Precisely this week when global dependence on gas and oil intensified, Israeli investors fell in love with green energy. The successful raise of capital investment by Nofar Energy is a good example of this. Most of the investment was from Altshuler Shaham Investment House and the Phoenix Insurance Company.
Israeli investors strengthened their hold on green energy; Nofar Energy reported today (Thursday) that it has raised about NIS 555 million as part of an allotment of new shares amounting to about 19% of its share capital.
Altshuler Shaham Investment House and the Phoenix Insurance Company led in the raising with an investment of NIS 200 million and NIS 190 million, respectively, which made at a share price of NIS 71.66 - the price at which the stock stood at the close of trading yesterday.
This is a share price that is 28% lower than the price at the time of the first issue of the shares on the Tel Aviv Stock Exchange last December, which stood at NIS 91.66 and raised NIS 600 million. This investment was from the insurance company Migdal, which has continued to maintain its stake in the company. About 7% of the shares of the energy company.
The announcement of the raising caused an increase of about 4% by the middle of the day, with trading strengthening standing at about NIS 5 million - closing 3 times the average daily trading volume in the stock since it 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 Thermo Solar Field field from the Noy Infrastructure Fund for about 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 - about 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).