Nofar USA will acquire 9 Pine Gate Renewables solar projects totaling 979 MW DC across Alabama, North Carolina, South Carolina, and Texas
The $285 million purchase price, along with existing project-level debt and additional investments, implies an enterprise value of around $575 million
Nofar says this acquisition will expand its US footprint, adding to its existing portfolio of more than 1.3 GW of solar and over 1 GWh of storage
Nofar USA, a subsidiary of Israel-headquartered Nofar Energy, has announced itself as the successful bidder for a nearly 1 GW utility-scale solar portfolio of Pine Gate Renewables, which recently announced bankruptcy.
Pine Gate filed for bankruptcy protection in November 2025 with a Chapter 11 filing in the US Bankruptcy Court for the Southern District of Texas, launching a competitive sales process for substantially all of its assets and business operations (see Pine Gate Renewables Files For Chapter 11 Bankruptcy Protection).
Nofar says once cleared, it will acquire Pine Gate’s 9 solar projects with a combined 979 MW capacity, spread across Alabama, North Carolina, South Carolina, and Texas, including 650 MW DC operational capacity, along with 100 MW DC in advanced construction and 225 MW DC in the early construction stage, for $285 million.
With the addition of existing project-level debt of $260 million and additional costs and investments worth $30 million, the deal will represent an implied enterprise value of around $575 million. All of this portfolio is contracted under long-term power purchase agreements (PPA).
“This transaction represents a key milestone in building Nofar USA into a scaled, institutional-grade platform in the U.S. power market. It adds to Nofar USA's existing portfolio of over 1.3 GW of solar and over 1 GWh of storage assets under development,” stated Nofar.
According to a Bloomberg Law report, Carlyle Global Credit Investment Management-managed investment fund Summit Infrastructure LLC, which also bid for Pine Gate’s assets, will serve as the backup bidder if the Nofar deal doesn’t materialize. The transaction is subject to approval by the court.
