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Home BUSINESS NEWS FROM AROUND THE WORLD

Nofar brings Altshuler Shaham into Megalim solar plant deal

by 198usanews_v1nkmf
July 21, 2021
in BUSINESS NEWS FROM AROUND THE WORLD
2 min read
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Funding home Altshuler Shaham has joined the deal through which renewable power firm OY Nofar Vitality (TASE: NOFR), managed by its chairperson Ofer Yannay, is shopping for 100% of the rights of the Noy Fund and its companions within the Megalim thermo-solar power challenge at Ashelim within the south of Israel, for NIS 580 million. The ultimate deal worth is topic to the outcomes of a due diligence examination by Nofar.




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Ashelim power plant

Nofar Vitality shopping for Noy Fund’s stake in Megalim photo voltaic challenge



Below the memorandum of understanding signed by the events, Altshuler Shaham (by the provident and pension funds that it manages) will maintain 45% of the photo voltaic power plant, and Nofar Vitality will maintain the remaining 55%. Nofar is appearing to convey different monetary establishments into the deal.

The Megalim challenge is among the important investments of the Noy Fund, which was raised in 2011 and is reaching the top of the method of realizing its belongings. So far as is understood, the sale of its holding within the Megalim challenge will yield a revenue of some type to the fund. Primarily it should relieve it of a debt of some NIS 2 billion that the challenge carries.

Nofar states that the value in its MOU with the Noy Fund is predicated on the fund’s estimate of the free money circulation from the Megalim energy plant till the top of the concession interval, capitalized at a price of 8.5%, and that it’s going to confirm the reasonableness of those assumptions and the feasibility of actions to create additional upside in the middle of its due diligence examination.

Eyebrows have been raised on the capital market after the acquisition deal was reported. This was partly due to the debt with which the challenge is saddled, and partly due to the connection between Nofar and the Noy Fund – the fund owns 20% of Nofar. The present cope with them just isn’t outlined as a celebration at curiosity deal, which might require approval by a majority of the minority curiosity shareholders in Nofar.

Printed by Globes, Israel enterprise information – en.globes.co.il – on July 21, 2021

© Copyright of Globes Writer Itonut (1983) Ltd. 2021


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