Good morning, thank you for joining us. We're used to meeting you throughout the year in update calls, conferences, and around quarterly results. Today's presentation is a little bit different. We operate in a dynamic, fascinating market, a market undergoing structural change and full of opportunities. Our goal today is to pause for a moment from the routine and broaden the discussion beyond just the recent results. We want to share with you not only what we are doing, but also how we think, where we're aiming to take Enlight in the long term, and the company's operational excellence. I hope today's meeting will give you another perspective on Enlight and the people behind it. Thank you again for joining us this morning. I invite you to review the safe harbor language in the presentation, and I'm now pleased to hand over the discussion to Adi, Enlight's CEO. Thank you, Itay. Thank you for joining us for our 2026 Investor Day of Enlight Renewable Energy. We will be talking today about Enlight's execution excellence and, of course, our growth engines. In my part of the presentation, I want to take us through three primary areas. I want to talk about the market that we're playing in, which is basically the market for electricity. Electricity has been undergoing significant change, very fast growth acceleration, and it's a great market to have as our market here at Enlight Renewable Energy. I also want to talk about how Enlight specifically plays in this market. Enlight, we like to call ourselves the execution machine, and we want to talk today about that execution machine, what makes it so successful, and our results. Finally, I want to take us through a new growth engine for Enlight, which is the data center development and operations. Starting from the era of electricity. In the markets that Enlight is active in, the U.S. and Europe, there has been for years a stagnation in electricity generation and electricity demand growth. That has all changed in the past five years, and this growth acceleration will continue going forward at a very significant pace. This is the market that Enlight Renewable Energy is active in. We are, of course, developers and IPPs, and this is the demand for our product that is experiencing unprecedented growth, unprecedented for the 21st century. The demand in electricity is also shifting the composition of how this electricity is generated. The demand is here and now, and it needs to be answered quickly. Renewable energy is the fastest way to deliver and meet this demand. We develop projects in solar, in wind, battery storage. Solar, wind, and battery storage are the projects that can come online relatively quickly to answer this very fast demand and this acceleration in demand. Essentially, with the rates at which we see electricity demand growing, really, we need all sources of power generation. The power generation that can be most quickly brought online is the kind of power generation that Enlight is engaged in developing, constructing, and bringing commissioning online. This electric power that is from renewable sources is not only the fastest way to meet demand, it's also the lowest cost power generation available to us. It's been now 10 years that the levelized cost of electricity from renewable sources, solar and wind, have dropped under the fossil fuel and the nuclear power generation sources. This has been a very significant trend for our industry, where renewable energy, you can like it because it is really green, good for our planet, for emissions, for future generations. You can like it because it's quick to come online, and it can answer the demand and the accelerating demand in our market. It's also the most cost-effective solution. It's really all of those things together. Countries around the world have all noticed. Market forces do their work. Already now, in 2025, power generation from renewable sources makes up around 40% of global power generation. That is expected to rise to 60% by 2040 and towards the 70% by 2050. This is something that really crosses geographies. In the United States, power generation from renewable sources has crossed recently the 35% threshold. In Europe, for the continent as a whole, the average stands at 50%. In some of the Nordics countries, that percent is 70% and 80%. This is not a fad or something that is going to go away like a trend. This is the way that power generation is going. Power generation is shifting for two decades now towards renewable sources, and we have crossed the point where it's going to become the largest source of electricity. As we see just the numbers and scales of the projects that are under development and the composition of the new power coming online each year, it is, in some geographies, 80% and 90% of the new power coming online is from renewable sources. That I've talked about the market in which we play, which is the power market, I wanna talk about why Enlight is the execution machine and is the company that can really take advantage to the fullest extent of this market that we are very happy to make our own. Enlight has already delivered over the last decade significant exceptional performance, both growth of our revenues as well as the profitability as measured in EBITDA to the same rate of 40% compounded annual growth rate. At the same time, also delivering growth in the mature portfolio, and also in the total portfolio. Our total portfolio stands as of the last quarter at 42 factored gigawatts, and we continue to enlarge also the total portfolio, so we can see this growth of revenues and EBITDA also to the forthcoming years. I'm starting the story here in 2018, but the story really started in 2008. Since 2008 and until now, 2026, we have seen these same levels of growth. The chart was just not long enough to afford the whole story. If I look at just these past 10 years, we have seen Enlight pursue a consistent strategy that has taken us across geographies and across technologies. From the first, we started, of course, in our core market of Israel. We entered Europe first in 2012. Since 2019, when we started the first wave of European wind projects through the acquisition of Clenera. I have Clenera CEO, Jared McKee, with me in the room, sitting to my right. He will be talking with us also later. Through the acquisition of Clenera to the initiation of our energy storage business, which we entered very early in 2022 and started specializing in energy storage. Through our IPO in Nasdaq in 2023. Through our first operational projects that were connected in the U.S. in 2024. As of this moment, we have four projects that are connected in the U.S. and many more that will be connected in 2026, 2027, and 2028. Through to the recent expansion also in Europe to an additional wave of strategic countries where there's a great need for storage solutions, in this case, in Germany, Poland, Romania, and Finland. This story continues into the future. As I, of course, mentioned, our portfolio, the total portfolio, is at around 42 factored gigawatts. That is what creates those next horizons of growth for Enlight. In the foreseeable future, we already know projects that are in our mature portfolio are going to be all connected by the end of 2028. Additional projects that are not in our mature portfolio, but will still be connected by the end of 2028 to the extent of over $2.1 billion, which will be our annual revenue rate. That corresponds to global operating capacity of 12-13 factored gigawatt. This continues to represent the same compounded annual growth rate on our revenues of around 40%. Now really to the question of how do we do it? We think of ourselves as being really a execution powerhouse with two key components to that. On the one side, we're still the entrepreneurs that established the company in 2008 in Israel. Also, Clenera, with its entrepreneurs that established it in 2012 in the United States. We still have that entrepreneurial mindset that keeps us one step ahead. On the other hand, we are not a small company anymore. It was always important for us to develop corporate-level capabilities. We have developed corporate-level capabilities really from the inception of the company, growing them at pace with the size of the business. If I start with the entrepreneurial mindset, we're ahead of the curve. In Israel, we were the first to operate along the entire value chain, both as developer and as IPP. We're still one of the few players, globally that is a pure renewable IPP and developer. We were a pioneer in Israel in developing and building and operating wind, solar, and storage assets. Globally, we are the first Israeli company to enter Europe, the largest Israeli player in the United States, and the only Israeli player to be listed on Nasdaq. We're very creative in our problem-solving. The work of the developer is the work of grit, resilience, just not giving up, perseverance. That is what we have, which we bring to the project development process. We take projects, and we overcome very many challenges in the project development process, and we always find a way. Our projects, the conversion rate of our projects is very high. Projects that we put into the, we call it our iceberg, but our total portfolio of projects, these are projects that we have already scrutinized to a degree that we know that we can push them through and get them with a very high likelihood to the other end as mature projects and eventually as operating projects. We do this by being relentless in project development, by doing effective risk management and hedging, and our strategy of diversification across geographies, across technologies, our procurement strategy, which is also diversified, our safe harboring strategy, which we brought in order to enjoy tax benefits in the U.S. until regulatory changes are in place. All those are part of our creative problem-solving. Ziv, who is sitting to my left, is our Vice President of Project Execution and Asset Management. He will talk later also about that continuous yield uplift that we do during the operations of the project, through hybridizations, repowering, expansions. All those are part of our creative problem-solving that enables us to really deliver the best project outcomes. Last, in the entrepreneurial mindset, I wanna talk about our continuous ability to identify and pursue successfully new growth engines for the company. We entered energy storage relatively early in 2022. Just in the last year, we expanded into new strategic markets. When we identify that there's new opportunities, for example, in Germany, Poland, Finland, for energy storage systems that need to come online ASAP, we're in there. Jared will talk about our expansion in the U.S. well beyond WECC into PJM and SPP, which did not start recently, but we've made significant expansions there recently. In the Middle East and North Africa, our move beyond Israel into Morocco. In another area of our innovation, the agrivoltaic solutions that we're bringing into field crops is a very interesting new growth engine for our business in Israel, which we actually talk about in more depth in the materials that we uploaded to the webinar website, and we're not gonna touch upon them today in this presentation. Finally, what we are going to be talking about in this presentation is our entry into data centers development and construction and operations, and specifically in that area, AI level, AI scale data center projects that are co-located or are near generation. That's the entrepreneurial side of the business. In addition to that, along the way, we always made sure that we are also keeping a very well-run company with very good management infrastructure, starting with a consistent strategy that I already talked about with being a pure play renewable developer and IPP. Through the geographic and technological diversification, the strong access to capital, those are our strategic fundamentals. Everywhere we play, we have, we ensure operational excellence. We're an excellent developer with greenfield and brownfield capabilities. We're also an excellent IPP, we operate and manage dozens of cash-generating assets across three continents. We are also active in trade and being a supplier of electricity, especially in Israel, to commercial and industrial customers. We have both a utility scale business, and in Israel specifically, we also have a distributed grid business. Everywhere we play, we make sure that we are a top player in the industry. Finally, a robust management infrastructure, disciplined processes, strong corporate governance, and our people. Our people are basically, it's everything that we do. We ensure that our people not only come to us with that right DNA that we talk about, but it's also individuals that are high caliber, but also eager to learn, because we believe that we need to continue developing our talent and continue acquiring capabilities, and that goes for all of us, for the executive team, and for all layers of management. Finally, in this part about the corporate and business discipline, we've also shown our ability to create successful partnerships and to acquire companies and to successfully integrate them into Enlight. Through all these, we are an execution powerhouse that has delivered consistently, year on year throughout the 17 years of our existence. We have the visibility into the size of our portfolio and what's coming in the future to tell you that this is how we will also to continue operating successfully the company going forward. I now wanna talk about new growth driver for Enlight, which is data centers. Data centers, I mean, we hear about them very much, and the AI world and that demand that comes from the computing needs of AI. AI uses and data centers, first and foremost, create for us the basis for the demand for our product. Beyond anything else or at the basis of it, electricity demand is growing and has been accelerating in its growth, thanks to the uses of AI and those expanding uses. This is true across the board. Where you see this projection of 22% per annum, actually has proved to be an underestimate. If we look at the projections over time, we see that they actually are consistently adapted, revised upwards. Just in the six months between the projection on the left, between April and December of 2025, projection for the capacity demand for data centers in the U.S. has grown by 32%. When we look at the hyperscalers CapEx estimates for the last three years, we see that at the beginning of the year, there's always an underestimate for just how much that CapEx will grow. We've seen that those numbers are actually turning out to be 50% and 60% year-over-year. That, of course, corresponds to their electricity needs, which we provide. When you look at, I mean, the Magnificent Seven or the large tech companies, that are really working on these AI applications and these AI data centers as, the place to enable these AI applications, they're talking about electricity all the time. Electricity and access to power is the bottleneck for data center market growth. It's a shortage, it means that when these companies and other hyperscalers and co-locators are establishing data centers, they're actually looking for energy sources, for power sources, as one of the first things that they look for in where they're going to be establishing their new data centers. This is not similar so much to the data centers of the cloud era, which were maybe five, 10, 20, 25 MW, 30 MW, and they were located in city centers. These data centers of the AI era are very large consumers of electricity, and they're increasingly moving to be near generation, 'cause that is the bottleneck. You can understand why when you look at just how the power transmission networks, how they face dire constraints and the ability to add this transmission capacity is actually, it is a slow process and it's a very expensive process. Electricity transmission costs, and this is in terms, you know, this is the metric system. Excuse our U.S. audience. When you transmit electricity, you're paying about $1,500-$2,500 per meter of transmission of electricity, and that is if you're able to even build these transmission networks that take sometimes a decade or more decades to build. When you're transmitting data, you can transmit data over optical fiber for a fraction of that price, for $25 to $150 per meter. Each 1,000 kilometers of additional distance in fiber optics only creates 10 milliseconds of delay. With most AI workloads not being as sensitive to distance and the data transfer costs being a fraction of electricity transmission, it just makes sense to build large data centers for AI use, the ones that are 100 megawatt and up, to build them near power generation sources. Actually, it doesn't only make sense, we also see it happening in practice. Data centers in Europe, they have an acronym that's called FLAP-D to represent Frankfurt, London, Amsterdam, Paris, and Dublin. In the U.S., I don't think there's a very nifty acronym. Nevertheless, you know the locations of the data centers. Mostly, Virginia is not probably. It is the data center alley of the world, and there's also additional hubs in Phoenix and Dallas, in other parts, Northern California. Now what we're seeing is that beyond these key markets that used to be, I mean, the only markets, the primary markets, we're seeing that data centers are being developed and constructed in secondary markets that are in different locations, sometimes in the same countries or states, but not in the urban areas, but further into the periphery. Other times, they're moving into really the hinterland and states and countries that I don't think we thought would have this much data center development just a few years ago. When we talk about Enlight and how Enlight is going to play in this data center market, we start with the fact that power supply is our core business. To enjoy this growth and acceleration in demand by hyperscalers and co-locators, we're already in that business. Our core business is to supply power. In the U.S. and in Europe, we're already providing power to hyperscalers through PPAs. We want to do much more than that. When you look at the value chain, we want to play also in the following parts of the value chain here. To be a provider of powered land is also something that is basically our core business. What is powered land? I mean, people talk about powered land. There's powered land brokers. There's people running around marketing powered land. Powered land is what we do. It is sites that we develop, and we also are able to secure that interconnection and that load. That is, again, our core business. That's not very different than what we do today. We have that real ability to secure great connections and to work with the grid to identify the right land and the places where we're more likely to get a large load. We want to do more than that as well. Our strategy for Enlight is going to be to play in the powered shell and eventually, through partnerships, also to be a DC operator. Powered shell is essentially also very close to our natural capabilities, and we can be a natural owner of a powered shell data center. We know how to obtain and secure the land, the grid connection. We're expert in utility scale developments of high technology projects. We know how to do electrical system and to optimize the energy supply into an infrastructure, and we know how to operate them with a very high energy efficiency. Beyond that, in order to also play in the areas of designing the white space, securing customers, tenants for the longer term, and being able to really understand the offtake of the DC operator, we do plan to enter into partnerships and to develop capabilities organically and inorganically. That will be done gradually and in a risk-managed way. Enlight has proven our ability to acquire companies and to integrate them into the Enlight group of companies and to be able to, along the way, unlock value, and that is what we also intend to do in the case of data center development, building and operations. We now want to talk about a few specific projects. We are of course a company that is headquartered, and the core of our business, and our start was in Israel. In Israel, we have our first flagship data center project that is in advanced development, expected to be commissioned in 2029. It is located on 50 acres in the south of Israel. Along the lines of our discussion earlier about the data centers migrating out of the urban centers and to the power generation-rich areas and into the near generation areas, it is located in an area with abundant green power that is being generated, and that is best consumed right there near the power generation and with not enough transition capacity to take it further up north to some of Israel's more densely populated areas. We acquired the land very competitively. We plan to invest $1.5 billion-$2 billion for a planned capacity of 116 MW IT. We plan to have on-site, co-located energy generation and storage. Ashalim, for us, is our flagship data center project in Israel, we have in Israel also additional development, additional options that we have on land, and we're looking very carefully, again, at the capabilities that we need and the partnerships that we need in order to make this data center project a success. From Israel, I will move to the U.S. Our U.S. investor base is no doubt aware, in the U.S., in certain states, and here we highlight SPP, the Southwest Power Pool, and PJM, Pennsylvania, Jersey, and Massachusetts. Is that PJM? Maryland. Maryland. Maryland. No offense to our Maryland investors. In these geographies, but also in additional states and additional countries also in Europe that are looking at similar regulations. There's new regulations around bringing your own generation for data centers. With data centers consuming so much electricity, there is, of course, a very valid concern that the prices of electricity for the individual consumers, for the households will go up because the product, this product is in very high demand. President Trump has spoken also about the need for any data centers that are going to be connecting to not create an additional burden on the grid, but to find the ways to infuse the grid with power to offset this additional demand that they are creating for electricity. This is why there's such a high level of synergy between being an energy, a power, a generation developer and IPP and being a data center developer. If I just give an example. If, as an example, one has a 600 megawatt PV project in PJM with 2,000 megawatt hours of storage, and you infuse the energy developer is infusing the grid with that amount of power, you get an accreditation as the energy developer, an accreditation of 200, 300, some of the regulation is still developing, up to 400, 100's of megawatt of large load that you jump to the top of the queue in getting that large load request approved. This is the essence why energy developers have a very built-in natural synergy with being data center developers. We get priority for our large load requests for data centers, priority in the interconnection, which is really the most valuable choke hold asset of data center development. Not incidentally, we are developing in SPP and in PJM, 4.7 and four, respectively, factor gigawatt of generation and storage projects. We do intend to leverage these synergies between development of our generation and storage sites and the development of data centers. If I just drill down and get a little more specific on the U.S., then I'll also talk about Finland and Germany. In the U.S., we do have four data centers that are currently under development adjacent to generation and storage sites with a total capacity of 1,000 MW IT or 1 gigawatt IT. None of the projects actually on this page are in our portfolio as we present it as the iceberg. These are projects that will be connected 2029, 2030 and onwards. 2029 was Ashalim, actually, just as an example, onwards, and they're creating the next wave of our business. In addition to that, we have in Finland, I'm happy to share that we have a collaboration with a local developer to develop and establish two data centers with a total capacity of close to 500 MW IT. We talked about Ashalim, and there are several additional options on land with grid connections that we have in Israel. Finally, in Germany, adjacent to one of our very large energy storage projects in Germany, we have the option to develop a data center with a capacity of 400 MW IT. Across all these developments, we are looking at developing data center projects with billions of dollars in planned investment. We will not do that alone, but we have also shown that we have an ability to raise capital at really very attractive prices, and we have a very good access to capital. We will be also managing our risks and making sure that we involve the right partners with us and make the right kinds of inorganic and organic capability building to ensure that we are developing these projects to success. As I was talking about the U.S., it is really my honor and pleasure to introduce Jared McKee, who is the CEO of Clenera, who is sitting next to me. Jared is joining us here in Israel, and he will talk with us a lot more about the U.S. business. Jared has been for 10 years with Clenera and entered the role of CEO at Clenera around the same time that I entered the role of CEO of Enlight. We sometimes call ourselves DNA twins in the sense that the DNAs of the two companies are very similar and Jared will talk about that, and it could not have been successful without that. I think success is a good word to describe the acquisition of Clenera, the integration of Clenera, and the great partnership and the great work that we do together at Enlight and Clenera. With that, I will hand it over to my colleague, Jared McKee. Thank you. It's this one. Yes. I couldn't agree more. When we think and we talk about the acquisition of Clenera through Enlight, the best word I can use is success. To think through the start of two businesses that on very different continents, the co-founders of Enlight, Gilad and Zafrir and Amit, and the co-founders of Clenera on the U.S. side, Jason and Adam. These very different groups of people started companies decades ago, they had a different focus. On the Clenera side, it was very much development-focused. We focused on, you know, large projects, utility scale, 20-year busbar PPAs, very, very specific. On the Enlight side, it was starting through the public markets, having ownership, being an IPP, really working that operations muscle to where you could become an operations machine. What formed was when Enlight was looking to enter into the U.S., a relationship was formed between Gilad and Jason. It wasn't just the numbers of, oh, we're gonna grow this much. It was also very important for both founders that it was done in a certain way, that it was done with a commitment and a courage that they could do it in the right way. A commitment to their children, their grandchildren, the generations that would come after them, to where there would be a stewardship to the land and a stewardship to what we've been given. From that, really, we've seen this success, and we'll talk a little bit about it, and we'll look at some of these numbers. When you look at the numbers that define the success. The first one that we'll focus on is, in orange you can see is 0.1. There's 0.1, and that 0.1 is really referring to the operating portfolio in 2023 of what Clenera, Enlight was in the U.S. It was 100 MW. In five years, we've gone from 100 MW in 2023 to, by the end of 2028, we will have seven factor gigawatts that are operating with recurring revenues. It's a lot of growth, but the growth is not just in MW. Really, they need to be good projects. They need to be high-returning projects, quality projects. When you look at the $20 million of recurring revenue that was operating in 2023 to $280 million that will be operating now in 2025 to $1.3 billion-$1.4 billion by 2028. If this isn't a success, I don't know what that word means. Unequivocally, the success story has been, this acquisition has been every step of the way a success. Now we've defined and talked about how the acquisition's been a success. Well, let's dive in a little bit into the hows and the whys. Adi has mentioned a combined strength, a shared DNA. That's something that I can't express more. What Enlight brought to the table was access to capital, operational excellence. As Adi mentioned, Enlight has been very successful at raising capital at a very good rate. Clenera was very focused, so very deep in the development in WECC and other areas in the U.S., really had a best-in-class development. We've been defining and operating on our Ready to Finance and our RTF process. With these two kind of combined strengths, we were able to unlock value. Together, we truly do have this shared DNA, and it's very important to talk about this entrepreneurial spirit. Gilad and Jason, our founders that are still here both in person and also through the leadership that continues through Clenera. The entrepreneurial spirit, knowing that every dollar we spend needs to be used and shared as a dollar that is my dollar. This is a dollar that was founded from the very first dollar of the first projects when we were doing 100 kW projects on top of rooftops to today, where we're doing gigawatt projects over 9,000 acres in northern Arizona. That same mindset has to be in place. What we can see is through that shared DNA, we continue to have the leadership at the Clenera side. You can see each of the members here, 10 years, eight years, six years, nine years, 14 years. The leadership at Clenera continues to be here today because we have a shared goal, a shared vision, where the relationship from Gilad and Jason has grown. It's no longer just a relationship between founders and CEOs. It's a relationship between companies that have come together and as one, as one shared DNA, we are able to unlock this value and to continue to grow our pipeline and grow our portfolio. From a leadership perspective, how do we look at what we're doing in the U.S.? We see it as really having three key foundational pieces: financial strength, which we'll talk about, execution excellence, which Ziv will talk about later on, and a robust pipeline. Starting off with the financial strength. To highlight, between 2022 and 2026, in the U.S., Clenera and Enlight has raised $6.8 billion of project finance as well as tax equity. This is supporting 5.9 gigawatts of project that will COD, and some of it is already operating through 2027. We will continue to be able to raise the capital that is needed for our projects. One thing to note, and I know Itay likes to mention this, and it's very true, is that from the sponsor equity side, we have all the funds that are needed and required to fund the business through 2028. When we look and we show, you know, some of these projects are going to be coming online and all the factor gigawatts, it's important to know that we have fully funded and all the equity that we need all the way through 2028. We have that financial strength. Next, operational excellence. I'm not gonna dive too deep into it 'cause I don't wanna take away what Ziv is going to present and But what I do wanna talk through is the four pillars of development. Site control, interconnection, permitting, offtake. These are the things that Clenera is very deep. Every project really starts with land. That's stewardship of the land. When we go and talk to ranchers, farmers, timber harvesters, there is a shared bond. Many of the folks that work in Clenera, as you may know, we are based in Boise, Idaho. It's not the highest population place, but many of the folks that work at Clenera, we come from an agricultural background. On my side, my dad was a dairy farmer. My mom's side of the family was a dry wheat farmer in eastern Idaho. When we sit in front of someone who's owned that land for four generations, there's a shared understanding and a shared stewardship of what it means to own family land, what it means to trust someone that's sitting across the table from them, that we are going to do what we say we are going to do. That relationship that we build with the landowner is the same as the relationship that we built with Gilad and the Enlight team. It's a shared trust. It's that when we say we do something, we do it. That goes from the interconnection, the permitting. When we're sitting in front of a county permit, and we're saying what we're going to do, how much we're gonna give into the county, they have to believe and trust that we are going to do what we're saying we're going to do. One of the areas that I've been personally involved with is the commercial offtake. For a long time at Clenera, I was the lead negotiator of many of our power purchase agreements, which in WECC is the most challenging and difficult portion of the four pillars to obtain. Going back to the relationship and to the trust. It's exciting, it's exhilarating to get new offtake. It can be challenging when you have to go back to a utility or to someone that you signed an agreement, and you have to renegotiate that contract. Sometimes you have to renegotiate it two three, four, five times. That is the moment when the person across the table from you needs to look into your eyes and know that what you say is what you mean, and what you do and what you say you're going to do is what you're actually going to do. As you build these four pillars, we have to make sure that they are advancing at the same timeframe. If we get too far along on the interconnection, but yet we're not in the right spot and we actually can't get a permit, that is where projects fail, is if you can't advance or it gets too expensive to advance one of your pillars and the other ones haven't followed along. It's very important that we use stages and gates. Stages and gates that allow us to advance and unlock new investment, new capital requirements into the project, but making sure that all the pillars and the foundations of our projects are where they need to be. When we get to the next phase, when we get to our financing and our execution, it has to be built on these four pillars. We have to have all things complete. 'Cause when we go to our bank and we have our 20-year busbar PPA that everybody in the marketplace loves, it makes it a rather smooth process to go and to complete our financing and then really hands it over to the execution team, where they can operate and build our project and operate it for the next 35 years. We've talked about financial strength. We've talked about operational excellence. Let's talk about our pipeline. Let's talk about a robust pipeline. In the U.S., we have 27.5 factored gigawatts of portfolio. On the top end, above the surface are the 1.6 factored gigawatts of operating portfolio, which are many of the projects that you already know the names of. Sitting underneath that is another five factored gigawatts of projects that are in our mature portfolio. Again, names that you would have heard before. What we haven't named are the 5.3 and the 15.6 factored gigawatts of projects that sit pretty far underneath the surface. This is the funnel. This is the exciting part about Clenera and Enlight and what we're doing in the U.S., is this continues to grow. You may have heard about the additional interconnection applications that we made into PJM, the additional projects that were also into SPP, into MISO, into CAISO, into all the other markets in the U.S. There's also another subcomponent of projects that's not listed here. A good portion of our development team's time is spent on new projects that haven't met the business requirements for us to share in the iceberg. These are the new projects, the projects that we're looking at obtaining more site control. Every year it is a mandate on the Clenera side that we add one to two additional gigawatt projects into our pipeline. Because of the success that we've had, we need to continue looking at new gigawatt projects to enter into this funnel. As all of these projects move up, we need to continually having new projects at the beginning of the funnel. I don't wanna just talk about just MW and factored gigawatts. Sometimes we need to actually talk about the specific project. I wanna talk shortly about our CO Bar project. The CO Bar project is a personification of who we are at Clenera. As Adi mentioned, that entrepreneurial spirit when in front of you see hurdles, you see obstacles that in the immediate future you don't actually know how to overcome them. CO Bar, as I think many of you know, is a 2.3 factored gigawatt project based in northern Arizona. It has a healthy return. It's one of our flagship projects. I can share with you that it was not without challenges. The project was started back in 2018. What we're gonna go through here is, I like to call it the winding road of CO Bar. Because as you can see, our first major milestone is we signed our site control with the landowner. That was back in 2018. We then submitted our interconnection application later in 2018. We then had our draft system impact study sometime in 2020. We thought we were on this path. We were on a wonderful path. We were able to change the PURPA laws in the state of Arizona and be able to sign PURPA contracts and PPAs with several different utilities in the state of Arizona. COVID happened, supply chain restrictions happened, inflation happened. We had to go back and reengage with our utility partners to re-sign. In fact, we terminated the PPAs and had to re-sign them and had to go out and win RFPs. We signed additional power purchase agreements, we had to renegotiate those. We had a FERC Order queue reform in the interconnection, which delayed our interconnection. Again, furthering renegotiations. We had a Department of Interior memo that allowed for us that we had to delay the signing of our LGIA. Many obstacles. Every project has a moment where you have to look into the dark abyss, and you have to ask yourself, "How is this project gonna make it over this obstacle?" There may not be a current answer that we know right now, but that is where the entrepreneurial spirit comes, where we can find a way and always find a way to do what needs to be done. Here we are today on the straight path. We're on the path now where all of these obstacles, the winding road of CO Bar is behind us. We're in construction. We're on our way to financing. We can see the next phase of this project, which is completing our construction and execution and transitioning to the operation. It's a challenge, but it's absolutely worth it. I like to tell people that CO Bar is actually older than my two living children. I have a six and an eight-year-old, and CO Bar is nine years old. It's a challenge, but not every project in our portfolio is the big swing, the decade-long project that's 1,000 gigawatts or 2.3 factored gigawatts. We have to have other projects in our portfolio that can be done in an expedited timeframe. I present to you the Roadrunner project. The Roadrunner project is in operations. It's 567 factored MW, so it's not nearly the size of CO Bar, but it's also very, very healthy and equally important. We have to balance our portfolio with the big projects, the gigawatt projects, with those then that can be done in three or four years. It wasn't without its challenges. We had to sign very complex negotiations with the local military base that was there. We had to go through a very strenuous permitting regime. We had to win an RFP with offtake to be able to have the opportunity to joint venture with them. Through it all, here we are now. The project is operating, it's fully deliverable, and this is that balance. It's having a portfolio that has new gigawatt projects every year and then balancing that in with other projects that we can do on a shorter timeframe and kind of fill in those gaps as the gigawatt projects take a little bit longer. What I'm ex-excited about as the CEO of Clenera and being a part of Enlight together is you may have known us as WECC players. We have a pipeline that's 21 factored gigawatts that is our advanced and early-stage projects. Half of that, roughly half of that is in the West Coast. We understand WECC. We like WECC. Not only is that where we live, where we do business, it's what we understand. We have the 20-year busbar PPAs. We have high barriers of entry that we have a very unique relationship and a very unique experience that allows us to be successful in WECC. We're not just a WECC player. We are throughout the U.S. As Adi mentioned, we have 4.7 factored gigawatts in SPP. We have almost four gigawatts in PJM and other markets. We are a well-diversified development pipeline that is moving and advancing all of our projects to where they will not just be numbers in a spreadsheet, but they will be projects that are unique and meaningful to the local communities that they serve, and a transition to an operations of recurring revenue that we can all be very proud of. With that, as we talk about the operations, it's my honor to be able to introduce Ziv, that he will then inherit all of these projects and get to operate the seven gigawatts in the U.S. in 2028 and hopefully many more factored gigawatts of projects as we look beyond 2028. With that, I hand the time over to you, Ziv. Thank you very much, Jared. Hello, everyone. Historically, we've been growing our portfolio, or tripling our portfolio every two years. If we look on where we started in 2019 or basically we've started before, but even we look from 2019 with about 0.38 factored gigawatt, by 2025, we have today about 3.9 factored gigawatt. By end of 2028, we're gonna have anywhere between 12 to 13 factored gigawatt in our mature portfolio. When we deep dive into that, not only that more of half of it is already in construction, by the end of the year, more than 90% of it will be under construction or already yielding. When we look on it on the number side, basically if today we have a portfolio of about $770 million in recurring revenue, in the next two years, we're going to invest about $8.4 billion of CapEx into our new assets, which in result are going to end with a portfolio that's going to yield us about $2.1 billion as recurring revenue for the long term. Not only that, one of our strategic decisions throughout the years was that we want to be diversified geographically and technologically. Today, we are operating 53 sites across 11 territories with about 3.9 factor gigawatt between wind, solar, and storage. In the next two years, we're gonna be basically delivering 50 additional projects, moving into three new markets, operating or constructing in about 14 new countries and states, as I said, with a total spend of about $8.4 billion. By end of 2028, that means that we're gonna have about 103 operating sites across the world in 19 countries with a total factored gigawatts of 11.6. In order to do that, basically we built an integrated end-to-end platform. Because of our unique structure of both the developer and IPP, we believe that our team needs to be engaged from day one and be there throughout the entire life cycle of the project to ensure not just the short-term but also the long-term results of our projects. This is why our execution division is involved from the early stages. We have an engineering and procurement and construction teams which work simultaneously together. We're leveraging our economies of scale. We're focused always on the long-term assets and optimization of our sites in order to increase our yields. We're always looking even within our existing sites for expanding our operational sites and increasing our EBITDA. Our core competencies are on the engineering team. We have an in-house engineering team which holds most of our knowledge and the know-how that we gained throughout the years. On the other hand, because we work across so many multiple territories, we have gained the capabilities to manage engineering framework across operational markets in order to also get the local know-how and basically be able to combine the two in order to get the best project. Of course, compliance, regulation, and innovation are also part of what those engineering team do. Today, because these guys are involved from day one, okay, this is the engineering team that today manages almost 30-factor gigawatt under its roof, I would say. Our procurement and supply chain. Because of our scale and because we realized that for us, we are able today to manage it in such a way that we are able to buy the main equipment ourselves, manage our supplier relationship, and leverage our scale for long-term relationships. What that means is that in a very turbulent world today, in very volatile supply chain, we are able to maintain good prices and good control on our costs and meet our financial models. We have an in-house project execution team with project managers that again know and know how we deliver our projects, on-site scheduling, budget control, our quality control, and of course, our EHS, E-H-S teams which are all internal. Probably the most important part of our execution division here is our asset management team. They manage our portfolio. They're responsible for the production and our revenues optimization. They are responsible for the availability. What we've seen, especially in the last two years, is the issue of big data and analytics. More and more data is flowing into our systems. If historically an asset management team was responsible for the maintenance, and still is, but also data is now becoming very important. As an example, from a single site today, we get more than 140 million data points a year from a single site. Now we're talking about 50 sites today and more over 100 in two years. What that means, that when we look on how or we deep dive into our asset management core capabilities and how we maximize the performance, we develop several capabilities. The first one is our EMS or Energy Management System. We developed our own EMS system with our own algorithm, which is designed in order to maximize our revenues, especially on our storage sites, both utilizing external and internal parameters. Maintenance is still, you know, we are still dealing with mechanical sites and maintenance. Preventive maintenance and scheduled maintenance is still a core capability of our asset management team. We also get more and more reliable insights. We have data dashboards and which we use them because having the data is not enough. We want to also be able to take informed decisions based on that data. That means that not just standard maintenance, but also predictive maintenance is part of our day-to-day work today, which enables us fast responses in order to deal with our assets. Most and foremost is the EBITDA enhancement. Our asset management team is focused on two things today when we look on how can it enhance our EBITDA. The first is basically using operational and financial data analysis and through our systems, and I'll dive into that in a second. The second one is what our team calls adding and moving the famous glacier that we always talk about from not just pushing it up, but adding also a 3-D dimension, adding a depth into it. Means we've taken the operational sites, which we now see on the tip of the glacier, but then we enhance those and basically extend those, or what we call connect and extend. I'll deep dive into these two. The first one, when it comes to data, today we consolidate all our data into a single SCADA system, Supervisory Control and Data Acquisition, which basically enables us to consolidate everything into a single source, get insights, get the reports, do our analytics in-house with our specific analytical team, and utilize that in order to improve and squeeze more and more kW out of our existing sites. We go on how we basically add depth or do connect and expand to our assets. Two examples here. The first one is Gecama. Gecama is the largest wind farm in Spain owned by Enlight. It's a 329 MW wind farm. By end of this year, we'll be adding to that wind farm 227 MW of solar and 220 MWh of BESS. We have a total installed capacity of 619 factored MW. Another example is our own project in Israel, a floating PV site of 21 MW with 160 MW h of BESS. In the next two months, we're gonna be adding 80 megawatt hour into that site, which basically means that we will be moving from four hours duration to a six-hour duration storage, at the same time, increasing our revenues. Now, these are just two examples, but today, when we look on our portfolio, we're seeing 1.4 gigawatt of additional production capacity and 8.5 gigawatt hour of storage capacity. That just by utilizing our capability of basically overcoming what's today probably the bottleneck of development of renewable energy, which is the connection to the grid. Basically the fact that we already have that connection, and now we're just able to build on that and increase our capacity and our production, and usually through shorter development time. That's something that really helps us further develop our sites and increase our EBITDA. Now, before I'm gonna hand back to you, Adi, to finish the presentation, I would like to show a short two-minutes movie that I believe summarizes what we do today on the Project Execution and Asset Management division at Enlight. Across continents, technologies, and markets, one division turns mature projects into operating clean energy assets. From the first engineering decision to long-term performance, this is where projects become reality and reality becomes value. Enlight's Projects Execution and Asset Management division brings together everything it takes to deliver complex renewable energy projects at scale. Wind, solar, Agrosolar, energy storage, hybrid and data centers. Pre-construction, construction, and operations. Different geographies, different technologies, one execution standard. Our global engineering teams translate deep technical analysis into real-world solutions. Our global procurement and supply chain teams manage large-scale purchasing, supplier diversification, and complex logistics across countries and continents. They keep critical equipment moving on time, on spec, and on budget. Civil works, foundations, heavy lifts, installation, grid connection, and commissioning. Our construction team and honoring preventive maintenance, energy management, AI utilization, and continuous optimization, they protect long-term value and bring every. Adi, maybe before I hand it over to you, it's important to mention, for those of you who didn't recognize, all the sites in that movie are Enlight sites. Every single turbine blade, every solar panel, every float, and every battery storage system. Exactly. Right. Very impressive. I think my favorite part of that is the every single day. I just like that line. Yeah. I want to bring us to a close, and before I hand it back to Itay to facilitate your questions. Enlight is really we see ourselves as an execution machine. There's many cogs in this machine, and we are excellent at every single one of them. It starts with our entrepreneurial DNA and our core values, through our corporate capabilities, strong management infrastructure, through the entire value chain, from greenfield development through all the way into construction management, asset management, continuing to improve the EBITDA, getting the best financing terms, delivering to you the highest return on capital, and doing this all through our creative mindset, through our capabilities, and also through partnerships that we build, and we know how to acquire capabilities and integrate them into the company. With that, I will hand it back to Itay, our Chief Corporate Development Officer, who will facilitate questions and answers. Adi, thank you. Thank you, Jared. Thank you, Ziv. With that, we're gonna summarize, and we have some time for questions. If you wanna ask a question, please raise your hand on the Zoom, and then we'll open the mic for you to ask a question. Okay. We are handing the mic to Justin Clare from Roth. Okay. Justin. You hear me okay? Yeah, we hear you perfect. Good to hear from you. Okay, perfect. Appreciate the presentation. Thank you. Just wanted to start on the data center opportunity here. I was looking at, I think, slide 22 and just totaling up the projects you have visibility into. It's a little over two gigawatts of data center capacity there. Just wondering if you could provide a little bit more detail on the status of those projects in terms of land control, interconnection, permitting, just kinda a sense for where you are in the development phase of that. If you could share, it may be early here, but how much capacity could be added in 2029, how much in 2030, and how we should be thinking about that at this stage. Thank you, Justin. Adi, do you wanna? Justin, thank you for the question. As I mentioned, these projects, we have not actually yet formally added them into the iceberg that we present to you as our total portfolio. They are all in phases of early development with some that, like we mentioned, Ashalim, that is already slated to be commissioned and connected in 2029, and the rest of them in the years after that. It is quite a few gigawatts and investment of our capital. At the same time, we have different models with which we will be going at them. I mentioned, for example, in Finland, that we are working in collaboration and partnership with a local developer. In, for example, in Germany, this is a project, a data center project, that is adjacent to our storage site where we have as well, a partner with us in the storage site, and also we will have the same partner in the data center. These projects are not only in various stages of development, but they're also not entirely all 100% owned by Enlight. We have not added them, again, formally into our count. In all the cases though, of all these projects, the projects that we put on the page are projects where we have acquired already certain rights to the land or optionality, and we have a good view of their interconnection or their large load status. In that sense, they are projects that we have a certain amount of information about, but we're not ready to share more than that at this point. Okay. Got it. No, I appreciate that. Yes, that's. I guess just following up, curious, at this stage, how should we think about the amount of capital that could be allocated to the data center opportunity and how that might phase in? It sounds like through 2028 you have all the capital you need for your renewable energy pipeline. Could you start meaningful investments in data centers, you know, over the next couple of years? How do you anticipate that phasing in? Then just curious on the potential returns for the data center projects and how those might compare to your traditional renewable energy pipeline here. Justin, I'll say something about the capital, and then I'll hand over to Adi to discuss the returns and the various models. It is important to say and to mention that as we mentioned before, we have more on our balance sheet in hand, sources to support growth of Enlight beyond 2028, significantly beyond the mature portfolio. It is important to mention. Also these projects are in the nature of the phase of the development, which is relatively early. It's a little bit, you know that we are hesitant to go deep into numbers of our projects in the early phases, because there can be still lots of moving parts. It is important to say that they are not on the iceberg, as we know the iceberg today. These are new projects that we're presenting to the market and new opportunities. Adi, do you wanna say something about the potential returns? Yes. The returns on data center projects very much depend on what role Enlight will play in the value chain. We talked about the range from powered land through powered shell to being a data center operator. And in the powered shell business model, again, this varies greatly by geography and by project, but we do understand the rates of return that are between 10%-15%-20% IRR. Therefore, making them on par and slightly on the higher end of the IRR, the returns that we get from our renewable energy developments. Nevertheless, there's still, like, a wide range here, and beyond powered shell, when companies get into the data center operations and also take on the risks of tenancy, and design of the white space and with the changes that can happen to their design over the years. Again, this is something that we are looking into in subsequent stages of our strategy with partnerships, through partnerships, and those returns can go also 25% more, but that's not right now immediately on the table. Okay. Thank you very much. Appreciate it. Thank you, Justin. It seems like there are no more questions. Again, thank you for joining us. We believe that Enlight is in its best position in the history of the company, and we're meeting today a market that is in the best fundamentals that we've seen in some time. There are exciting days ahead of us, and we look forward to stick with you in the future. Thank you. Thank you very much for joining us.