Former Doral CEO Yaki Noyman launches renewable energy venture with Sphera partners
FinErgia is raising NIS 500 million to acquire mature solar projects in Europe, starting with a 138 MW portfolio in Spain, as it targets an IPO within two to three years.
Three and a half months after leaving Doral, Yaki Noyman is launching a renewable energy venture in partnership with the owners of the Sphera hedge fund and other investors. Calcalist has learned that the new company, with Sphera fund partners serving as lead investors, is already in the process of acquiring renewable energy projects in Spain.
The new company, named FinErgia, will include additional investors. According to institutional sources, it is currently raising NIS 500 million ($165M) for its operations. The company aims to go public within two to three years.
Leading the initiative on behalf of the Sphera Group are founding partner Ron Senator, Sphera’s Tech Funds Manager Nadav Zeller, and Managing Partner Omer Degani.
For Sphera’s principals, the venture marks their first foray into the real economy. Sphera, Israel’s second-largest hedge fund after Noked, manages approximately NIS 7 billion across various funds. The new venture will operate alongside the firm’s existing hedge fund business and Sela, the investment house it acquired in April.
FinErgia is already in discussions with potential investors. The capital raised will be used to acquire mature energy projects in Europe, which FinErgia intends to enhance through energy storage solutions and refinancing.
A deal to acquire a 138-megawatt portfolio comprising three solar projects in Andalusia, Spain, is expected to be signed in the coming weeks. The company aims to increase project yields in its target markets by tens of percentage points. In Spain, its goal is to build a portfolio of approximately 200 megawatts of solar capacity and 800 megawatt-hours of storage capacity within roughly two years.
Noyman joined Doral as its first employee 18 years ago and served as CEO for 12 years. He was succeeded in 2025 by Yoni Hantis, who had previously served as deputy CEO. Following Noyman’s departure, Doral reached a record valuation of NIS 24 billion, although its market value has since fallen to NIS 11.5 billion.
Noyman spearheaded Doral’s expansion from Israel into the U.S. market, where the company is currently advancing an IPO for a subsidiary. As of the end of the second quarter, Doral’s project pipeline totaled 23 gigawatts of solar capacity and 30 gigawatt-hours of storage capacity. Its mature pipeline at the end of the quarter stood at 10.4 gigawatts of generation capacity and 8.6 gigawatt-hours of storage.
Alongside its renewable energy operations, Doral is expanding into energy infrastructure for server farms and data centers, driven by the surge in electricity demand from artificial intelligence infrastructure.
FinErgia believes that Noyman’s industry experience and extensive knowledge, combined with Sphera’s financial capabilities, will enable the company to establish itself as a major player in the energy market.
The company aims to build an international energy platform before subsequently entering the Israeli market. It will focus on acquiring mature assets, meaning projects that have secured the necessary permits and are either nearing the operational stage or already generating electricity.
The company intends to capitalize on a situation in which numerous solar projects, originally established or planned under different market assumptions, are now grappling with declining electricity prices during daylight hours, grid constraints, a lack of storage capacity and financing structures that are no longer suited to the market.
By targeting such projects, FinErgia aims to avoid the risks associated with early-stage development while creating value by improving the economics of existing assets.
The model presented to investors is based on a value-enhancement cycle of 12 to 18 months, with an exit opportunity within 24 to 30 months. Investors are expected to receive an equity stake in both the European operations and the parent company.
Noyman and Sphera’s owners aim to establish a financial platform for creating and enhancing the value of green energy assets, with a focus on solar power. The company is already at an advanced stage in several European transactions, with a pipeline of hundreds of megawatts and significant potential for value enhancement.
FinErgia and the owners of Sphera did not comment.
