Israel's Nofar signs deal to buy solar developer in Romania

Israel’s Nofar Energy (TLV:NOFR) has agreed to fully acquire a project company developing a 160-MW solar photovoltaic project in Giurgiu County, southern Romania, according to a legal advisor on the deal.

The Israeli renewables company signed an agreement to buy 100% shares in a developer known as Aviv Renewable Investment, Bucharest-based law firm Clifford Chance Badea said on Tuesday.

No details were provided about who is selling Aviv or for how much.

Based on the law firm’s statement, “[t]he project is adjacent to another solar plant that Nofar Energy has previously bought from the same seller, which Nofar officials named at that time as "probably being the largest investment in renewable energy near Bucharest and in Romania."

Nofar’s Romania CEO Favi Stelian said that about the 169-MWp Iepuresti solar project when the company struck a deal to buy it in May 2022.

Just days ago, Nofar secured loans from the European Bank for Reconstruction and Development and Raiffeisen Bank International to finance the construction of the Iepuresti and Ghimpati solar projects, both located in Giurgiu County.

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