Nofar Energy secures $192 million deal to supply energy storage in Britain
Entry into new planned Cellarhead project in central England adds to portfolio of projects across UK, Germany, US, Italy, Poland, Romania and Israel
Sue Surkes is The Times of Israel's environment reporter
Nofar Energy informed the Tel Aviv Stock Exchange Monday that it has secured funding of up to £152 million ($192 million, or NIS 718 million) to provide renewable energy storage to the UK.
The financing agreement was signed with a consortium of international and Israeli banks, including Goldman Sachs, Santander, Bank Hapoalim, and Bank Leumi.
It will enable founder Ofer Yannay’s company to help supply one of the UK’s biggest energy storage facilities, the Cellarhead project, currently under construction near the central city of Stoke-on-Trent, with a planned capacity of 624 megawatt hours.
The deal was made via Atlantic Green, Nofar Energy’s UK storage platform, established in 2021.
Nofar Energy recently announced the successful grid connection and commercial operation of the Buxton project, also in Stoke-on-Trent, with a 60 megawatt hour capacity. That was financed by Goldman Sachs.
The company already has projects with a total capacity of around ten gigawatt hours across the UK, Germany, the US, Italy, Poland, Romania and Israel.
Simon Walters, the British ambassador to Israel, said the deal “underscores the strong UK-Israel bilateral trade relationship and aligns with the UK’s goal of decarbonizing its power sector by 2030.”
Nadav Tenne, Nofar Energy’s CEO, said the company’s total signed financial closings in Europe over the past two years had reached around NIS 4.2 billion ($1.1 billion).
