Nofar Energy to Build 50MW Standalone Power Storage Facilities for Super Power Electricity in $170M Deal
Nofar Energy is expanding its electricity storage operations in Israel by signing a 600 million shekel (approximately $170 million) agreement to build standalone power storage facilities for Super Power Electricity. This follows a recent contract with Cellcom Energy. Super Power Electricity, owned 65% by Supergas Power and 35% by Enlight Energy, will purchase electricity from Nofar generated by these independent storage units, which are not connected to power generation facilities. The planned facilities will have a total capacity of 50 megawatts and an energy storage capacity of 250 megawatt-hours. Nofar will construct and connect the units to the grid, with commercial operation expected to begin gradually between 2027 and 2029.
The 15-year contract includes an option to add more facilities and expand storage capacity, potentially increasing the total contract value to 740 million shekels. Super Power Electricity supplies electricity to private and business consumers. Its parent company, Supergas Power (formerly Electra Power Gas and before that Supergas), also operates in gas purchasing, storage, and marketing. The controlling shareholder of Supergas Power is Elco Group, holding 61% of shares, and the CEO is Daniel Sapir, formerly CEO of Cellcom.
For Nofar Energy, managed by controlling shareholder Ofer Yanai (holding 26.8% of shares), this is the second major storage project within just over a month, following a deal with Cellcom Energy worth 820 million shekels. Together, these contracts cover storage facilities with a combined capacity of 150 megawatts and 750 megawatt-hours, with a total contract value of approximately 1.4 billion shekels. Both projects will be executed by Nofar Israel, the company’s local subsidiary.
Additionally, about two weeks ago, Nofar signed a non-binding memorandum of understanding with investment house Meitav, which plans to invest 200 million shekels in Nofar Israel for an 8.7% stake. This investment values Nofar Israel at 2.1 billion shekels pre-money and 2.3 billion shekels post-money, reflecting a 30% increase compared to an earlier investment by Clal Insurance earlier this year, which valued the company at 1.6 billion shekels post-money.
