Nofar puts its solar rooftop and storage operations up for sale for NIS 600 million

Nofar, owned by Ofer Yanai, is offering to sell its solar rooftop and storage operations for NIS 600 million, including NIS 300 million in cash and NIS 300 million in a seller loan for one year at 6% interest. The historical operations include 1,554 solar systems on kibbutz rooftops with a capacity of 346 megawatts and storage facilities of 113 megawatt-hours. The move aims to reduce high leverage and raise cash, and is surprising given it is a significant core operation.

Nofar, owned by Ofer Yanai, is putting its solar rooftop and storage operations up for sale for NIS 600 million. According to details revealed to Calcalist, Nofar has offered several entities to purchase the operations, which include 1,554 solar systems installed on kibbutz rooftops (dairy barns and other structures) and on water reservoirs, with a total capacity of 346 megawatts, as well as behind-the-meter storage facilities with a capacity of 113 megawatt-hours. The structure includes 130 partnerships with kibbutzim and commercial entities, with Nofar holding minority stakes in most and serving as manager and operator for annual management fees. The move is intended to reduce Nofar's high leverage and raise cash. NIS 300 million of the amount will be received in cash, and an additional NIS 300 million in a seller loan for one year at 6% interest. The offer is surprising given it is a significant core operation both business-wise and sentimentally. Just last week, an investment of NIS 200 million by Meitav in Nofar Israel was completed at a valuation of NIS 2.1 billion, and the company is preparing for an IPO at a valuation of NIS 2.5-3 billion. Nofar's market cap has fallen to NIS 5.8 billion after reaching NIS 10 billion this year.