Nofar Buys Pine Gate U.S. Solar Portfolio for $575m
Nofar Energy Ltd has agreed to acquire a nearly 1-gigawatt (GW) U.S. utility-scale solar portfolio from Pine Gate Renewables LLC in a transaction with an implied enterprise value of approximately $575 million, according to public filings related to the deal.
The acquisition will be carried out through Pine Gate Renewables’ Chapter 11 restructuring process, which was initiated in November. Nofar USA, the Israeli company’s U.S. subsidiary, will purchase nine solar projects located across Alabama, North Carolina, South Carolina, and Texas.
Under the terms of the transaction, Nofar USA will pay $285 million in cash, assume approximately $260 million in existing project-level debt, and commit an additional $30 million for related costs and investments.
The portfolio includes 650 megawatts direct current (MWdc) already in operation, 100 MWdc in advanced construction, and 225 MWdc at an early construction stage, with completion expected in 2027. All projects are supported by long-term power purchase agreements (PPAs).
The acquisition would expand Nofar USA’s existing portfolio to more than 1.3 GW of solar capacity and over 1 gigawatt-hour (GWh) of energy storage under development.
The transaction remains subject to U.S. bankruptcy court approval, with a hearing scheduled for January 5, as well as approvals from the Federal Energy Regulatory Commission (FERC) and other customary consents.
Source: renewablesnow.com
