Google deal and US projects send Enlight’s revenue soaring as renewable energy company raises forecast
The Israeli company reported a 56% jump in second-quarter revenue after new solar and storage projects came online in America, while its pipeline with Google and other major customers continues to expand.
The launch of new projects in the U.S. late last year propelled Enlight Renewable Energy to strong growth, and the company expects the momentum to continue as additional projects move through construction and commercial operation. The renewable energy company has raised its annual forecast following another strong quarter.
Enlight’s revenue in the second quarter of 2026 jumped 56% year over year to $210 million. Adjusted EBITDA rose 67% to $160 million, while net profit increased more than fivefold, from $6 million in the corresponding quarter last year to $31 million.
In the first half of 2026, Enlight, managed by CEO Adi Leviatan, generated revenue of $409 million, up 54% from the same period last year. Adjusted EBITDA increased 38% to $314 million.
The comparison with last year’s first half is affected by a one-time gain of $81 million recorded in the first quarter of 2025 from the sale of a 44% stake in the Sunlight project portfolio in Israel to Harel and its partners. As a result, reported net profit in the first half of 2026 declined 36% to $69 million.
Excluding the one-time transaction, however, net profit in the first half of 2026 reached $26 million, representing a 165% increase compared with the corresponding period.
Following the results, Enlight raised its annual forecast. The company now expects revenue of $790 million-$820 million, compared with its previous forecast of $755 million-$785 million issued at the end of 2025. Adjusted EBITDA guidance was increased to $565 million-$585 million, compared with a previous estimate that reached $565 million at the upper end.
The company also raised its long-term revenue target. Enlight now expects annual revenue by the end of 2028 to reach $2.2 billion-$2.3 billion, compared with a previous lower-end estimate of $2.1 billion.
A major driver of future growth is Enlight’s expansion in the U.S. In May, the company signed an agreement with Google to supply the technology giant with the full output of the Solstice project, a 250-megawatt facility expected to begin construction in 2028 and start operations in 2029. The 15-year agreement is expected to generate approximately $60 million in annual revenue, depending on the project's operational start date.
Enlight currently operates across the U.S., Europe and Israel, with a commercial operating portfolio that includes projects with a combined capacity of 2.9 gigawatts (GW), alongside 3.5 GW of storage capacity. Together, these assets represent approximately 3.9 FGW (Factored Gigawatt), a metric combining generation and storage capacity, and are expected to generate annual revenue of $780 million-$810 million.
The U.S. accounts for 41% of Enlight’s yielding backlog, Europe for 34%, and Israel for the remainder.
The strongest growth came from the U.S., where revenue from operating assets increased to $80 million in the second quarter, compared with $34 million a year earlier.
The increase followed the commercial launch of two major projects at the end of 2025: the Roadrunner project in Arizona, which includes 290 MW of solar capacity and 940 MW of storage capacity, and the Quail Ranch project in New Mexico, with 128 MW of solar capacity and 400 MW of storage capacity.
Revenue from electricity sales in the U.S. increased by $20 million, while tax benefits generated $44 million in revenue during the quarter, compared with $19 million in the corresponding period last year.
Beyond its operational assets, Enlight has a development and construction pipeline totaling 4.5 FGW, including six U.S. projects accounting for 3.4 FGW. The company estimates these projects could generate annual revenue of approximately $840 million once operational, more than double the current revenue contribution from operating projects.
Earlier this year, Enlight completed a $2.6 billion financing package for the construction of its CO Bar project in Arizona. The project includes solar facilities with a capacity of 1.2 GW and storage facilities with a capacity of 4 GW.
Enlight also has a pipeline of 3.9 FGW of projects expected to enter construction within the next 12 months, with an estimated annual revenue contribution of approximately $660 million once operational.
The geographic focus of this pipeline is gradually shifting. While the U.S. remains a major growth engine, Europe now represents an increasingly significant share, with 11 projects totaling 1.7 FGW compared with six U.S. projects totaling 1.5 FGW.
Storage projects account for 77% of this near-term construction backlog, reflecting the growing importance of battery storage in renewable energy markets.
