Nofar Energy enters US market for US $91m

​​Israeli renewables developer Nofar Energy Ltd (TLV:NOFR) has acquired 67 percent of US based Blue Sky Utility, a solar and storage developer for a total consideration of US $91M. 

Through this deal, Nofar Energy has entered into the U.S. market, as it wishes to expand its operations into the world’s leading markets and synergetic to Nofar’s expertise in the C&I space.

“Both the US market and the C&I segment continue to demonstrate robust growth with an estimated increase of 25 percent in 2021 vs. 2020,” said the company in a statement.

The company said that the acquisition capital will be divided up between US $26M of initial purchase and equity injection into Blue Sky and a debt facility of US $65M provided for future growth investments.

“Nofar engaged in a thorough investigation of the US market,” said Ofer Yanay, Nofar’s founder and Chairman in the statement, “and through this process we became aware of Blue Sky and their unique business model. Blue Sky’s qualities resemble those of Nofar Energy; an emphasis on C&I projects, high level of scalability and uniformity and a set of capabilities and execution track record that present significant barriers to imitation.”