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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Profit for the year $ 66,505 $ 98,041 [1] $ 38,113 [1]
Income and expenses not associated with cash flows:      
Depreciation and amortization 108,889 65,796 42,268
Finance expenses, net 83,560 28,805 24,589
Share-based compensation 8,360 4,970 8,673
Taxes on income 18,275 28,428 12,943
Tax benefits (20,860) (5,440) 0
Other income, net (4,963) (46,989) 31
Company’s share in losses of investee partnerships 3,350 330 306
Total income and expenses not associated with cash flows 196,611 75,900 88,810
Changes in assets and liabilities items:      
Change in other receivables 12,261 (3,241) (4,930)
Change in trade receivables (9,892) (2,841) (23,355)
Change in other payables 294 6,382 5,738
Change in trade payables 746 15,474 784
Total changes in assets and liabilities items 3,409 15,774 (21,763)
Interest receipts 12,684 12,490 4,461
Interest paid (74,891) (54,469) (33,123)
Income Tax paid (11,246) (12,236) (3,700)
Repayment of contract assets 0 14,120 17,578
Net cash flows from operating activities 193,072 149,620 90,376
Cash flows from investing activities      
Acquisition (sale) of consolidated companies, net (Annex A) 1,871 (6,975) (56,962)
Changes in restricted cash and bank deposits, net 29,959 (53,131) (86,055)
Purchase, development and construction in respect of projects (899,257) (730,976) (656,143)
Payments on account of acquisition of consolidated Company (32,777) (5,728) (3,988)
Loans provided and investment in investees (26,444) (28,174) (4,147)
Proceeds from sale (purchase) of financial assets measured at fair value through profit or loss, net (14,719) 26,919 (12,705)
Net cash used in investing activities (941,367) (798,065) (820,000)
Cash flows from financing activities      
Receipt of loans from banks and other financial institutions 939,627 623,927 541,024
Repayment of loans from banks and other financial institutions (699,584) (203,499) (109,130)
Issuance of debentures 177,914 83,038 0
Issuance of convertible debentures 0 0 47,755
Repayment of debentures (26,016) (14,735) (16,571)
Dividends and distributions by subsidiaries to non-controlling interest (25,536) (13,328) (2,927)
Proceeds from settlement of derivatives 0 0 7,820
Proceeds from investments by tax-equity investors 410,845 198,758 0
Repayment of tax equity investment (839) (82,721) 0
Deferred borrowing costs (21,637) (1,984) (4,957)
Receipt of loans from non-controlling interests 0 274 18,136
Repayment of loans from non-controlling interests (2,960) (1,485) (2,302)
Consideration from sale (acquisition) of holding in consolidated entity, without loss of control (169) 0 4,160
Prepayments on account of issuance of shares 0 0 (1,750)
Issuance of shares 0 266,451 206,625
Exercise of share options 15 9 8
Repayment of lease liability (5,852) (4,848) (4,327)
Proceeds from investment in entities by non-controlling interest 179 5,448 1,177
Net cash from financing activities 745,987 855,305 684,741
Increase (decrease) in cash and cash equivalents (2,308) 206,860 (44,883)
Balance of cash and cash equivalents at beginning of year 403,805 193,869 265,933
Changes in cash of disposal groups classified as held for sale (5,753) 0 0
Effect of exchange rate fluctuations on cash and cash equivalents (8,317) 3,076 (27,181)
Cash and cash equivalents at end of year $ 387,427 $ 403,805 $ 193,869
[1] The Consolidated Statements of Income have been adjusted to present comparable information for the previous years. For additional details please see Note 2R.