Israeli renewable energy developer Nofar Energy will acquire an almost 1GW US utility-scale solar portfolio from bankrupt IPP Pine Gate Renewables.
Under the terms of the deal, Nofar USA will purchase nine utility-scale solar projects across Alabama, North Carolina, South Carolina, and Texas for US$285 million, a part of the roughly 10GW project portfolio for which Pine Gate sought buyers when it declared bankruptcy. Nofar’s transaction is subject to Bankruptcy Court approval.
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The transaction contemplates the assumption of existing project-level debt of US$260 million and additional costs and investments totalling approximately US$30 million, Nofar said.
The portfolio itself comprises nine projects, 650MW currently in operation and a further 325MW in either early or advanced construction stages. The entire portfolio is contracted under various “long-term” power purchase agreements (PPA), Nofar said, and added that their geographical diversity across multiple Independent System Operators (ISOs) provides “exposure to multiple regulatory regimes and load centres with minimal merchant price risk.”
Nofar Energy said this acquisition “Represents a key milestone in building Nofar USA into a scaled, institutional-grade platform in the US power market.”
Allon Raveh, chairman and CEO of Nofar USA, said: “We believe that our ability to act quickly with our financial flexibility makes us a strong candidate for investment opportunities expected to emerge in the market in the next few years.”
Those investment opportunities could be due to consolidation in the US solar industry, which some experts have said will result from the policy changes brought about by the second Trump administration. Speaking to PV Tech last summer, Noam Yaffe, vice president at market intelligence firm Pexapark, said that policy and subsidy changes in the US would likely trigger a “flight to quality”, bringing opportunities for big investors and developers to snap up projects but proving potentially “catastrophic” for smaller players.
Pine Gate’s assets became available after it filed for Chapter 11 bankruptcy in November, seeking buyers for its roughly 10GW US solar and energy storage project portfolio.
The company had previously attracted significant attention, including a US$650 million injection of venture capital (VC) money, which was the largest single VC transaction in the solar industry in 2024.
