Nofar Energy this morning published a presentation to investors in which the company reported an increase of about 54% to about 120 MW in the capacity of projects connected to the electricity grid in recent months (since the company made an initial public offering on the stock exchange). Nofar also reported an increase of about 32% to NIS 420 million in the expected annual revenue from the sale of electricity of projects that will be connected to the electricity grid by the end of 2022, 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 the year. 2022
In recent months, the company, in cooperation with Keren Noy, has entered significant operations in Spain and Italy by completing financial closure and starting construction work on a 169 MW land project in Spain and investing in an Italian company that initiates, develops and builds solar projects in Italy.
Last week, the company reported the completion of the construction of the first commercial electricity storage system in Israel, noting that the use of the electricity storage system allows the group’s companies to set up additional photovoltaic systems in the area where the electricity storage system was established, in a way that ensures electricity flow for many hours a day. Electricity generation is inactive, without the need to increase the connection point to the electricity grid, and also allows the group companies to flow the electricity produced in systems during hours when electricity tariffs are higher. The company added that it is currently promoting the construction of dozens of additional electricity storage systems in the local market.