Enlight Renewable Energy's Indirect US Subsidiary Enters Into Debt Financing Agreement For Its Crimson Orchard Project, Expects $27M-$28M In Revenues In First Full Year, With EBITDA Of $20M-$21M-8K

Enlight Renewable Energy Ltd. ("Enlight" or the "Company") announces that an indirect US subsidiary of the Company, has entered into a debt financing agreement (the "Debt Financing") for its Crimson Orchard project (the "Project" or "Crimson Orchard"), located in Elmore County, Idaho, USA.

Crimson Orchard capacity is expected to amount to 120 MW of solar power generation and 400 MWh of energy storage. The Project is currently under construction and is expected to reach COD during H1 2027.

As part of the Debt Financing, Enlight, through a subsidiary of Clenera Holdings LLC, has secured construction financing commitments from HSBC (USA) Inc., ING Capital LLC, KeyBanc Capital Markets., and MUFG Bank, Ltd., totaling $304 million.

Following the Project's COD, a portion of the construction financing commitments is expected to convert into a $166 million term loan, with the tax equity bridge loan expected to be repaid with tax equity proceeds. The term loan is structured with an amortization tenor of 25 years for the solar component and 20 years for the energy storage component and is to be fully repaid 5 years from the Project's COD (mini perm). The loans are subject to an all-in interest rate of 5.8%. The Company serves as the parent guarantor for certain obligations as defined under the financing agreements. The Project has a 20-year busbar solar power purchase agreement (PPA) and energy storage agreement (ESA) with Idaho Power.

The Company expects to sign an agreement with a tax equity partner during 2026 and expects the Project will satisfy the applicable requirements to establish beginning of construction in 2025 for purposes of preserving safe harbor eligibility. The Company expects the Project to be eligible for the 10% Energy Community bonus tax credit and the energy storage component of the Project to be eligible for an additional 10% Domestic Content bonus tax credit.

The tables below summarize the Project's financial information as expected at COD:

1 Reflects Project investment giving effect to the US tariffs recently announced, based on the Company's best estimates using current available information. Actual Project costs could be materially different based on final tariffs and the Company's mitigation efforts.

2The estimated tax equity proceeds assume a tax equity partnership structure, 89% of tax benefits and 5%-15% of EBITDA for 5-10 years will be transferred to the tax partner.

3 This figure represents EBITDA from the sale of electricity and excludes all expected Investment Tax Credits (ITC) proceeds as well as the impact of a potential tax equity transaction.