Nofar Energy reported that it has raised NIS 555 million

Nofar Energy reported that it has raised NIS 555 million as part of an allotment of new shares amounting to approximately 19% of its share capital.
Altshuler Shaham Investment House and the Phoenix Insurance Company led the raising with an investment of NIS 200 million and NIS 190 million, respectively, made at a share price of NIS 71.66 - the price at which the share stood at the close of trading Wednesday.
This is a share price that is about 28% lower than the price at the time of the first issue of its shares on the Tel Aviv Stock Exchange last December, which stood at NIS 91.66 and then raised NIS 600 million, including from Migdal Insurance Company, which continues to hold on to the company. About 7% of the shares of the energy company.
The announcement of the raising jumped all the shares in the sector upwards, and the Nofar Energy share concluded an increase of about 4% by the middle of the day, with trading strengthening standing at about NIS 5 million until then - close to 3 times the average daily trading volume per share since Started trading on the Tel Aviv Stock Exchange about 11 months ago.
For Altshuler Shaham, this is the first investment in the shares of an Israeli green energy company, and alongside it, the investment house will invest an additional NIS 200 million in a joint company that will be established together with Nofar Angie, for investments in renewable energy projects. The renewable energy company is expected to invest NIS 300 million in the joint venture and hold mainly its shares (approximately 62%), while the rest of the shares will be in the hands of the investment house.
The two tried to cooperate as part of the acquisition of the Donate Solar Thermal Field field from the Noy Infrastructure Fund for NIS 580 million, but withdrew after examining the feasibility of the acquisition and found that they would not be able to achieve a higher return than estimated at 8.5%.
Gilad Altshuler, Founder, Co-Owner and Co-CEO of Altshuler Investment House Shaham: “We chose Nofar Energy after examining the market and the company. We were impressed by the capabilities and the business model. "
The NIS 555 million will be used by Nofar Energy to promote and implement various transactions, including: initiating and establishing projects in Poland with a capacity of about 1 GB, and initiating and purchasing projects for storage using batteries with a capacity of about 0.5 GB Watt in England.
The company's total raising in the share issues it has carried out since it was first issued in December 2020 is approximately NIS 1.6 billion, which constitutes approximately 61% of the company's value (including the most recent raising funds).
Nadav Tene, CEO of Nofar Energy: "A significant expression of trust in the company that will help implement the growth strategies in markets characterized by high profitability."