Ofer Yanai's Nofar Energy to acquire European platform for 900 million shekels

Nofar Energy, controlled by businessman Ofer Yanai, announced on Monday that its wholly-owned subsidiary, Nofar Europe, has signed a binding memorandum of understanding to acquire 100% of a European renewable energy platform. The platform holds a diverse portfolio of wind, solar, and storage assets across several European countries.

Deal Scope

The portfolio includes operational, ready-to-connect, and under-construction wind facilities expected to connect in early 2027, with a total capacity of approximately 766 MW (344 MW company share). Additionally, it includes 110 MW of operational and ready-to-connect solar projects. Of this backlog, 344 MW are supported by long-term PPA agreements.

Key components of the portfolio include:

1. Projects ready for construction (RTB) and in advanced development stages totaling approximately 1.7 GW (1.6 GW company share), including up to 280 MW (560 MWh) of storage facilities in Germany.

2. Projects in various stages of initiation totaling approximately 5.3 GW (4.6 GW company share), featuring a significant pipeline of storage assets.

Financial Terms

The proposed consideration is approximately 230 million euros (about 900 million shekels), subject to conditional components, including a deferred payment of up to 30 million euros for meeting agreed milestones. An additional non-cash component worth up to 50 million euros is also included. Project debt attributed to the company's share is approximately 360 million euros.

This potential acquisition aligns with Nofar's strategy to diversify and deepen its operations in Europe. Completion of the deal is subject to due diligence, regulatory approvals, and the signing of a definitive agreement. The parties have agreed to a No-Shop exclusivity period until August 31, 2026.