Nofar Energy buys majority stake in Blue Sky Utility

Nofar Energy LTD has acquired 67% of the interest in Blue Sky Utility, a US-based, Commercial and Industrial (C&I) solar and storage developer for a total consideration of US$91 million. The acquisition capital will be divided up between US$26 million of initial purchase and equity injection into Blue Sky and a debt facility of US$65 million provided for future growth investments.

Blue Sky is a renewable energy and storage developer, based out of Napa, CA. Blue Sky specializes in a unique business model tailored to the C&I space with a focus on multitenant real estate. The company currently operates and manages over 20 MW of C&I assets and maintains a near-term pipeline of over 80 MW of new solar and storage installations.