Nofar Energy: The establishment of the storage system in Israel – the capital market – has been completed

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Nofar Energy
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It reports that it has completed the construction of its electricity storage system in Israel, with a capacity of approximately 3.22 megawatts, which will support the construction next to it of photovoltaic systems with a total capacity of approximately 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.

The system is expected to be operational in the coming weeks and Nofar will be responsible for its maintenance for a period of 25 years. In fact, the storage system will make the establishment of photovoltaic systems in the field profitable, since in this way Nofar will be able to ensure the flow of electricity even during hours without sunshine when the systems do not produce energy. The company also says that the group companies will be allowed to flow the electricity produced in systems at hours when electricity tariffs are higher.

“We are aiming for the construction of many more storage systems as part of Nofar Energy partnerships as early as 2021. Nofar Energy has created projects with an installed capacity of 275 megawatts that reflect NIS 1 billion in construction revenues and NIS 100 million each year from electricity sales,” Ofer said today. Yanai, Chairman of Nofar Energy.

Earlier this month, Nofar reported its first entry into the Italian market with an investment in a local company alongside Keren Noy. In an interview with BizPortal, the company’s CEO Nadav Tene and VP of business development Shahar Gershon claimed 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.

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.