Nofar USA has emerged as the successful bidder for 979 MW of utility-scale solar assets posted for auction as part of developer Pine Gate Renewables bankruptcy-driven restructuring.
The $285 million cash transaction marks a consolidation of assets as Pine Gate proceeds through a court-supervised restructuring in the U.S. Bankruptcy Court for the Southern District of Texas.
The portfolio consists of nine solar projects across North Carolina, South Carolina, Texas, and Alabama. According to court filings, the deal carries an implied enterprise value of approximately $575 million, which includes the assumption of $260 million in project-level debt and an additional $30 million in committed investments.
The portfolio includes 650 MW of operational capacity and 100 MW in advanced construction. The remaining 225 MW is in early-stage construction and expected to reach commercial operation by 2027.
The acquisition comes just eight weeks after Pine Gate Renewables filed for Chapter 11 protection on November 6, 2025. At the time of the filing, the developer cited mounting legislative and regulatory challenges, citing the impact of the One Big Beautiful Bill Act, which curtailed federal tax credits and increased project costs. Before the filing, the company’s EPC subsidiary Blue Ridge Power laid off over 500 employees.
Nofar USA’s purchase is subject to a final bankruptcy court approval hearing scheduled for January 5, 2026.
The acquisition represents a major expansion of Nofar USA’s North American footprint, bringing its total U.S. pipeline to nearly 2 GW of solar and 1.2 GWh of storage. Nofar USA’s parent ocompany Nofar is headquartered in Kfar Saba, Israel.
The transaction is expected to close following standard regulatory approval from the Federal Energy Regulatory Commission (FERC).
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