Nofar USA, a subsidiary of global independent power producer Nofar Energy, is the successful bidder for the acquisition of a 979-MW utility-scale solar portfolio developed by Pine Gate Renewables, pending approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
Nofar USA
A hearing to consider approval of the sale is scheduled for January 5. In addition to approval by the bankruptcy court, closing of the transaction also remains subject to meeting customary closing conditions, including governmental approvals.
If approved, Nofar USA would acquire nine solar projects totaling across Alabama, North Carolina, South Carolina and Texas for $285 million. Nofar would take on the project debts of $260 million and additional costs and investments totaling approximately $30 million.
The portfolio is composed of utility-scale solar assets at various stages of development and construction, including 650 MWDC currently in operation. An additional 100 MWDC is in advanced construction and 225 MWDC is in an early construction stage and expected to reach commercial operation during 2027. The entire portfolio is contracted under long-term power purchase agreements.
This transaction adds to Nofar USA’s existing portfolio of over 1.3 GW of solar and over 1 GWh of storage assets under development.
“We are honored to acquire these high-quality assets from Pinegate Renewables,” said Allon Raveh, chairman and CEO of Nofar USA. “We believe that our ability to act quickly with our financial flexibility make us a strong candidate for investment opportunities expected to emerge in the market in the next few years.”
News item from Nofar
