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Enlight Renewable Energy Ltd

For the period ended Dec 31, 2023. Filed Mar 28, 2024.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2023 · Filed Mar 28, 2024

ENLT$68.32+5.7%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year ended December 31,2023

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

OR

☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission File Number 001-41613

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

State of Israel

(Jurisdiction of incorporation or organization)

13 Amal St., Afek Industrial Park

Rosh Ha’ayin 4809249, Israel

+972 (3) 900-8700

(Address of principal executive offices)

Nir Yehuda

Chief Financial Officer

13 Amal St., Afek Industrial Park

Rosh Ha’ayin 4809249, Israel

Telephone: +972 (3) 900-8710

Email: nir@enlightenergy.co.il

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered, pursuant to Section 12(b) of the Act

Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary shares, NIS 0.1 par value per shareENLTThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report. As of December 31, 2023, the registrant had 117,962,614 outstanding ordinary shares, par value 0.1 NIS per share.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes☐ No ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐ Large accelerated filer☐ Accelerated filer☒ Non-accelerated filer☒ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☐ U.S. GAAP☒ International Financial Reporting Standards as issued by the International Accounting Standards Board☐ Other

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

Item 17☐ Item 18☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes☐ No☒

CONTENTS

INTRODUCTION1
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS1
PRESENTATION OF FINANCIAL INFORMATION3
PART I5
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS5
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE5
ITEM 3. KEY INFORMATION5
A.[Reserved.]5
B.Capitalization and Indebtedness5
C.Reasons for the Offer and Use of Proceeds5
D.Risk Factors5
ITEM 4. INFORMATION ON THE COMPANY42
A.History and Development of the Company42
B.Business Overview43
C.Organizational Structure67
D.Property, Plants and Equipment68
ITEM 4A. UNRESOLVED STAFF COMMENTS68
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS68
A.Operating Results75
B.Liquidity and Capital Resources80
C.Research and Development, Patents and Licenses, Etc.89
D.Trend Information89
E.Critical Accounting Estimates89
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES90
A.Directors and Senior Management90
B.Compensation93
C.Board Practices99
D.Employees109
E.Share Ownership110
F.Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation110
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS110
A.Major Shareholders110
B.Related Party Transactions112
C.Interests of Experts and Counsel112
ITEM 8. FINANCIAL INFORMATION112
A.Consolidated Statements and Other Financial Information112
B.Significant Changes112
ITEM 9. THE OFFER AND LISTING113
A.Offer and Listing Details113
B.Plan of Distribution113
C.Markets113
D.Selling Shareholders113
E.Dilution113
F.Expenses of the Issue113
ITEM 10. ADDITIONAL INFORMATION113
A.Share Capital113
B.Memorandum and Articles of Association113
C.Material Contracts113
D.Exchange Controls113
E.Taxation113
F.Dividends and Paying Agents120
G.Statement by Experts120
H.Documents on Display120
I.Subsidiary Information120

ii

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK120
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES121
PART II121
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES121
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS121
ITEM 15. CONTROLS AND PROCEDURES122
ITEM 16. [RESERVED]122
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT122
ITEM 16B. CODE OF ETHICS122
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES123
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES123
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS123
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT123
ITEM 16G. CORPORATE GOVERNANCE124
ITEM 16H. MINE SAFETY DISCLOSURE124
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS124
ITEM 16J. INSIDER TRADING POLICIES124
ITEM 16K. CYBERSECURITY124
PART III126
ITEM 17. FINANCIAL STATEMENTS126
ITEM 18. FINANCIAL STATEMENTS126
ITEM 19. EXHIBITS127
SIGNATURES129

iii

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.