Israel’s Nofar Energy (Tel Aviv) has taken a US$285 million dive into the U.S. solar sector, shoring up the assets of its U.S. subsidiary Nofar USA (Boca Raton, Florida), with the purchase of nine U.S. assets from troubled company Pine Gate Renewables (Asheville, North Carolina). The transaction comes about as a result of Pine Gate’s filing for Chapter 11 bankruptcy protection in November last year, prompting it to surrender assets at seemingly bargain prices.
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