Nofar USA, an Israeli renewable energy independent power producer listed on the Tel Aviv Stock Exchange, has closed its previously approved acquisition of approximately 1 GW of solar energy projects from Pine Gate Renewables, a utility-scale solar project developer.
The acquired portfolio comprises operating and development-stage utility-scale solar projects across multiple states, including Texas, Alabama, South Carolina, and North Carolina. These projects, at various stages, include 650 MWdc currently in operation, 100 MWdc in advanced construction, and 225 MWdc in the early construction stage.
The closing of this acquisition follows the court’s approval of the sale on January 5, 2026. In November 2025, Pine Gate Renewables filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.
“The success of this closing is owed to our top‑quality management team in the US, our excellent access to capital markets, and to the group’s strong balance sheet,” said Allon Raveh, Chairman and CEO of Nofar USA. “These were the basis to successfully make the acquisition and financing of 1GW of solar assets possible within two months. This transaction proves how committed and determined we are in becoming a significant participant in the U.S and we are already working on the next opportunities.”
Hapoalim Bank provided $255 million in acquisition financing to the company. Clifford Chance served as the legal advisors, and BNP Paribas acted as the exclusive financial advisor to Nofar USA on this transaction.
With this acquisition, Nofar USA’s portfolio expands to 2.3 GWdc of solar projects (operational and under development) and 1.5 GWh of storage projects under development.
In December 2025, Nofar Energy secured a €192 million (~$223.05 million) financing package for the development and construction of three solar projects totaling 531 MW in southeastern Romania. The projects are located in Dâmbovița and Giurgiu counties and are expected to produce approximately 676 GWh of green electricity annually, which is expected to contribute to Romania’s goal of reaching 38% of gross final energy consumption from renewables by 2030.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.
