Nofar Energy Projects Over 6 Billion Shekels Revenue by 2029 Following Strong Q2 Growth

Nofar Energy, led by owner and CEO Ofer Yanai, reported significant revenue growth in the second quarter, reaching approximately 154 million shekels, a 49% increase compared to the same period last year. The company transitioned from a net loss of about 45 million shekels last year to a net profit of around 16 million shekels this quarter. For the first half of the year, revenues totaled roughly 219 million shekels, up 35% year-over-year, driven by increased electricity sales in Israel and abroad, partially offset by reduced income from solar installation projects in Israel.

Despite a half-year net loss of about 49 million shekels, this was an improvement from the 83 million shekels loss in the previous year. Based on these results, Nofar Energy raised its forecasts, expecting to close 2026 with revenues near 1.1 billion shekels and an EBITDA of 900 million shekels. The company anticipates further growth in 2027, projecting revenues of 2.4 billion shekels and EBITDA around 2 billion shekels.

Looking ahead to 2029, Nofar Energy released its first long-term forecast, expecting revenues to reach 6.2 billion shekels and EBITDA to hit 5.2 billion shekels as its acquired projects mature. Yanai emphasized the company’s strategic focus on operational performance, project development, and expansion into new markets and technologies, including wind energy and gas-powered electricity generation through the Reindeer station. Nofar Energy operates renewable energy projects in Israel, Europe, and the United States. Since the start of the year, its stock has surged nearly 70%, currently valued at about 7.5 billion shekels.