An ornamental and nofar energy fund with its first investment in Italy of up to 60 million euros – the capital market

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Nofar Energy
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Reports that it will invest 40 million euros in the Italian company Sunframe Generation. The investment will be made through Andromeda Solutions, which is owned by Keren Noy (60%) and Nofar Energy (40%). Sunframe, which is engaged in the development of licensing and construction of solar systems, won the tender for the construction of about 30 megawatts for 20 years at a fixed rate of 90-102 euros per megawatt per hour and is in the process of licensing and development procedures of about 100 megawatts.

The investment will be made against Sunprime shares up to 50% and subject to compliance with a number of milestones. The investment will be made in several stages through the purchase of shares, allotment of shares and convertible loans, subject to the stones of winning additional tenders in Italy and the readiness to connect Sunframe’s photovoltaic systems. Nofar and Keren Noy will provide an additional 20 million euros in the form of owner loans for the development and growth of the company.

The report also states in Nofar that the future tenders to which Sunframe will be submitted are also made at a fixed rate over a period of 20 years.

Nofar Energy operates in the field of development, licensing, construction and operation of photovoltaic systems, mainly on roofs and reservoirs, a segment in which, according to the company, the projects are characterized by excess returns. Nofar joined the Tel Aviv Stock Exchange last December when it recorded the largest IPO for 2020, made at a value of NIS 2 billion. Since the beginning of the year, it has risen by about 8.5% and today the company is traded at a value of about NIS 2.5 billion. To date, it has raised NIS 7 billion for the largest infrastructure fund in Israel, and its holdings in Nofar Energy stand at about 20%.

“The fund has identified Sunframe as having the greatest potential to break into Italy’s solar roofs in its current incarnation, and as such this investment is a natural continuation for us of the same strategic thinking that guided us in the successful investment we made in Nufar,” Managers of Keren Noy, Pini Cohen, Ran Shelach and Gil-Ad Boswitz.

Nadav Tene, CEO of Nofar Energy said: “The Italian market is characterized by a developed electricity market and a multiplicity of energy production sources, and the government has committed to increase the rate of electricity produced from renewable energies to 55% of total electricity consumption by 2030. “Ours is worth more from the first tender. In addition, the deal with Sunframe, as a local platform that is growing significantly, is expected to give Nofar Energy and Keren Noy a significant opportunity for an excess return.”