WilmerHale Advises Nofar Energy in $91M Acquisition of Stake in Blue Sky Utility

WilmerHale Advises Nofar Energy in $91M Acquisition of Stake in Blue Sky Utility

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Israeli renewable energy company Nofar Energy has acquired a 67% stake in US-based solar and storage developer Blue Sky Utility for a total consideration of $91 million. The acquisition price includes a $26 million initial purchase and equity investment into Blue Sky and a debt facility of $65 million offered for future growth investments. Based in Napa, California, Blue Sky Utility is a renewable energy and storage firm that develops, builds and manages commercial and industrial (C&I) solar and storage facilities. The transaction marks Nofar’s entry into the US, which is in line with its strategy to expand operations into the global markets and synergetic to its expertise in the C&I space. Proceeds from the sale are expected to advance the execution of Blue Sky’s existing near-term pipeline and solar projects in development.

The WilmerHale team advising Nofar was led by Tal Hacohen and included David Gold, Ben Hanna, Paula Mercer, Scott Kilgore, Bill Caporizzo, Gavin Tullis, Brandt Tierney, Louise Luongo and Mark Devine.

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