Enlight Renewable Energy "Developing AI data center powered shells" (Buy)

Research evidence excerpt

Enlight Renewable Energy "Developing AI data center powered shells" (Buy)

Global Research

20 May 2026ab

Enlight Renewable Energy Equities

United StatesDeveloping AI data center powered shells

Electric Utilities

12-month rating Buy

Expanding into the data center market

In our view, ENLT's entrance into data center development is a positive given the 12m price target US$105.00

potential to realize higher IRRs from data center projects compared to ENLT's energy

projects business longer-term. We also expect the announcement to be a near-term

Price (19 May 2026) US$84.69

positive for sentiment around ENLT shares.

RIC: ENLT.O BBG: ENLT US

On 19-May-2026, ENLT hosted an Investor Event where it announced it was

entering the data center development and operations market. ENLT will initially Trading data and key metrics

develop the "Powered Shell" and supporting systems outside the walls of the data 52-wk range US$93.77-17.15

centers. Longer-term, ENLT expects to expand into the "White Space" layers and Market cap. US$11.4b

operate data centers. Shares o/s 135m (COM)

Free float 97%

Development already underway

Avg. daily volume ('000) 171

ENLT announced it had already begun developing ~1.6GW of cumulative data centers in

Avg. daily value (m) US$13.2

several markets that were incremental to the company's energy project pipeline. The

Common s/h equity (12/26E) US$2.21b

data center projects are expected to COD in 2029 and beyond.

P/BV (12/26E) 5.0x

US: 4 data centers under development adjacent to generation+storage sites w/ Net debt to EBITDA (12/26E) 8.4x

total capacity of ~1GW.

EPS (UBS, diluted) (USD)

Israel: 160MW flagship data center project under development w/ expected COD 12/26E

"as early as 2029," representing $1.5-2.0bn of cumulative investment. UBS Cons.

Q1 0.16 0.18