Ofer Yanai celebrates despite the loss: Nofar's revenues doubled, backlog surged
Ofer Yanai's energy company summarizes the half-year with project revenues of approximately 665 million shekels, more than double the corresponding period. Nofar forecasts aggregate revenues of approximately 6.4 billion shekels in a representative year from yielding, under-construction, and pre-construction projects, but recorded a bottom-line loss of approximately 60 million shekels.
Ofer Yanai's Nofar Energy company summarizes the first half of 2026 with an acceleration in project activity and continued portfolio expansion, alongside a bottom-line loss.
Aggregate revenues from projects totaled approximately 665 million shekels, compared to approximately 312 million shekels in the corresponding period last year. Project EBITDA reached approximately 365 million shekels, a growth of approximately 78% compared to approximately 205 million shekels in the corresponding half-year, while FFO totaled approximately 244 million shekels, compared to approximately 126 million shekels last year — almost a doubling.
Alongside the growth in activity, in the consolidated reports, Nofar recorded a loss of approximately 60 million shekels in the first half, of which approximately 49.6 million shekels are attributable to the company's shareholders.
In parallel, the expansion of the project portfolio continues: the volume of connected and ready-to-connect projects reached approximately 4.5 GW, of which approximately 2.9 GW is the company's share — an increase of 51% compared to the first quarter of the year. Alongside these, the company is advancing approximately 11.2 GW more in construction and pre-construction. Nofar estimates that in a representative year, the connected and ready-to-connect projects will generate approximately 1.2 billion shekels in revenue and approximately 900 million shekels in EBITDA, the company's share.
Nofar continues to simultaneously expand its activity beyond solar energy, among other things in the fields of storage, power plants, and server farms. Among the moves the company has promoted are the acquisition of control in Highlight, which holds approximately 38 projects, as well as a deal to acquire rights in the Reindeer power plant.
Nofar currently operates in 10 territories and estimates that in the first representative year, the yielding, under-construction, and pre-construction projects will generate aggregate revenues from electricity sales of approximately 6.4 billion shekels, of which approximately 4.2 billion shekels is the company's effective share. The equity attributable to the company's shareholders stands at approximately 2 billion shekels.
