratio was 18.0 in 2025, projected to improve to 11.5-12.5 in 2027.
- Liquidity reserves stood at $979 million as of March 31, 2026.
- Projected EBITDA for 2026 is $400-450 million, increasing to $750-800 million in 2028.