Israel's Nofar Energy Closes $192 Million for UK Energy Storage

Nadav Tenne of Nofar Energy

Nofar Energy has announced a financing agreement worth £152 million ($192 million or NIS 718 million) to bolster renewable energy storage in the UK. The deal, involving Goldman Sachs, Santander, Bank Hapoalim, and Bank Leumi, will support the construction of the Cellarhead energy storage project near Stoke-on-Trent, with a planned capacity of 624 megawatt hours.

This agreement was made through Atlantic Green, Nofar's UK storage platform launched in 2021. Additionally, Nofar recently completed the Buxton project, a 60 megawatt hour facility in the same area, also financed by Goldman Sachs.

CEO Nadav Tenne highlighted that the company's total financial closures in Europe over the past two years have exceeded NIS 4.2 billion ($1.1 billion).

Source: Sue Surkes / The Times of Israel