$285 million transaction subject to approval by U.S. Bankruptcy Court in Houston, with hearing scheduled for January 5. This transaction showcases how Nofar USA is driving significant growth in the U.S. energy market.
BOCA RATON, Fla., Jan. 2, 2026 /PRNewswire-PRWeb/ -- Nofar USA has been designated the successful bidder, subject to bankruptcy court approval, for the acquisition of a nearly 1-gigawatt utility-scale solar portfolio developed by Pine Gate Renewables, according to filings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The transaction is being pursued through a court-supervised Chapter 11 process under Section 363 of the U.S. Bankruptcy Code. A hearing to consider approval of the sale is scheduled for January 5. In addition to approval by the Bankruptcy Court, closing of the transaction also remains subject to satisfaction of customary closing conditions, including governmental approvals.
This acquisition showcases Nofar group's confidence in continuing to develop high-quality grid assets to serve the U.S. market.
Under the terms of the asset purchase agreement, Nofar USA would acquire nine solar projects totaling approximately 1-gigawatt across Alabama, North Carolina, South Carolina, and Texas for $285 million. The transaction contemplates the assumption of existing project-level debt of $260 million and additional costs and investments totaling approximately $30 million, resulting in an implied enterprise value of approximately $575 million, subject to certain adjustments.
The portfolio comprises utility-scale solar assets at various stages, including 650 MWdc currently in operation. An additional 100 MWdc is in advanced construction and 225 MWdc is in an early construction stage and expected to reach commercial operation during 2027.
The entire portfolio is contracted under long-term power purchase agreements. The projects are geographically diversified across the Southeastern United States and ERCOT, providing exposure to multiple regulatory regimes and load centers with minimal merchant price risk.
This transaction represents a key milestone in building Nofar USA into a scaled, institutional-grade platform in the U.S. power market. It adds to Nofar USA's existing portfolio of over 1.3 GW of solar and over 1 GWh of storage assets under development.
Allon Raveh, Chairman and CEO of Nofar USA, said: "We are honored to acquire these high-quality assets from Pinegate Renewables. We believe that our ability to act quickly with our financial flexibility make us a strong candidate for investment opportunities expected to emerge in the market in the next few years."
BNP Paribas is acting as exclusive financial advisor to Nofar USA. Clifford Chance is acting as legal advisor to Nofar USA. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Lazard is serving as investment banker, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Pine Gate.
The transaction is subject to court and FERC approval, as well as other customary consents from lenders and tax-equity investors.
About Nofar
Nofar Energy is a global renewable energy independent power producer active in Israel, Europe, and the United States. The company develops, owns, and operates solar and battery storage projects across multiple markets and is publicly listed on the Tel Aviv Stock Exchange. As of December 31st, 2025, Nofar has a market capitalization of approximately $1.3 billion.
Nofar USA serves as the company's U.S. platform and has focused on building a diversified portfolio across regulated and deregulated power markets through a combination of organic development and acquisitions.
Media Contact
Nick Centera, Nofar USA, 1 6197505712, [email protected], https://nofarusa.com/
SOURCE Nofar USA
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