Nofar USA, a subsidiary of global independent power producer Nofar Energy, is the successful bidder to acquire a 979 MW utility-scale solar portfolio developed by Pine Gate Renewables, pending approval by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
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A hearing to consider approval of the sale is scheduled for Jan. 5. In addition to bankruptcy court approval, completion of the transaction remains subject to satisfaction of customary closing conditions, including government approvals.
If approved, Nofar USA would acquire nine solar projects totaling in Alabama, North Carolina, South Carolina and Texas for $285 million. Nofar would assume the project debts of $260 million and additional costs and investments totaling approximately $30 million.
The portfolio consists of utility-scale solar assets in various stages of development and construction, including 650 MWdirect current currently in operation. Another 100 MWdirect current is in advanced construction and 225 MWdirect current is in early construction phase and expected to become commercially operational in 2027. The entire portfolio is contracted under long-term power purchase agreements.
This transaction adds to Nofar USA’s existing portfolio of over 1.3 GW of solar and over 1 GWh of storage assets under development.
“We are honored to acquire these high-quality assets from Pinegate Renewables,” said Allon Raveh, Chairman and CEO of Nofar USA. “We believe our ability to act quickly with our financial flexibility makes us a strong candidate for investment opportunities expected to come to market in the coming years.”
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