Enlight Reports Fivefold Net Profit Surge, Signs Major Google Deal, Raises Forecast

Enlight Renewable Energy experienced significant growth in the second quarter of 2026, driven by new project operations in the United States late last year. The company reported a 56% increase in revenues compared to the same quarter in 2025, reaching $210 million. Adjusted EBITDA rose 67% to $160 million, while net profit quintupled from $6 million to $31 million. For the first half of 2026, revenues totaled $409 million, up 54% year-over-year, with adjusted EBITDA increasing 38% to $314 million. However, net profit for the half-year declined 36% to $69 million due to a one-time gain of $81 million in Q1 2025 from selling 44% of its Sunlight project portfolio in Israel. Excluding this transaction, net profit grew 165% compared to the prior year.

Enlight, led by CEO Adi Levitin, upgraded its full-year 2026 revenue forecast to $790-$820 million from $755-$785 million, and adjusted EBITDA guidance to $565-$585 million, up from a previous maximum of $565 million. The company also raised its expected annual revenues by 2028 from $2.1 billion to $2.2 billion. In May, Enlight signed a 15-year agreement with Google to supply the full 250 MW capacity of its upcoming Solstice project starting in 2029. This deal is expected to generate approximately $60 million in annual revenue once operational.

Currently, Enlight operates projects across the US, Europe, and Israel with a combined commercial capacity of 2.9 GW plus 3.5 GW of storage, totaling about 3.9 FGW (Factored Giga Watt). The revenue-generating portfolio is split 41% in the US, 34% in Europe, and the remainder in Israel. The US segment saw revenues jump from $34 million to $80 million in Q2 2026, fueled by the commercial launch of the Roadrunner project in Arizona (290 MW solar, 940 MW storage) and the Quail Ranch project in New Mexico (128 MW solar, 400 MW storage). US electricity sales increased by $20 million, and tax benefits rose to $44 million from $19 million year-over-year.

Enlight’s project pipeline under construction totals 4.5 FGW, including six US projects with 3.4 FGW capacity, expected to generate $840 million in annual revenue, more than doubling current revenue rates. The company recently secured $2.6 billion in financing for the CO Bar project in Arizona, which includes 1.2 GW of solar and 4 GWh of storage capacity. Additionally, Enlight holds 3.9 FGW of projects in pre-construction status, anticipated to begin within 12 months and generate about $660 million annually. The focus of these upcoming projects is shifting from the US (1.5 FGW across six projects) to Europe (1.7 FGW across 11 projects), with 77% of this pipeline dedicated to storage solutions.