Israel's Nofar Expands into Romania with Solar Developer Acquisition

Israel’s Nofar Energy has reached an agreement to fully acquire a project company developing a 160 MW solar photovoltaic project in Giurgiu County, southern Romania.

The acquisition involves 100% of the shares in the developer, Aviv Renewable Investment, according to Bucharest-based law firm Clifford Chance Badea, which advised on the deal.

This newly acquired project is adjacent to another solar plant that Nofar Energy previously purchased from the same seller. When Nofar acquired the 169-MWp Iepuresti solar project in May 2022, the company described it as potentially the largest renewable energy investment near Bucharest and in Romania.

Recently, Nofar Energy secured financing from the European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International to support the construction of both the Iepuresti and Ghimpati solar projects, also located in Giurgiu County. This acquisition further solidifies Nofar’s growing footprint in Romania’s renewable energy sector.