Noy Fund and Nofar Energy enter the Italian energy market

Invest up to 60 million euros in Sunprime Generation, one of the leading manufacturers of solar roofs

Ashdod, Israel –News Direct– Nofar Energy Ltd.

Sunprime, specializing in the development, certification and construction of solar energy systems, has won a tender for the construction of a roof capacity of 30 MW at a guaranteed rate of 90 to 102 € for 20 years . Sunprime is also in the process of licensing and developing a cumulative total of 100 MW

Nofar and Noy Fund expect their collaboration in excess return segments to accelerate development and maximize the potential of the Italian market.

Nofar Energy announced today that it has entered into an agreement to invest in Sunprime General Srl through Andromeda Solutions, a company jointly owned by Noy Fund (60%) and Nofar Energy (40%). Sunprime Generation develops, certifies and builds rooftop photovoltaic systems in Italy. The electricity produced by these systems is sold at a fixed rate for 20 years under calls for tenders published by the Italian Regulatory Authority for Energy, Grids and the Environment (ARERA).

The partners will invest around 40 million euros in shares representing up to 50% of Sunprime’s share capital, subject to reaching certain milestones. The Nofar report shows that the investment will be made through the purchase and grant of shares, including loans convertible into shares. The investment will be implemented in several stages, conditional on obtaining the ARERA tender for the roofing systems and on the physical readiness of the systems. The partners will provide 20 million euros in the form of a shareholder loan to support the development and growth of Sunprime.

At the time of reporting, Sunprime has won a tender for the construction of rooftop photovoltaic systems with a total output of 27.8 MW. The electricity produced by the systems will be offered at 90-102 € MW / h (0.09 € to 10.2 € per Kw / h), a secure tariff for 20 years. Sunprime also plans to bid on other projects published in 2021-2022 to build systems and sell the electricity produced by them at the rate stipulated in the various calls for tenders (also secured for 20 years).

Pini Cohen, Ran Shelach and Gil-Ad Boshwitz, Noy Fund directors commented: “The investment in Sunprime is in addition to other strategic Noy Fund investments made in renewable energy in general and the high growth niche market for solar roofs in particular. The Fund had identified Sunprime as offering the most promising potential to achieve a breakthrough in the current phase of the solar roof segment in Italy. | The news aligns with the strategic thinking that guided us in our successful investment in Nofar.

Nadav Tene, CEO of Nofar Energy, said: “Nofar Energy and its partner, Noy Fund, are venturing into Italy, a well-developed electricity market with multiple energy sources. The decision of the Italian government to increase the power produced from renewable energy sources to 55% of Italy’s electricity consumption played an important role in our investment decision. In line with Nofar’s signature approach, we focus on projects with potential for added value and ROI. In Italy too, each MW we produce will be worth more from the first call for tenders. The transaction with Sunprime, a growing local platform, should create significant excess return potential for Nofar and Noy Fund. “

The well-developed electricity market in Italy has many sources of energy, including natural gas, hydroelectric facilities, renewables and coal. In 2017, the Italian government announced the National Energy Strategy, committing to phase out coal for power generation by 2025 and increase the share of electricity produced from renewables to 28% of its energy consumption by 2030 and 55% by 2030. In 2019, Italy set specific targets for renewable energies, including achieving an installed capacity of 50 GW from solar energy and of 18 GW from wind power by 2030.

Noy Fund is Israel’s largest infrastructure fund. To date, it has raised around ILS 7 billion in three funds and other entities and is now at an advanced stage of mobilizing its fourth fund of over ILS 2 billion. Noy Fund includes most of Israel’s major institutional investors including Altshuler Shaham, the Phoenix, Menora, Clal, Migdal, Amitim, Meitav Dash, Psagot, Halman Aldubi, Poalim Capital Markets, etc.

Nofar Energy, which issued shares on TASE in December 2020, develops, certifies, builds and operates photovoltaic systems, mainly in the dual segment (stored and rooftop energy). As an engineering company, Nofar leverages its in-house capabilities to achieve operational flexibility and other benefits in this segment, which has excess return projects. The company translates its gains by initiating, building and executing projects with excess returns and “megawatts that are worth more.”

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