Bank Hapoalim Finances Stark Power's US Expansion with $85 Million Deal
Translated & summarized from Maariv by baba
The story in 4 lines · by baba
- Bank Hapoalim provides $85 million financing to Stark Power.
- Stark Power is expanding its U.S. energy and storage operations.
- The deal includes loans and guarantees for project acquisition.
- The company was founded by former Enlight and Nofar executives.
Bank Hapoalim has signed an $85 million financing agreement with Stark Power, an energy company founded by former executives from Enlight and Nofar Energy. This deal will enable Stark Power to expand its operations in the United States, including the acquisition and development of new energy and electricity storage projects.
The financing package comprises a loan facility of up to $60 million and a guarantee facility of $25 million. The guarantee facility can be increased, utilizing the loan facility, to a total of $85 million. This agreement significantly enhances Stark Power's financial competitiveness and flexibility in the U.S. market.
It allows the company to pursue a broader range of investments, from acquiring projects in advanced development and financing their construction phases before financial close, to purchasing operational energy assets. Stark Power CEO Michael Avidan stated that the framework provided by Bank Hapoalim will optimize their current deal and significantly boost their capabilities for future transactions.
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