Bank Leumi and Ofer Yanai in 2 Billion NIS Financing Deal

Nofar Energy, owned by businessman Ofer Yanai, has announced a significant financial milestone: its subsidiary, Nofar Israel, managed by Nadav Barkan, has entered into a binding financing agreement with Bank Leumi for up to 2 billion NIS.

The agreement facilitates the refinancing of a portfolio of operational solar and storage assets in Israel with a capacity of approximately 350 MW, while allowing for the release of capital for Nofar and its partners, a reduction in financing costs, and an extension of the project debt duration.

Key credit facility terms:

• Up to 1.7 billion NIS in senior financing, intended to refinance existing debt (approximately 1 billion NIS) and release equity.

• Approximately 100 million NIS in a revolving bridge facility for construction-related improvement projects.

• Approximately 200 million NIS for the improvement of existing assets.

• Approximately 100 million NIS for a Debt Service Reserve Facility (DSRF).

According to Nofar Energy, the deal reflects Bank Leumi's strong confidence in the company's operational capabilities. The terms include interest spreads ranging from 1.6% to 2.4% above the base rate for long-term facilities. The maximum repayment period extends until the end of 2053, ensuring long-term financial flexibility.

"We thank the business division of Bank Leumi, managed by Liat Shuv, and the bank's large business and infrastructure department for the partnership, as well as the financial advisor Giza Zinger Even and the legal teams: Adv. Timor Passo from Firon, representing Nofar, and Adv. Yotam Leshem from Goldfarb Gross Seligman, representing Bank Leumi."