Nofar Energy Completes 200 Million Shekel Investment Deal with Meitav
Nofar Energy completed a 200 million shekel investment deal with Meitav in its subsidiary Nofar Israel, reflecting a 2.3 billion shekel valuation and boosting renewable energy development.
Nofar Energy, controlled by Ofer Yannai, announced on Thursday a major milestone in its local operations with the completion of an investment deal by Meitav Provident Funds and Pension in its subsidiary, Nofar Israel.
Investment Terms and Valuation
Under the agreement, Meitav injected approximately 200 million shekels in cash into Nofar Israel in exchange for an allocation of about 8.7% of its shares. The investment terms reflect a company valuation of approximately 2.3 billion shekels for Nofar Israel on a post-money basis. The deal also includes an option for Meitav to expand its investment by an additional 20 million shekels under identical terms during the coming month.
Meitav's entry joins the existing partnership with Clal Insurance in Nofar Israel. According to the company, the expression of trust from two leading institutional entities testifies to the quality of the portfolio, the strength of the business model, and management capabilities. Following the completion of the transaction, Nofar Energy retains control of Nofar Israel with a holding of approximately 70%.
"The completion of the transaction is a significant step in implementing our strategic plan to expand capital sources and maximize value for shareholders. We are proud of our solid partnership with Clal and Meitav," said Ofer Yannai, CEO of Nofar Energy.
Strategic Expansion and Future Plans
Simultaneously with the completion of the transaction, a new shareholders' agreement was signed, granting Meitav rights and protections identical to those of Clal Insurance, establishing a robust foundation for a long-term partnership. The raised capital will be utilized by the company for accelerated development and expansion of its renewable energy project portfolio in Israel, as the firm targets an IPO for Nofar Israel within the coming year.
