Enlight Renewable Energy Targets AI Data Centers, $2.1B Revenue Run Rate by 2028

Key Points

• Enlight Renewable Energy outlined a long-term target of more than $2.1 billion in annual revenue run-rate by 2028, backed by expected growth to roughly 12 to 13 factored gigawatts of operating capacity.
• The company is making a major push into AI data centers, planning projects in Israel, the U.S., Finland and Germany that would be built near power generation to address rising electricity constraints for hyperscalers and co-location providers.
• Enlight highlighted strong U.S. expansion through Clenera, with recurring revenue projected to rise sharply by 2028 and the U.S. portfolio expected to reach 7 factored gigawatts, supported by billions in project financing and tax equity.

Enlight Renewable Energy NASDAQ: ENLT used its 2026 Investor Day to outline its long-term growth strategy, emphasizing renewable power demand, expansion in the United States and Europe, operational execution and a new push into data center development.

Itay Banayan, Enlight’s chief corporate development officer, opened the event by saying the company wanted to “broaden the discussion beyond just the recent results” and explain how management thinks about Enlight’s long-term direction. The presentation centered on what Chief Executive Officer Adi described as a rapidly changing electricity market and Enlight’s role as an “execution machine.”

Electricity Demand and Renewable Growth

Adi said electricity demand in Enlight’s core markets of the United States and Europe has shifted from years of stagnation to a period of accelerating growth. He said renewable energy is positioned to meet that demand because solar, wind and battery storage projects can be brought online relatively quickly and have become among the lowest-cost sources of power generation.

According to the presentation, renewable sources now account for about 40% of global power generation, with management expecting that share to rise to 60% by 2040 and toward 70% by 2050. Adi said renewables recently crossed 35% of power generation in the United States and average about 50% in Europe, with some Nordic countries reaching 70% to 80%.

Management highlighted Enlight’s historical financial growth, saying revenue and EBITDA have grown at roughly a 40% compound annual growth rate over the past decade. Adi said Enlight’s total portfolio stood at approximately 42 factored gigawatts as of the most recent quarter, providing visibility into future growth.

The company said projects in its mature portfolio are expected to be connected by the end of 2028. Adi said Enlight is targeting an annual revenue run rate of more than $2.1 billion by that time, corresponding to global operating capacity of roughly 12 to 13 factored gigawatts.

Data Centers Become a New Growth Engine

A major focus of the presentation was Enlight’s planned entry into data center development, construction and operations, particularly artificial intelligence-scale data centers located near power generation.

Adi said power availability has become a key constraint for hyperscalers and co-location providers as AI-related computing needs expand. He argued that large AI data centers are increasingly likely to move away from traditional urban data center hubs and toward areas with abundant generation, because transmitting data over fiber is far less expensive and faster to deploy than building new transmission lines for electricity.

Enlight said it intends to participate in several parts of the data center value chain, beginning with power supply and “powered land.” Adi said the company also plans to pursue “powered shell” projects and, over time, data center operations through partnerships and organic or inorganic capability building.

The company identified several data center opportunities:

• A flagship project in Ashalim, Israel, in advanced development, expected to be commissioned in 2029, with planned capacity of 116 megawatts IT and an estimated investment of $1.5 billion to $2 billion.
• Four U.S. data centers under development adjacent to generation and storage sites, totaling 1 gigawatt IT.
• A collaboration in Finland with a local developer for two data centers totaling close to 500 megawatts IT.
• An option in Germany to develop a 400-megawatt IT data center adjacent to one of Enlight’s large energy storage projects.

During the question-and-answer session, Adi said the data center projects are not yet included in Enlight’s reported portfolio “iceberg” and are in varying early stages of development. He said each project has some land rights or optionality and a view on interconnection or large-load status. Banayan added that Enlight has balance sheet resources to support growth beyond 2028, though management did not provide detailed capital allocation figures for the data center pipeline.

On returns, Adi said powered shell data center projects could generate internal rates of return in the range of 10% to 20%, depending on geography and project structure, placing them roughly in line with or above Enlight’s renewable development returns. He said data center operations could potentially generate higher returns, but that stage would require additional partnerships and capabilities.

Clenera Highlights U.S. Expansion

Jared McKee, CEO of Clenera, Enlight’s U.S. business, described the acquisition and integration of Clenera as a “success.” He said Clenera’s U.S. operating portfolio was 100 megawatts in 2023 and is expected to reach 7 factored gigawatts by the end of 2028.

McKee said recurring revenue from U.S. operations is expected to grow from $20 million in 2023 to $280 million in 2025 and to $1.3 billion to $1.4 billion by 2028. He also said Clenera and Enlight raised $6.8 billion of project finance and tax equity between 2022 and 2026 to support 5.9 gigawatts of projects expected to reach commercial operation through 2027.

McKee said Enlight has the sponsor equity needed to fund the business through 2028. He also outlined Clenera’s development process around four pillars: site control, interconnection, permitting and offtake.

Clenera’s U.S. portfolio totals 27.5 factored gigawatts, including 1.6 factored gigawatts operating, 5 factored gigawatts in the mature portfolio, and additional advanced and early-stage projects. McKee said the company remains active in the Western Electricity Coordinating Council market but has expanded into SPP, PJM, MISO, CAISO and other U.S. markets.

Execution and Asset Management

Ziv, identified during the presentation as Enlight’s vice president of project execution and asset management, said the company has historically tripled its portfolio every two years. He said Enlight expects to have 12 to 13 factored gigawatts in its mature portfolio by the end of 2028, with more than 90% under construction or already yielding by the end of the current year.

Ziv said Enlight currently operates 53 sites across 11 territories with about 3.9 factored gigawatts of wind, solar and storage assets. By the end of 2028, he said the company expects to operate 103 sites across 19 countries, with 11.6 factored gigawatts.

He said Enlight plans to invest about $8.4 billion in new assets over the next two years, which management expects to support approximately $2.1 billion in long-term recurring revenue. Ziv also highlighted asset optimization efforts, including hybridization and adding storage to existing sites, citing projects in Spain and Israel as examples.

Closing the presentation, Adi said Enlight’s strategy combines entrepreneurial development, corporate infrastructure, capital access, project execution and asset management. Banayan concluded by saying management believes Enlight is in “its best position in the history of the company” as electricity market fundamentals strengthen.

About Enlight Renewable Energy NASDAQ: ENLT

Enlight Renewable Energy Ltd. NASDAQ: ENLT is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company's portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.

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