Nofar USA, a subsidiary of worldwide unbiased energy producer Nofar Power, is the profitable bidder for the acquisition of a 979-MW utility-scale photo voltaic portfolio developed by Pine Gate Renewables, pending approval from the U.S. Chapter Courtroom for the Southern District of Texas, Houston Division.
Nofar USA
A listening to to think about approval of the sale is scheduled for January 5. Along with approval by the chapter courtroom, closing of the transaction additionally stays topic to assembly customary closing situations, together with governmental approvals.
If permitted, Nofar USA would purchase 9 photo voltaic tasks totaling throughout Alabama, North Carolina, South Carolina and Texas for $285 million. Nofar would tackle the undertaking money owed of $260 million and extra prices and investments totaling roughly $30 million.
The portfolio consists of utility-scale photo voltaic belongings at varied levels of improvement and development, together with 650 MWDC at present in operation. A further 100 MWDC is in superior development and 225 MWDC is in an early development stage and anticipated to succeed in business operation throughout 2027. Your entire portfolio is contracted beneath long-term energy buy agreements.
This transaction provides to Nofar USA’s present portfolio of over 1.3 GW of photo voltaic and over 1 GWh of storage belongings beneath improvement.
“We’re honored to accumulate these high-quality belongings from Pinegate Renewables,” mentioned Allon Raveh, chairman and CEO of Nofar USA. “We imagine that our means to behave rapidly with our monetary flexibility make us a robust candidate for funding alternatives anticipated to emerge available in the market within the subsequent few years.”
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