Renewable Energy Company
Nofar Energy
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Purchase from Tesla Energy Storage Systems for $ 30 million. Nofar entered into an agreement with Tesla for a period of about one year and three months, from the end of 2021 to March 2023, for the supply of storage systems with a power of one hundred megawatts. An advance of $ 5 million will be paid upon commencement of the engagement.
Nofar estimates that the storage systems will enable the installation of solar energy production systems with a capacity of about 150 megawatts. The company also expects that the revenues from the construction of the systems will amount to NIS 534 million, the revenues from the sale of electricity will reach NIS 50 million per year and those from the maintenance of the systems will reach NIS 10 million per year.
Nofar also mentions that the production of storage batteries in the world suffers from delays, and the high demand results in waiting times of about a year for other players in the industry. Therefore, they claim that the contract with a supplier such as Tesla will allow Nofar to set up storage systems in Israel faster than its competitors.
Nofar recently inaugurated its own storage system with a capacity of approximately 3.22 megawatts, the first to be operated in Israel outside the framework of a pilot or development stages. According to a presentation to investors published by the company, the supply of projects connected to the electricity grid has increased by about 54% to about 120 megawatts in recent months.
Nofar also wrote that 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 the projects that will be connected to the electricity grid by End of 2022.
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