Nofar Energy Expands in Europe with Up to €672 Million Wind Power Project Acquisition
Nofar Energy, an Israeli renewable energy company controlled by Ofer Yanai (26.8%), is expanding its European operations by signing a binding memorandum of understanding to acquire a portfolio of renewable energy projects across various European countries. The deal is valued between €590 million and €672 million, contingent on meeting agreed milestones in the projects. The initial payment amounts to €230 million, with an additional €80 million payable later, including €30 million in cash and the remainder in shares of Nofar's subsidiary, Nofar Europe, if it is issued. Nofar will also assume approximately €360 million in project debt.
The acquisition includes operational wind projects with a total capacity of about 766 megawatts (MW) in Western and Northern Europe, of which Nofar’s share is 393 MW. Around 85% of this capacity is backed by long-term power purchase agreements (PPAs). Additionally, the deal covers solar facilities ready for grid connection totaling approximately 110 MW, expected to connect by early 2027. The portfolio also contains projects in advanced development stages with a combined capacity of about 1.7 gigawatts (GW), including 280 MW plus 560 megawatt-hours of storage capacity in Germany, and early-stage projects totaling roughly 5.3 GW.
The seller’s board and shareholders have approved the transaction, which remains subject to financing, third-party consents, and regulatory approvals. This move follows Nofar’s 2025 Pine Gate acquisition in the U.S., where it bought a 1 GW solar portfolio for $285 million from a bankrupt renewable energy company. The current deal’s cost, excluding conditional payments, is estimated to be at least 10% below the average European construction cost for similar capacity.
As of March, Nofar’s European portfolio included about 900 MW of connected and ready-to-connect projects and 2.2 GW of standardized capacity (FGW) under construction or near construction. Completing this acquisition will double Nofar’s connected and ready-to-connect capacity in Europe and mark its entry into wind energy. Nofar’s market value stands at 7.5 billion shekels, with its stock rising 70% year-to-date, outperforming the Tel Aviv Cleantech Index’s 35% increase.
