Nofar USA Finalizes 1GW Solar Asset Acquisition from Pine Gate Renewables, Expanding U.S. Renewable Footprint
Nofar USA LLC (“Nofar USA”), a wholly owned subsidiary of Nofar Energy (TASE: NOFR), announced the successful completion of its previously approved acquisition of approximately 1 gigawatt (GW) of solar energy assets from Pine Gate Renewables, LLC. This transaction represents one of the largest renewable-energy platform acquisitions in the United States this year and marks a significant milestone in Nofar USA’s ongoing expansion within the American energy sector.
The acquisition was formally approved by the U.S. Bankruptcy Court for the Southern District of Texas on January 5, 2026, clearing the final regulatory and procedural hurdles. The closing solidifies Nofar USA’s strategic presence in the U.S. solar market and positions the company for continued growth in line with its long-term objectives.
The portfolio acquired from Pine Gate Renewables includes a diverse set of operating and development-stage utility-scale solar projects spread across several key states, including Texas, Alabama, South Carolina, and North Carolina. These assets will strengthen Nofar USA’s strategic positioning in the U.S. power market, providing both immediate operational capacity and a pipeline of projects for future growth.
Specifically, the acquired projects comprise 650 MWdc of solar capacity currently in operation, 100 MWdc in advanced construction stages, and an additional 225 MWdc in early construction phases. This mix of operational and developmental projects provides Nofar USA with a balanced portfolio that delivers near-term revenue while ensuring long-term growth potential in a rapidly evolving renewable energy market.
“The successful closing of this acquisition is a testament to the strength and expertise of our U.S. management team, our robust access to capital markets, and the solid balance sheet of the Nofar Group,” said Allon Raveh, Chairman and CEO of Nofar USA. “These elements enabled us to complete the acquisition and financing of 1GW of solar assets in just two months. This transaction reflects our determination to become a leading participant in the U.S. renewable energy market, and we are already actively evaluating the next strategic opportunities to further expand our portfolio.”
Financing for the acquisition, totaling $255 million, was provided by Hapoalim Bank, one of Israel’s largest financial institutions, with a balance sheet exceeding $200 billion. The partnership with Hapoalim Bank underscores the strong international confidence in Nofar USA’s strategic vision and its ability to execute complex energy transactions.
Following this acquisition, Nofar USA’s combined U.S. renewable portfolio now totals approximately 2.3 GWdc of solar assets, including both operational and development-stage projects, along with 1.5 GWh of energy storage assets currently under development. This expanded portfolio positions the company as a significant player in the U.S. solar and storage market, enabling it to provide clean, reliable energy across multiple high-demand regions.
Nofar USA’s strategic approach focuses on leveraging financial capacity, operational expertise, and disciplined investment processes to meet growing electricity demand while advancing the transition toward clean and sustainable energy solutions. The company’s expansion into multiple U.S. states with high solar potential reflects its commitment to deploying capital efficiently and maximizing the impact of renewable energy infrastructure investments.
The acquisition also enhances Nofar USA’s ability to integrate storage solutions alongside solar generation, creating flexible energy systems that support grid reliability and enable greater penetration of renewable energy. The company is actively exploring innovative approaches to combine solar and storage assets, thereby increasing the overall value and resilience of its portfolio.
Clifford Chance served as legal advisor to Nofar USA for the transaction, providing comprehensive guidance on the acquisition structure and regulatory compliance. BNP Paribas acted as exclusive financial advisor, supporting the company in financing, valuation, and transaction execution. Both advisors played a critical role in ensuring the smooth and timely completion of the acquisition.
“This milestone demonstrates Nofar USA’s ability to identify, finance, and integrate large-scale renewable energy projects efficiently,” added Raveh. “We are focused on expanding our U.S. footprint with projects that not only generate strong financial returns but also contribute meaningfully to decarbonization and energy transition objectives. The acquisition of Pine Gate’s portfolio is a clear manifestation of that strategy in action.”
Looking forward, Nofar USA plans to continue pursuing strategic opportunities in the United States, targeting both solar and energy storage assets that align with its vision of creating a diversified, resilient, and sustainable renewable energy platform. The company remains committed to expanding its operational presence, building on its technical expertise, and delivering value to stakeholders while contributing to the country’s clean energy goals.
With a growing portfolio and access to strong financial backing, Nofar USA is well-positioned to capitalize on the accelerating adoption of renewable energy in the U.S., particularly as utility-scale solar and storage projects become increasingly central to energy planning, grid modernization, and climate objectives.
This acquisition represents not only a major step in Nofar USA’s U.S. growth strategy but also a signal to the market of the company’s capability to execute large, complex transactions in a competitive renewable energy landscape. By combining operational assets with development-stage projects, Nofar USA continues to build a scalable platform capable of supporting sustainable energy generation well into the future.
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