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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [line items]  
Disclosure of detailed information about the evaluation of derivative financial instruments, mostly forward transactions and currency options
​
​
​
 
​
 
Amount 
 receivable in 
 transaction 
 currency
​
​
Amount
 payable in 
 transaction 
 currency
​
​
 
 
​
Fair value
​
​
​
Project​
​
​
Millions
​
​
Millions
​
​
Expiration date​
​
​
USD millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts (1)
​
​
PV+Storage
​
​
USD 3.6
​
​
NIS 13.2
​
​
January 2025
​
​
0.01
 
  (1)
Hedging transaction to hedge against the USD/NIS exchange rate, based on the schedule of payments to the main contractors of the projects.
Disclosure of sensitivity analysis of changes in foreign currency exchange rates
 
  
As of December 31, 2024
  
 
  
Increase 5%
          
Decrease 5%
  
 
  
OCI
    
Pre-tax profit
    
Value
    
Pre-tax profit
    
OCI
  
5% Change in the currency exchange rate
  
USD in thousands
  
 
                              
NIS vs EURO
                              
Loans to foreign operations
    
-
      
(626
)
    
12,511
      
626
      
-
  
 
                                        
Equity of foreign operations
                                        
NIS vs EURO
    
(41,569
)
    
-
      
831,371
      
-
      
41,569
  
NIS vs HUF
    
(462
)
    
-
      
9,249
      
-
      
462
  
Total effect OCI
    
(42,031
)
    
-
      
840,620
      
-
      
42,031
  
 
 
  
As of December 31, 2023
  
 
  
Increase 5%
            
Decrease 5%
  
 
  
OCI
    
Pre-tax profit
    
Value
    
Pre-tax profit
    
OCI
  
5% Change in the currency exchange rate
  
USD in thousands
  
 
                                        
NIS vs EURO
                                        
Loans to foreign operations
    
-
      
(803
)
    
16,052
      
803
      
-
  
 
                                        
Equity of foreign operations
                                        
NIS vs EURO
    
(43,583
)
    
-
      
871,663
      
-
      
43,583
  
NIS vs HUF
    
(367
)
    
-
      
7,345
      
-
      
367
  
Total effect on OCI
    
(43,950
)
    
-
      
879,008
      
-
      
43,950
  
Disclosure of sensitivity analysis of change in index
 
  
As of December 31, 2024
  
 
  
Increase 3%
          
Decrease 3%
  
 
  
Pre-tax profit
    
Carrying value
    
Pre-tax profit
  
3% Change in the index rate
  
USD in thousands
  
 
                  
Loans to non-controlling interests
    
183
      
6,115
      
(183
)
Loans from banks and other financial institutions
    
(22,625
)
    
(754,163
)
    
22,625
  
Loans from non-controlling interests
    
(35
)
    
(1,173
)
    
35
  
Other financial liabilities
    
(74
)
    
(2,480
)
    
74
  
 
                        
 
    
(22,551
)
    
(751,701
)
    
22,551
  
 
 
  
As of December 31, 2023
  
 
  
Increase 3%
          
Decrease 3%
  
 
  
Pre-tax profit
    
Carrying value
    
Pre-tax profit
  
3% Change in the index rate
  
USD in thousands
  
 
      
Contract assets
    
2,982
      
99,416
      
(2,982
)
Loans to investee entities
    
188
      
6,264
      
(188
)
Loans to non-controlling interests
    
158
      
5,267
      
(158
)
Loans from banks and other financial institutions
    
(24,965
)
    
(816,087
)
    
23,972
  
Other financial liabilities
    
(78
)
    
(2,591
)
    
78
  
 
                        
 
    
(21,715
)
    
(707,731
)
    
20,722
  
Disclosure of detailed information about carrying values of financial instruments which are exposed to cash flow risks in respect of interest rate changes
   
As of December 31, 2024
  
 
  
Increase 2%
    
Carrying
    
Decrease 2%
  
 
  
Pre-tax profit
    
value
    
Pre-tax profit
  
2% Change in the interest rate
  
USD in thousands
  
 
                  
Euribor-linked loan from banks (*)
    
(510
)
    
(142,123
)
    
510
  
SOFR-linked credit and loans from banks (*)
    
-
      
(206,379
)
    
-
  
Loans to investees with variable interest
    
219
      
10,951
      
(219
)
 
                        
 
    
(291
)
    
(337,551
)
    
291
  
 
 
  
As of December 31, 2023
  
 
  
Increase 2%
    
Carrying
    
Decrease 2%
  
 
  
Pre-tax profit
    
value
    
Pre-tax profit
  
2% Change in the interest rate
  
USD in thousands
  
 
                  
Euribor-linked loan from banks
    
(1,805
)
    
(90,259
)
    
1,805
  
SOFR-linked loans from banks (*)
    
-
      
(116,151
)
    
-
  
 
                        
 
    
(1,805
)
    
(206,410
)
    
1,805
  
 
  (*)
The company has loans which are linked to the SOFR interest rate and loans linked to the Euribor interest rate. The loans are used to finance projects under construction. Interest expenses during the construction period are capitalized to the cost of the facilities and have no impact on the Company’s results.
Disclosure of maturity analysis for financial assets held for managing liquidity risk
 
  
As of December 31, 2024(**)
  
 
                                
After
        
 
  
2025
    
2026
    
2027
    
2028
    
2029
    
2029
    
Total
  
 
  
USD
in thousands
    
USD
in thousands
    
USD
in thousands
    
USD
in thousands
    
USD
in thousands
    
USD
in thousands
    
USD
in thousands
  
Liability in respect of deferred consideration arrangement
    
(409
)
    
(352
)
    
(352
)
    
(352
)
    
(352
)
    
(2,148
)
    
(3,965
)
Liability in respect of put option
    
-
      
(24,961
)
    
-
      
-
      
-
      
-
      
(24,961
)
Loans from non-controlling interests
    
(10,573
)
    
(11,034
)
    
(9,683
)
    
(10,390
)
    
(10,084
)
    
(35,259
)
    
(87,023
)
Debentures(*)
    
(57,091
)
    
(163,601
)
    
(166,960
)
    
(103,867
)
    
(163,784
)
    
-
      
(655,303
)
Credit and loans from banks and other financial institutions (*)
    
(192,606
)
    
(193,499
)
    
(240,784
)
    
(262,858
)
    
(187,570
)
    
(1,796,531
)
    
(2,873,848
)
Liability in respect of tax equity arrangements
    
(10,536
)
    
(10,234
)
    
(10,253
)
    
(10,194
)
    
(9,884
)
    
(131,960
)
    
(183,061
)
Lease liability (*)
    
(14,114
)
    
(13,801
)
    
(15,097
)
    
(14,992
)
    
(15,001
)
    
(336,946
)
    
(409,951
)
 
                                                        
 
    
(285,329
)
    
(417,482
)
    
(443,129
)
    
(402,653
)
    
(386,675
)
    
(2,302,844
)
    
(4,238,112
)
 
  (*)
The above figures are presented according to their par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date.
  (**)
The Company has commitments in power purchase agreements which are not reflected in the Company’s statement of financial position.
Disclosure of detailed information about the fair value of financial assets and financial liabilities
As of December 31, 2024:
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
 
USD
in thousands
 
 
USD
in thousands
 
 
USD
in thousands
 
 
USD
in thousands
 
Financial Assets at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
Non-marketable shares measured at fair value through profit or loss
 
 
-
 
 
 
-
 
 
69,216
 
 
 
69,216
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps          
 
 
-
 
 
 
55,118
 
 
-
 
 
 
55,118
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities at fair value:
                              
                               
Contracts in respect of forward transactions
 
 
-
 
 
 
(10
)
 
 
-
 
 
 
(10
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transactions to peg electricity prices swap (CFD differences contract)
 
 
-
 
 
 
(4,123
)
 
 
-
 
 
 
(4,123
)
                                 
Interest rate swaps          
 
 
-
 
 
 
(11,448
)
 
 
-
 
 
 
(11,448
)
   
As of December 31, 2023:
 
 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
 
  

USD in thousands

    
USD in thousands
    
USD in thousands
    
USD in thousands
  
Financial Assets at fair value:
                        
Contracts in respect of forward transactions
    
-
      
171
      
-
      
171
  
 
                                
Interest rate swaps          
    
-
      
63,208
      
-
      
63,208
  
 
                                
Non-marketable shares measured at fair value through profit or loss
    
-
      
-
      
53,466
      
53,466
  
 
                                
Transactions to peg electricity prices swap (CFD differences contract)
    
-
      
11,384
      
-
      
11,384
  
                                 
Financial liabilities at fair value:
                                
 
                                
Interest rate swaps          
    
-
      
(7,217
)
    
-
      
(7,217
)
 
                                
Performance-based contingent consideration (“Earn Out”), see Note 8A(1)
    
-
      
-
      
(22,941
)
    
(22,941
)
                                 
Deal contingent hedge
    
-
      
(5,539
)
    
-
      
(5,539
)
Disclosure of reconciliation from the opening balance to the closing balance of financial instruments carried at fair value level 3 of the fair value hierarchy
 
  
2024
    
2023
  
 
  
Financial assets
  
Non-marketable shares measured at fair value through profit or loss
  
USD thousands
  
Balance as of January 1
    
53,466
      
42,918
  
Investment
    
14,707
      
5,682
  
Revaluation (*)
    
4,580
      
2,940
  
Translation differences
    
(3,537
)
    
1,926
  
Balance as of December 31
    
69,216
      
53,466
  
 
 
  
2024
    
2023
  
 
  
Financial liabilities
  
Performance-based (“earn out”) contingent consideration
  
USD thousands
  
Balance as of January 1
    
(22,941
)
    
(52,972
)
Revaluation
    
(403
)
    
25,377
  
Repayment
    
23,344
      
4,654
  
Balance as of December 31
    
-
      
(22,941
)
 
  (*)
Under financing income and expenses.
Disclosure of detailed information about the financial assets and financial liabilities not measured at fair value in statement of financial position
 
  
  
  
Carrying value
    
Fair value
  
 
  
  
  
As of December 31
    
As of December 31
  
 
  
Fair value level
  
2024
    
2023
    
2024
    
2023
  
 
  
  
  
USD in thousands
    
USD in thousands
    
USD in thousands
    
USD in thousands
  
Debentures
  
Level 1
    
616,334
      
454,091
      
601,511
      
430,889
  
 
  
 
                                
Loans from banks and other financial institutions (1)
  
Level 3
    
1,254,996
      
1,305,642
      
1,018,890
      
876,561
  
 
  
 
                                
Liability in respect of deferred consideration arrangement (1)
  
Level 3
    
2,480
      
2,591
      
2,562
      
3,019
  
 
  (1)
Fair value is determined according to the present value of future cash flows, discounted by an interest rate which reflects, according to the assessment of management, the change in the credit margin and risk level which occurred during the period.
Disclosure of detailed information about the other financial liabilities
 
 
  
December 31
    
December 31
  
 
  
2024
    
2023
  
 
  
USD in thousands
    
USD in thousands
  
Current assets
            
Other financial assets
            
Contracts in respect of forward transactions
    
-
      
171
  
Interest rate swaps
    
975
      
805
  
Loans to non-controlling interests (3)
     446       -  
Non-current assets
                
Other financial assets
                
Loans to non-controlling interests
    
5,669
      
4,834
  
Transactions to peg electricity prices swap (CFD differences contract)
    
-
      
11,384
  
Interest rate swaps
    
54,143
      
63,208
  
 
                
 
    
60,787
      
80,402
  
Current liabilities
                
Other financial liabilities
                
Transactions to peg electricity prices swap (CFD differences contract)
    
(4,122
)
    
-
  
Interest rate swaps
    
(591
)
    
(154
)
Liability in respect of tax equity arrangement
    
(3,418
)
    
(1,070
)
Contracts in respect of forward transactions
    
(10
)
    
-
  
Financial liabilities through profit or loss
                
Performance-based contingent consideration (“Earn Out”) (1)
    
-
      
(13,860
)
Liability in respect of deferred consideration arrangement (2)
    
(184
)
    
(180
)
Non-current liabilities
                
Other financial liabilities
                
Interest rate swaps
    
(10,857
)
    
(7,868
)
Deal contingent hedge
    
-
      
(5,539
)
Liability in respect of tax equity arrangement
    
(97,008
)
    
(48,613
)
Financial liabilities through profit or loss
                
Liability in respect of deferred consideration arrangement (2)
    
(2,296
)
    
(2,411
)
Performance-based contingent consideration (“Earn Out”) as well as the founder’s put option (1)
    
(23,548
)
    
(32,113
)
 
                
 
    
(142,033
)
    
(111,808
)
 
  (1)
For additional details, see Note 8A(1).
 
  (2)
The Company has liabilities in respect of deferred consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 12), as of December 31, 2024 and 2023, amounted to USD 2,480 thousand and USD 2,591 thousand, respectively.
 
  (3)
The current maturities related to Loans to non-controlling interests included in Other receivables in the Consolidated Statements of Financial Position.
Interest rate swap contract [member]  
Disclosure of detailed information about financial instruments [line items]  
Disclosure of interest rate swap contracts which were designated as hedging instruments
 
Interest rates
Par value
Final
Carrying value
Hedged contract
Original
After hedging
In thousands
repayment date
USD in thousands
Loan to finance the Lukovac project
3 month Euribor
0.75%
 EUR 15,807
(USD 16,455)
31/03/2031
728
Loan to finance the Picasso project
3 month Euribor
1.08%
EUR 66,974
(USD 69,718)
31/03/2039
4,202
Loan to finance the Gecama project
6 month Euribor
0.147%
EUR 131,801
(USD 137,200)
30/06/2035
18,728
Loan to finance the Attila projects
3 month
Bubor
1.445%-3.7%
HUF 11,732,624
(USD 29,782)
31/12/2030
4,152
Loan to finance the Bjorn project
6 month Euribor
0.526%
EUR 155,739
(USD 162,119)
28/12/2040
22,019
Loan to finance the Raaba ACDC project
3 month Euribor
2.908%
EUR 8,161
(USD 8,496)
30/12/2033
(334)
Loan to finance the Raaba Flow project
3 month Euribor
2.809%
EUR 18,160
(USD 18,903)
30/12/2033
(639)
Loan to finance the Pupin project
3 month Euribor
2.987%
EUR 54,726
(USD 56,968)
31/03/2040
(3,482)
Loan to finance the Atrisco project - PV
6 month
SOFR
4.0712%
USD 121,444
30/09/2049
(482)
Loan to finance the Atrisco project - BESS
6 month
SOFR
4.1049%
USD 177,771
30/09/2049
(1,222)