Nofar Energy Gets NIS 200 M Boost from Meitav
Investment Overview
Nofar Energy secured a NIS 200 million (≈ USD 65 million) investment from Israeli investment house Meitav through a non‑binding memorandum of understanding. The cash injection is earmarked for new solar‑plus‑storage projects across the country.
Valuation and Equity Stake
The Meitav deal translates into an 8.7 % equity stake in Nofar Israel, implying a post‑money valuation of NIS 2.3 billion. This marks a sharp rise from the January round when Clal Group invested ILS 300 million for an 18.75 % share.
Project Pipeline and Airengy Joint Venture
Alongside the Meitav capital, Nofar has signed a framework with EPC specialist Airengy to design, build and operate a seven‑project phase worth up to ILS 200 million. The partnership will focus on commercial rooftop solar and battery storage installations, expanding Nofar’s “smart” EPC capabilities in Israel. Airengy’s own press release confirms the same figure and highlights the strategic fit for both firms.
What it means for Israel
Using typical Israeli turnkey costs (≈ ₪ 2,200 /kWp for commercial installations), the NIS 200 million fund can finance roughly 90 MWp of new solar capacity. Based on typical yields of around 1,700–1,800 kWh/kWp‑year, such capacity would generate on the order of 150 GWh per year, enough to power several thousand households and contribute toward the 30 % renewable‑energy target for 2030.
For a typical commercial client, the feed‑in tariff of roughly ₪ 0.41 /kWh would generate substantial annual revenue, potentially allowing a payback within a few years under these cost assumptions.
Outlook
The Meitav infusion not only strengthens Nofar’s balance sheet but also accelerates the rollout of solar‑plus‑storage assets that can help Israel meet its renewable targets while offering attractive returns for investors. With Airengy’s EPC expertise and a pipeline of seven sizable projects, the partnership is poised to add tens of megawatts of clean power each year, reinforcing Israel’s transition to a greener grid.
Sources & further reading
- Meitav set to invest USD 65m in Nofar Israel | Energy Storage News...
- Airengy Will Establish Energy Projects for Nofar Energy for...
- Airengy and Nofar Energy sign ILS 200 million solar and storage joint...
- Airengy to establish solar energy and storage projects for Nofar Energy...
- Investor Relations | Meitav Investment House
FAQ
How much money did Meitav invest in Nofar Energy?
Meitav committed **NIS 200 million** (about USD 65 million) to Nofar Energy.
What equity percentage does Meitav receive for its investment?
The investment translates into an **8.7 % stake** in Nofar Israel.
What post‑money valuation does the deal imply?
The transaction values Nofar Israel at roughly **NIS 2.3 billion**.
Which company will build the solar projects funded by the new capital?
EPC specialist **Airengy** signed a framework to construct up to **ILS 200 million** worth of solar‑plus‑storage projects for Nofar.
How many homes could the funded capacity power in Israel?
Around **9,000 homes** could be supplied by the expected ~90 MW of new solar capacity.
Why is this investment important for Israel’s renewable targets?
It adds significant gigawatt‑hour generation toward the 30 % renewable‑energy goal for 2030 and creates local jobs in solar EPC.
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