Israel headquartered renewable energy power producer Nofar Energy Ltd., has entered the US market by acquiring the majority stake in commercial and industrial (C&I) solar and storage development company Blue Sky Utility. It has taken over 67% stake for a total consideration of $91 million.
Nofar Energy operates in ground mounted, floating solar, rooftop solar and energy storage projects from development to maintenance stages. Blue Sky's emphasis on C&I projects was one of the factors that Nofar Energy said it considered while zeroing in on the company.
Blue Sky offer solar and storage solutions for multitenant real estate. Its current portfolio includes 20 MW of C&I assets being operated and managed by the company, along with a near term pipeline of over 80 MW new solar and storage installations. According to its website, the company supplies clean energy to the utility which then supplies the same to the
Nofar Energy's CEO Nadav Tana said his company has 'singled' the US market as one of its most important destinations as the US market and the C&I segment are expected to increase by 25% in 2021 on annual basis.
Investment from Nofar Energy in the form of $26 million of initial purchase and equity, along with a debt facility of $65 million will accelerate the execution of Blue Sky's existing near-term pipeline and implementation of several 100s of MW in development, stated Nofar Energy.
In March 2021, as part of its expansion strategy in the European market, Nofar Energy said it will buy 90% stake in 2 Spanish solar power projects with combined 235.5 MW capacity through its 40:60 joint venture with Israeli infrastructure fund, the Noy Fund (see Nofar Energy & Noy Fund To Invest In Spanish Solar).
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