Ofer Yanai's Nofar Energy Completes $500 Million Investment Deal

Nofar Energy, owned by Ofer Yanai, announced the completion of a significant investment deal where Meitav Pension and Provident Funds invested approximately 200 million shekels (about $54 million) in its subsidiary, Nofar Israel. This investment grants Meitav approximately 8.7% of Nofar Israel's shares, valuing the subsidiary at roughly 2.3 billion shekels (about $620 million) post-investment. Meitav also holds an option to invest an additional 20 million shekels under the same terms within the next month.

This new partnership with Meitav joins an existing one with Clal Insurance in Nofar Israel. The company stated that the confidence shown by these two major institutional investors reflects the quality of its portfolio, the strength of its business model, and its management's capabilities. Following the deal, Nofar Energy retains control of Nofar Israel with a stake of about 70%.

A new shareholders' agreement was signed, granting Meitav rights and protections identical to those of Clal Insurance, establishing a foundation for a long-term partnership. The agreement also stipulates that any future share allocation to protect minimum returns for Clal or Meitav will be at the expense of Nofar Energy's shareholding only, without diluting the other two parties.

Nofar Energy views this move as a significant accelerator for its strategic plan, aiming to expand its capital sources and increase shareholder value. The raised capital will fund the accelerated development and expansion of its renewable energy projects in Israel. Ofer Yanai, CEO of Nofar Energy, expressed pride in the partnerships and reiterated the company's commitment to completing Nofar Israel's IPO within the coming year. Nadav Barken, CEO of Nofar Israel, highlighted the financial strength and operational flexibility gained to boost project initiation and portfolio expansion, aiming to solidify their market leadership in renewable energy and storage in Israel.