Nofar Energy continues to expand its global operations with a significant solar project in Romania

Israel | This week, Nofar Energy announced the entry of another significant project with a capacity of 255MW. The project is in the advanced stages of development. It will be built on 290 hectares of land in southern Romania near a high-voltage power line that will allow the direct flow of the electricity produced. This is a high-quality project due to its location in an area characterized by high outputs, its advanced development status, and low construction costs due to its size and proximity to a high-voltage power line.

The company's share of holdings in the project will be 85.5%-90%, with total projected construction costs of 135 million Euro, and expected to generate annual revenues of 27 million Euro and annual EBITDA of 24 Euro. Nofar expects to begin construction of the project after receiving the required approvals in 2023.

Nofar's total projects portfolio in Romania stands at 579MW, including the Ratesti project, with an installed capacity of 155MW, which is in advanced stages of construction, and the Iepuresti project, with an installed capacity of 169MW, which is in advanced development and licensing stages. In addition, the local platform continues to promote the initiation of additional projects with significant capacities that will enable the company to take advantage of the high electricity prices in Romania.

Nadav Tene, CEO of Nofar: "I am pleased to update about another significant project within the framework of our local development platform in the renewable energy market in Romania. This project has a high-yield and significant capacity that joins the company's high-quality portfolio in Romania, which includes projects in advanced stages of construction and advanced development, which expectes to benefit from the high electricity prices in Europe."