Nofar USA Builds Solar Empire From Rival's Bankruptcy Ruins

FT. LAUDERDALE, Fla. – March 17, 2026 – In one of the most significant renewable energy transactions of the year, Nofar USA has finalized its acquisition of a massive 1-gigawatt portfolio of solar assets from the bankrupt Pine Gate Renewables. The deal, approved by a U.S. Bankruptcy Court in January, not only doubles Nofar’s solar footprint in the United States but also casts a harsh light on the volatile, high-stakes nature of America’s green energy transition.

Nofar USA, the American subsidiary of Israeli-based Nofar Energy (TASE: NOFR), now takes control of a sprawling collection of utility-scale solar projects across Texas, Alabama, South Carolina, and North Carolina. The portfolio includes 650 megawatts (MWdc) of already operating facilities, 100 MWdc in advanced construction, and another 225 MWdc in the early stages of development. The move catapults Nofar’s U.S. holdings to 2.3 GWdc of solar and 1.5 GWh of energy storage, cementing its status as a formidable player in the market.

This acquisition is more than a simple transfer of assets; it is a story of two companies on divergent paths. For Nofar, it represents a strategic masterstroke, leveraging financial strength to seize a rare opportunity. For Pine Gate Renewables, it is the final chapter of a company undone by policy shifts, rising costs, and internal operational struggles.

A Tale of Distress and Opportunity

The availability of Pine Gate's 1 GW portfolio was not a result of market-wide decline but a specific corporate collapse. Pine Gate Renewables, once a prominent developer, filed for Chapter 11 bankruptcy protection in November 2025. The filing was a direct consequence of a perfect storm of financial and operational pressures that have begun to cleave the renewable industry into clear winners and losers.

A key catalyst for the company’s downfall was the passage of the “One Big Beautiful Bill Act” (OBBBA) in July 2025. The legislation initiated an aggressive phase-out of federal tax incentives for solar and wind projects, pulling the rug out from under the financial models of many developers. Coupled with new restrictions on equipment sourced from “foreign entities of concern,” the policy shift rendered several of Pine Gate’s projects financially unviable, spooking investors and stalling financing.

Compounding these external pressures were significant internal woes. The company’s engineering, procurement, and construction (EPC) subsidiary, Blue Ridge Power, was hemorrhaging cash due to persistent cost overruns and project delays. The subsidiary’s underperformance became a critical drag on the parent company’s balance sheet, ultimately leading to hundreds of layoffs and contributing to the liquidity crisis. After failed attempts to sell off assets throughout 2024 and early 2025, bankruptcy became the only viable path to an orderly sale.

This is the turbulent market Nofar USA stepped into, not as a victim, but as a predator. The company’s ability to swiftly secure $255 million in acquisition financing from Hapoalim Bank, a major Israeli financial institution, underscores a key trend: well-capitalized, often international, firms are increasingly consolidating the U.S. renewable landscape by acquiring distressed assets.

The Global Playbook for American Energy

Nofar USA’s aggressive expansion is a textbook example of a broader global strategy. Its parent company, Nofar Energy, is an independent power producer with a vast portfolio spanning Israel, Europe, and now, significantly, the United States. This acquisition aligns perfectly with its stated mission of building a diversified portfolio through a combination of organic growth and strategic acquisitions.

“The success of this closing is owed to our top-quality management team in the US, our excellent access to capital markets, and to the group’s strong balance sheet,” said Allon Raveh, Chairman and CEO of Nofar USA, in a statement. “This transaction proves how committed and determined we are in becoming a significant participant in the U.S and we are already working on the next opportunities.”

The deal highlights the increasing role of foreign capital in fueling America's energy transition. With a market capitalization of approximately $2 billion on the Tel Aviv Stock Exchange, Nofar Energy possesses the financial firepower to navigate the complexities and risks of the U.S. market. The financing from Hapoalim Bank’s U.S. arm, BHI, which has a strategic focus on renewable energy lending, further demonstrates the sophisticated financial networks backing these international players.

This influx of global capital is creating a “K-shaped” trajectory in the industry. While smaller or less-capitalized developers like Pine Gate struggle against policy headwinds and rising interest rates, larger players like Nofar are thriving, using their access to capital to absorb valuable assets and scale rapidly. The transaction ensures that critical clean energy infrastructure continues to be built and operated, but it also signals a fundamental shift in who owns and controls America’s green power future.

Powering the Future Across Key Markets

The newly acquired assets are strategically located in some of the nation’s most dynamic and demanding energy markets. The largest share of new capacity is likely to impact Texas, a state in the midst of an unprecedented energy boom. The Electric Reliability Council of Texas (ERCOT) is grappling with soaring power demand, driven by data centers, industrial growth, and a booming population.

Texas is projected to lead the nation in new solar additions in 2026, and its interconnection queue is packed with 159 GW of solar and 172 GW of battery storage requests. By acquiring operational and developing assets in the state, Nofar USA plugs directly into this high-growth market, positioning itself to capitalize on the insatiable demand for electricity.

The projects in Alabama, South Carolina, and North Carolina are equally important, contributing to the clean energy goals of the U.S. Southeast and diversifying Nofar’s geographic footprint. However, the path forward for the 325 MWdc of projects still under construction is not without potential challenges. Developers across the U.S. face a gauntlet of permitting hurdles, complex interconnection processes, and persistent supply chain issues. Nofar USA's operational expertise will be tested as it navigates these complexities to bring the remaining projects online, ensuring the billion-dollar bet on distressed assets fully pays off.