Israel’s Noy Fund, Nofar Energy to invest in Italian rooftop PV installer

Solar Cells
Photovoltaics, research done at Pacific Northwest National Laboratory (PNNL), is the process of directly converting sunlight to electricity. This field of energy technology is one of the fastest growing areas of scientific research in recent years. The work at PNNL is focused on enabling durable, cost-effective solar technology through use of unique materials, and unique thin film deposition technology. Our goal is to produce highly efficient, durable, cost-effective photovoltaic thin film devices to meet the world’s growing demand for clean, green energy. Here, a researcher displays a solar cell.

In this photo: PNNL Scientist Brian Riley

For more information, visit www.pnl.gov/news

Terms of Use: Our images are freely and publicly available for use with the credit line, "Courtesy of Pacific Northwest National Laboratory." Please use provided caption information for use in appropriate context.
By Pacific Northwest National Laboratory – PNNL on 2010-01-22 12:23:38
tags Israel’s Noy Fund, Nofar Energy to invest in Italian rooftop PV installer

February 11 (Renewables Now) – Israel’s Noy Infrastructure & Energy Investment Fund and green tech firm Nofar Energy (TASE:NOFR) are taking their first steps in Italy with an investment in rooftop solar energy specialist Sunprime Generation Srl.

In their joint statement, the Israeli partners said they had entered into an agreement to invest EUR 40 million (USD 48.6m) to buy up to 50% of Sunprime’s share capital, conditioning the deal on certain milestones.

Noy Fund and Nofar, represented in the transaction by their joint company Andromeda Solutions, plan to make the investment via share purchase and allocation, including share convertible loans. They say the investment will happen in stages depending on the physical readiness of Sunprime’s systems and the company winning tenders for rooftop solar in Italy.

The Israeli side will also provide EUR 20 million in shareholders’ loan to support Sunprime’s development and growth.

The targeted company develops, certifies and builds photovoltaic (PV) systems, the output of which is sold at a fixed rate for 20 years under tenders launched by the Italian Regulatory Authority for Energy, Networks and Environment (ARERA).

At the time of the release, Sunprime won a tender to build 27.8 MW of rooftop PV systems. The power output of these systems will be offered at a secure rate ranging from EUR 90 to EUR 102 per MWh for 20 years, the Israeli companies said.

Sunprime also plans to participate in 2021-2022 tender rounds.

Andromeda Solutions is 60% owned by Noy Fund, with Nofar Energy holding the remaining 40%.

(EUR 1.0 = USD 1.214)