Meitav Investment Completes Deal in Nofar Israel at $600 Million Valuation

Nofar Energy announced the completion of an investment deal where Meitav Pension and Provident Funds invested approximately NIS 200 million (around $54 million) in its subsidiary, Nofar Israel. This investment grants Meitav an approximately 8.7% stake in Nofar Israel, valuing the subsidiary at roughly NIS 2.3 billion (around $600 million) post-investment. The deal includes an option for Meitav to invest an additional NIS 20 million under the same terms within the next month.

Meitav's entry joins an existing partnership with Clal Insurance in Nofar Israel. Following the transaction, Nofar Energy retains control of Nofar Israel with a stake of approximately 70%. A new shareholders' agreement was signed, granting Meitav rights and protections equivalent to those of Clal Insurance. Notably, any future share allocation required to guarantee a minimum return for Clal or Meitav will be borne solely by Nofar Energy's share, without diluting the stakes of Clal or Meitav.

This follows Clal Insurance's own investment of NIS 308 million (around $83 million) in Nofar Israel about a week prior, at a similar valuation. Ofer Yanai, CEO of Nofar Energy, stated that the deal is a significant step in their strategic plan to expand capital sources and enhance shareholder value, expressing pride in the strong partnerships with Clal and Meitav. He also indicated progress towards Nofar Israel's IPO within the coming year.

Nadav Barken, CEO of Nofar Israel, welcomed Meitav's investment, highlighting the financial strength and operational flexibility it provides for accelerating project development and portfolio expansion. He affirmed the company's commitment to solidifying its position as a leader in Israel's renewable energy and storage market. Nofar Israel is reportedly nearing its IPO, with its valuation potentially exceeding NIS 3 billion (around $800 million). The company has also reported profitability and raised its forecasts for 2027-2028, leading to a surge in its stock price.