Israeli Company Nofar Energy Enters US Solar Market

Israel’s Renewable Energy Power Producer Nofar Energy Forays Into US Solar Market With 67% Acquisition In Solar & Storage Developer, Blue Sky Utility For $91 Million

Israeli Company Nofar Energy Enters US Solar Market

Eying the growing solar and C&I solar+storage market in the US, Israel’s Nofar Energy has picked up the majority stake in multitenant real estate focused solar and storage company Blue Sky Utility. Pictured is (Illustrative Photo; Photo Credit: lalanta71/Shutterstock.com)

  • Nofar Energy has acquired 67% stake in US based Blue Sky Utility solar and storage developer
  • The $91 million deal will help Blue Sky accelerate the realization of its near-term pipeline
  • Nofar Energy considers the US as an important destination for its business after entering into the country through this deal

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).

About The Author

Anu Bhambhani

Senior News Editor: Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.Before joining our team, Anu worked in various positions at publications of the Times Group in New Delhi. As a Principal Correspondent, she conceptualized special features and supplements for both The Times of India and The Economic Times. While Anu delved deep into solar at TaiyangNews, environment topics have been close to her heart before. As Assistant Editor, she was responsible for launching Planet Earth for The Economic Times, a special series on environment. Before joining the Times Group, Anu was a Copy Editor at the Hindustan Times.Anu holds a Masters degree in Journalism and Mass Communications from the University of Rajasthan. She also studied at the Centre for Science and Environment in New Delhi on E-Outreach: New Media Technologies for Advocacy and Strategic Communication, Social Media

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