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Investments in Investee Entities | 12 Months Ended
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Dec. 31, 2022
Disclosure of information about consolidated structured entities [abstract] |
Investments in Investee Entities | Note 7 - Investments in Investee Entities
| A. | Consolidated entities:
| 1) | Business combinations
Signing of an agreement to acquire a company in the solar energy and energy storage segment in the United States - Clēnera LLC On August 2, 2021, the Company acquired 90.1% of the holdings in Clēnera LLC (hereinafter: “Clēnera”), for a total value of up to USD 433 million, in a transaction which includes a progressive performance-based consideration mechanism. The series of projects in development which was included in the transaction includes approximately 50 large (utility scale) solar projects in various stages of development, at a scope of approximately 12 gigawatts (in terms of DC capacity), some of which are projects with integrated energy storage in a cumulative scope of approximately 5.5 gigawatt hours (hereinafter: the “Development Portfolio”). The Company intends to operate in the United States according to the “Developer and IPP” business model (developer and electricity producer / project owner). Transaction structure
| 1. | The Company, through a wholly controlled American subsidiary, acquired the seller’s holdings, including the development portfolio and all of Clēnera’s capabilities and know-how, while the two founders will maintain a minority stake of 9.9%.
| 2. | The consideration for the transaction is comprised of upfront payments and future performance-dependent payments that will be determined in accordance with a gradual, performance-based, “earn out” payment mechanism, which will gradually decrease according to the projects’ respective years of commercial operation, until 2025. Projects that reach commercial operation after 2025 will not be eligible for earn out payments, according to the mechanism which was determined. Additionally, approximately 39% of the earn out payment is subject to the two founders’ continued tenure and provision of services to Clēnera, for a minimum of 3 years, including subtraction mechanisms in case of their departure, according to the date and circumstances of the departure.
| 3. | 5 years after the closing of the transaction, the founders will be given the opportunity to exercise a put option in respect of their holdings in Clēnera, in accordance with an agreed-upon mechanism.
| 4. | Management services - The transaction also included the signing of agreements for the provision of management services, according to which Clēnera will continue granting development services for the projects, as well as operations management services to third parties in respect of the projects which it has initiated and sold, at a scope of approximately 1.6 gigawatts.
Update of the liabilities in respect of performance-based (“earn out”) consideration and put option in connection with the transaction to acquire Clēnera LLC During 2022, changes occurred in the Company’s estimates regarding the placed in service date of a limited number of projects, in the range of up to one year, relative to the previous estimates. Additionally, on December 30, 2022, the company signed an update to the agreement in which it increased the earn out rate for the Atrisco project. In accordance with these changes, the Company updated the calculation and reduced the value of the contingent performance-based (“earn out”) consideration in the amount of approximately USD 10,293 thousand, and reduced the value in respect of the put option in the amount of approximately USD 1,709 thousand. The total impact amounted to approximately USD 12,002 thousand and was recorded as “other income” in the statement of income. 2) Details of material consolidated entities which are held by the Company:
Entity name |  | Country of incorporation |  | Effective stake in equity interests consolidated entity |
|  |  |  | As of December 31 |
|  |  |  | 2022 |  |  | 2021 |
|  |  |  | % |  |  | % |
Enlight - Eshkol Havatzelet L.P. (hereinafter: “Havatzelet”) |  | Israel |  |  | 100 |  |  |  | 100 |
Eshkol Havatzelet - Halutziot - Enlight L.P. (hereinafter: “Halutziot”) |  | Israel |  |  | 89.99 |  |  |  | 89.99 |
Tlamim Enlight L.P. (hereinafter: “Tlamim”) |  | Israel |  |  | 100 |  |  |  | 100 |
Mivtachim Green Energies Ltd. (hereinafter: “Mivtachim”) |  | Israel |  |  | 100 |  |  |  | 100 |
Talmei Bilu Green Energies Ltd. (hereinafter: “Talmei Bilu”) |  | Israel |  |  | 100 |  |  |  | 100 |
Eshkol Ela - Kramim - Enlight L.P. (hereinafter: “Kramim”) |  | Israel |  |  | 100 |  |  |  | 100 |
Eshkol Brosh - Idan - Enlight L.P. (hereinafter: “Idan”) |  | Israel |  |  | 100 |  |  |  | 100 |
Eshkol Zayit - Zayit Yarok - Enlight L.P. (hereinafter: “Zayit Yarok”) |  | Israel |  |  | 100 |  |  |  | 100 |
Peirot HaGolan - Enlight L.P. (hereinafter: “Peirot HaGolan”) |  | Israel |  |  | 51 |  |  |  | 51 |
Eshkol Gefen - Barbur - Enlight L.P. (hereinafter: “Barbur”) |  | Israel |  |  | 51 |  |  |  | 51 |
Sde Nehemia - Enlight L.P. (hereinafter: “Sde Nehemia”) |  | Israel |  |  | 100 |  |  |  | 100 |
Emek HaBacha Wind Energy Ltd. (hereinafter: “Emek HaBacha”) |  | Israel |  |  | 40.85 |  |  |  | 40.85 |
Enlight Kramim L.P. (hereinafter: “Enlight Kramim”) |  | Israel |  |  | 74 |  |  |  | 74 |
Enlight Beit Shikma L.P. (hereinafter: “Beit Shikma”) |  | Israel |  |  | 100 |  |  |  | 100 |
Orsol Energy 3 (A.A.) L.P. (hereinafter: “Revivim”) |  | Israel |  |  | 90 |  |  |  | 90 |
Enlight Kidmat Zvi L.P. (Hereinafter: “Kidmat Tzvi”) |  | Israel |  |  | 74 |  |  |  | 74 |
Enlight - Eshkol Dekel L.P. (hereinafter: “Beit Rimon”) |  | Israel |  |  | 50.1 |  |  |  | 50.1 |
Enlight Beit HaShita Solar Energy, L.P. (hereinafter: “Beit HaShita”) |  | Israel |  |  | 74 |  |  |  | 74 |
Ruach Beresheet L.P. (hereinafter: “Ruach Beresheet”) |  | Israel |  |  | 54 |  |  |  | 60 |
Enlight Sde Nitzan L.P. |  | Israel |  |  | 74 |  |  |  | - |
Enlight Ein Habesor L.P. |  | Israel |  |  | 74 |  |  |  | - |
Enlight Maccabi L.P. |  | Israel |  |  | 50.1 |  |  |  | - |
Tullynamoyle Wind Farm 3 Limited (hereinafter: “Tullynamoyle”) |  | Ireland |  |  | 50.1 |  |  |  | 50.1 |
Vjetroelektrana Lukovac d.o.o (hereinafter: “Lukovac”) |  | Croatia |  |  | 50.1 |  |  |  | 50.1 |
EW-K-Wind d.o.o (hereinafter: “EWK”) |  | Serbia |  |  | 50.1 |  |  |  | 50.1 |
Megujulohaz kft (hereinafter: “Meg”) |  | Hungary |  |  | 50.1 |  |  |  | 50.1 |
Raaba Green kft (hereinafter: “Raaba”) |  | Hungary |  |  | 50.1 |  |  |  | 50.1 |
Rabba ACDC KFT (hereinafter: “Raaba ACDC”) |  | Hungary |  |  | 100 |  |  |  | 100 |
SOWI Kosovo LLC (hereinafter: “SOWI”) |  | Kosovo |  |  | 48 |  |  |  | 48 |
Vindpark Malarberget I Norberg AB (hereinafter: “Picasso”) |  | Sweden |  |  | 68.8 |  |  |  | 68.8 |
Generacion Eolica Castilla La Mancha Sl (hereinafter: “Gecama”) |  | Spain |  |  | 72 |  |  |  | 72 |
Björnberget Vindkraft AB (R) (hereinafter: “Bjornberget”) |  | Sweden |  |  | 55.18 |  |  |  | 56.2 |
Clenera holdings LLC |  | USA |  |  | 90.1 |  |  |  | 90.1 |
B. Subsidiaries entities in which the non-controlling interests are material: This section includes details regarding subsidiaries, as of the date of the relevant statement of financial position, whose non-controlling interests constitute at least 10% of the capital attributed to the owners of the Company and/or where the profit (loss) in the relevant year which is attributed to non-controlling interests constitutes at least 10% (in absolute values) of the profit (loss) attributed to owners in the relevant year. Data from the financial statements of companies whose functional currency is a foreign currency - assets and liabilities were translated according to the relevant representative exchange rates as of December 31. Results and cash flow items were translated according to the average exchange rates during the year.
|  | As of December 31, 2022 |  |  | For the year ended December 31, 2022 |  |  |  |
Partnership / investee |  | Rate of ownership rights held by non-controlling interests % |  |  | Balance of non-controlling interests |  |  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |  |  | Revenues |  |  | Profit |  |  | Profit attributed to non-controlling interests |  |  | Cash flows from operating activities |  |  | Cash flows from investing activities |  |  | Cash flows from financing activities |  |  | Total change in cash and cash equivalents |
|  |  |  |  | USD in thousands |
Co-Op |  |  | 49.9 |  |  |  | 26,276 |  |  |  | 21,511 |  |  |  | 230,604 |  |  |  | 18,345 |  |  |  | 181,112 |  |  |  | 40,348 |  |  |  | 13,875 |  |  |  | 3,542 |  |  |  | 26,998 |  |  |  | (911 | ) |  |  | (20,133 | ) |  |  | 5,954 |
Danuba Power |  |  | 52 |  |  |  | 25,792 |  |  |  | 20,362 |  |  |  | 134,658 |  |  |  | 11,252 |  |  |  | 94,168 |  |  |  | 23,718 |  |  |  | 7,323 |  |  |  | 3,808 |  |  |  | 11,857 |  |  |  | (28,775 | ) |  |  | 19,144 |  |  |  | 2,226 |
The Iberian Wind |  |  | 28.01 |  |  |  | 56,786 |  |  |  | 48,514 |  |  |  | 412,951 |  |  |  | 36,803 |  |  |  | 222,372 |  |  |  | 43,512 |  |  |  | 21,026 |  |  |  | 5,902 |  |  |  | 22,915 |  |  |  | (108,038 | ) |  |  | 106,344 |  |  |  | 21,221 |
|  | As of December 31, 2021 |  |  | For the year ended December 31, 2021 |  |  |  |
Partnership / investee |  | Rate of ownership rights held by non-controlling interests % |  |  | Balance of non-controlling interests |  |  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |  |  | Revenues |  |  | Profit (loss) |  |  | Profit (loss) attributed to non-controlling interests |  |  | Cash flows from operating activities |  |  | Cash flows from investing activities |  |  | Cash flows from financing activities |  |  | Total change in cash and cash equivalents |
|  |  |  |  | USD in thousands |
Co-Op |  |  | 49.90 |  |  |  | 19,196 |  |  |  | 17,002 |  |  |  | 252,630 |  |  |  | 17,359 |  |  |  | 213,806 |  |  |  | 49,510 |  |  |  | 17,354 |  |  |  | 5,911 |  |  |  | 29,673 |  |  |  | 1,297 |  |  |  | (30,708 | ) |  |  | 262 |
The Nordic Wind |  |  | 31.18 |  |  |  | 21,184 |  |  |  | 18,354 |  |  |  | 179,603 |  |  |  | 20,017 |  |  |  | 110,002 |  |  |  | 11,757 |  |  |  | 6,017 |  |  |  | 1,876 |  |  |  | (3,839 | ) |  |  | 5,817 |  |  |  | 1,084 |  |  |  | 3,062 |
Danuba Power |  |  | 52 |  |  |  | 23,487 |  |  |  | 12,135 |  |  |  | 139,701 |  |  |  | 20,392 |  |  |  | 86,277 |  |  |  | - |  |  |  | 2,277 |  |  |  | 1,184 |  |  |  | 3,093 |  |  |  | (62,746 | ) |  |  | 63,838 |  |  |  | 4,185 |
Bjornberget |  |  | 49 |  |  |  | 55,144 |  |  |  | 34,008 |  |  |  | 203,728 |  |  |  | 15,419 |  |  |  | 109,778 |  |  |  | - |  |  |  | (72 | ) |  |  | (35 | ) |  |  | (118 | ) |  |  | (75,037 | ) |  |  | 103,552 |  |  |  | 28,397 |
|  | As of December 31, 2020 |  |  | For the year ended December 31, 2020 |  |  |  |
Partnership / investee |  | Rate of ownership rights held by non-controlling interests % |  |  | Balance of non-controlling interests |  |  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |  |  | Revenues |  |  | Profit (loss) |  |  | Profit (loss) attributed to non-controlling interests |  |  | Cash flows from operating activities |  |  | Cash flows from investing activities |  |  | Cash flows from financing activities |  |  | Total change in cash and cash equivalents |
|  |  |  |  | USD in thousands |
Mivtachim |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,473 |  |  |  | (3,422 | ) |  |  | 1,189 |  |  |  | 6,582 |  |  |  | 493 |  |  |  | (6,726 | ) |  |  | 350 |
Co-Op |  |  | 49.90 |  |  |  | 12,277 |  |  |  | 17,821 |  |  |  | 282,885 |  |  |  | 27,270 |  |  |  | 248,833 |  |  |  | 40,785 |  |  |  | 8,177 |  |  |  | 4,079 |  |  |  | 23,028 |  |  |  | (184 | ) |  |  | (24,204 | ) |  |  | (1,360 | )
The Iberian Wind |  |  | 28.07 |  |  |  | 34,837 |  |  |  | 6,145 |  |  |  | 133,536 |  |  |  | 7,185 |  |  |  | 8,406 |  |  |  | - |  |  |  | (35 | ) |  |  | (10 | ) |  |  | (383 | ) |  |  | (80,745 | ) |  |  | 85,222 |  |  |  | 4,094 |

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