Nofar Energy has signed an agreement worth NIS 454 million in Romania, which is expected to yield 169 megawatts of power per hour.
Nofar Energy has signed an agreement worth NIS 454 million in Romania, which is expected to yield 169 megawatts of power per hour.
The project of Nofar Energy in Romania is expected to connect to the electricity grid during 2024 and generate revenues of NIS 60 million each year. The project includes 2 solar projects, one of which has already been approved and the approval for the second project is expected in the coming weeks.
Under the agreement, Nofar Energy was given the option to enter into additional projects in the field of renewable energy in Romania at a capacity of 231 megawatts per hour. At the same time, Nofar Energy continues to promote initiation and entry into additional projects with significant suppliers in Romania. For example, promoting the Ratesti project in partnership with Aconergy, which is expected to deliver 155 megawatts per hour.
Nofar Energy is considered one of the most interesting Israeli companies in the field of renewable energy. The company was issued about a year ago and has a strategic plan for the establishment of projects in this field in markets that are characterized by rapid growth. Nofar Energy CEO Nadav Tene said at the signing of the agreement that this is a significant deal that is part of the company’s development platform in the Romanian market in the field of renewable energies.
According to him, Nofar Energy is expected to continue accelerated growth and generate high profitability in its various operations thanks to a winning combination: focusing on markets characterized by excess returns and accelerated growth, a model of local development platforms and the company’s expertise in electricity trading and financing.
Proof he said was given at the end of April 2022 when Nofar Energy reported the entry into the UK energy storage project, the Buxton project as part of the platform with the Interland Group. The construction costs of this project are approximately NIS 85 million and it is expected to provide 30 megawatts per hour, accumulate 60 megawatts per hour and provide annual revenues of NIS 17 million.
Despite the optimism of the CEO of Nofar Energy and despite forecasts of annual revenues of NIS 875 million, the company’s share has lost 10% since the beginning of 2022. Nofar Energy has construction projects and projects connected in 7 different countries with significant suppliers: 814 Megawatts per hour in the company’s storage facilities and 1167 megawatts per hour in its solar systems.