Nofar Energy buys 47.5% of Reindeer power station for NIS855m
Nofar Energy has signed an agreement to acquire a 47.5% stake in the planned Reindeer power station in Israel’s southern Sharon region.
Nofar will pay Phoenix Finance NIS 711 million and five private owners an additional NIS 144 million, bringing the total consideration to NIS 855 million. The power station has not yet been built, and financing for the project has not yet closed.
The transaction is taking place alongside a related asset swap between Generation Capital and Rapac, under which Generation is expected to hold the remaining 52.5% of Reindeer. Nofar is also expected to receive an option to purchase the entire power station if required by regulators.
The deal comes as Israel’s electricity market faces growing demand and increased regulatory scrutiny around concentration in power generation. If Nofar ultimately acquires the full Reindeer project, it would give the renewable energy company full ownership of a conventional gas-fired power station.
Arnon, Tadmor-Levy represented Nofar Energy on the transaction, with a team led by Micki Shapira, Moshe Pasker, Noa Meidan, Sivan Rozenblat-Savransky, Ron Tzin, Nava Karavany, Ayal Hacohen, Shai Bakal, Hadar Shamir, and Ariel Shalovitz.
Alon Ziv & Co. advised Phoenix Finance.
