Nofar Energy expects a 32% increase in revenues – the capital market

Renewable Energy Company

Nofar Energy
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Reports in a presentation to investors an increase of about 54% to about 120 megawatts in recent months in the supply of projects connected to the electricity grid. In the forecast for the end of 2022, the company expects to reach annual sales of about NIS 420 million, ie an increase of about 32% and an increase of about 23% to about 850 megawatts in the power of projects that will be connected to the electricity grid by the end of 2022.

Last week, the company reported that it had completed the construction of its first electricity storage system in the country, with a capacity of about 3.22 megawatts, which would support the construction near it of photovoltaic systems with a total capacity of about 2.77 megawatts. While tenders have long been published in the Electricity Authority for the construction of electricity storage systems, this Nofar system is in fact the first to be operated in Israel outside of a pilot or development phase.

At the beginning of the month, Nofar reported its first entry into the Italian market with an investment in a local company alongside Keren Noy, as well as the completion of a financial closure and the start of construction work on a 169-megawatt land project in Spain. In an interview with BizPortal, the company’s CEO Nadav Tene and VP of Business Development Shachar Gershon said that compared to the competition, “our kilowatt is worth more.” The two explained that the determination is based on the fact that the company is active in the “dual segment”, ie the construction of solar projects on roofs and reservoirs whose chances of approval are higher than land projects, and the tariff for the electricity produced in them is three times higher. Meitav Dash gave a 24% upside recommendation for the share to NIS 112 per share.

Nofar was issued in Tel Aviv in mid-December at a value of NIS 2 billion before cash, in which it raised NIS 600 million. The largest shareholders in the company are Tene (8%), Keren Noy (20%) and Ofer Yanai (37%). In 2020, the company recorded a net profit of NIS 5 million on revenues of NIS 65 million.

Nadav Tene, CEO of the company: “The company is proud to show a significant increase in connected project providers and expected revenues from electricity generation. Since the company’s launch, we have entered the Italian renewable energy market together with Keren Noy through an investment in an existing platform. With its accelerated growth, the achievement of the goals presented and the leadership of the renewable energy market in Israel. ”