Nofar Energy Subsidiary Completes Acquisition of 1 GW Solar Portfolio from Pine Gate Renewables

The U.S. subsidiary of Nofar Energy has officially completed the acquisition of a 1 GW solar portfolio from Pine Gate Renewables, marking one of the largest renewable energy portfolio transactions in the United States this year.

The transaction was finalized within two months of signing and includes a diversified portfolio of solar assets across multiple states in the United States. The acquired portfolio comprises 650 MWdc of operational solar projects, 100 MWdc currently in advanced construction, and 225 MWdc in early-stage construction.

These projects are located across key U.S. solar markets, including Texas, Alabama, South Carolina, and North Carolina.

The acquisition was supported by a consortium of advisors and financing partners. BNP Paribas served as financial advisor for the deal, while Clifford Chance provided legal advisory services and Euclid Power acted as technical advisor.

Financing for the transaction was backed by Bank Hapoalim, which committed $255 million to support the acquisition on an accelerated timeline.

Following the completion of the deal, Nofar USA’s total portfolio has expanded to 2.3 GWdc of solar capacity and 1.5 GWh of energy storage projects across the United States, strengthening the company’s position in the country’s rapidly growing renewable energy market.

The acquisition reflects the company’s broader strategy to expand its presence in the U.S. clean energy sector and establish itself as a significant participant in the market. Leadership at Nofar Energy, including founder and Group CEO Ofer Yannay, highlighted the transaction as a major milestone in the company’s international growth strategy.