EXECUTIVE SUMMARY

Nofar USA, the United States platform of renewable energy independent power producer Nofar Energy, has acquired a BESS project with approximately 400 MWh of capacity. The project is located on brownfield land in the United States and is expected to cost about $230 million. Nofar USA described the transaction as part of its activity across solar generation and storage assets in multiple US power markets.

The project has secured site plan approval and has an executed grid interconnection agreement. These completed development steps support its planned move into construction, which is expected to begin within the next 12 months. Commercial operation is planned by the end of 2028.

A 15-year offtake agreement is in the process of being signed for the project. The stated term establishes a long-duration commercial arrangement for the planned asset. Nofar USA has transacted on the project rather than reporting that construction or operation has begun.

Allon Raveh, Chairman and CEO of Nofar USA, said the project would expand the company’s US platform and form part of its work with developers on energy storage projects across the country. He linked energy storage with grid reliability, renewable energy use, and alternatives to gas-fired peaker plants. These statements represent the company’s stated rationale for the investment and planned project development.

Nofar Energy develops, owns, and operates power generation and energy storage assets in Israel, Europe, and the United States. The company is listed on the Tel Aviv Stock Exchange under TASE:NOFR and had an approximately $3 billion market capitalization when the release was issued. Nofar USA develops and acquires assets across regulated and deregulated US power markets.