DIF Capital Partners, through its DIF Infrastructure VI fund and Dutch Climate Action Fund Equity Vintage 1 fund, has entered into an agreement to acquire a 60% stake in Novar, the primary developer of large-scale sustainable energy systems in the Netherlands.
This deal marks the commencement of a lasting partnership aimed at delivering innovative and sustainable solutions for renewable energy. As part of the investment, DIF will supply growth capital to support the expansion of Novar’s portfolio, including utility-scale solar, rooftop solar, and Battery Energy Storage Systems (BESS).
Headquartered in Groningen, Novar currently owns and operates 440MW of utility-scale solar PV, rooftop solar, and BESS projects, with a development project pipeline exceeding 15GW. Novar stands out as a pioneer in integrated energy solutions, actively working on the largest private grid project in the Netherlands.
This initiative will facilitate grid connections for numerous large-scale solar and BESS projects, as well as the inaugural Dutch solar thermal and green hydrogen projects.
Operating under a fully integrated Independent Power Producer model, Novar provides services such as operation and maintenance, technical and commercial asset management, and consultancy and flex services for its own portfolio and external parties.
Partner at DIF, Gijs Voskuyl, commented “The investment in Novar presents an opportunity for DIF to support the Dutch solar energy market leader with a long track record of successfully delivering ground-mounted and rooftop projects.”
“Its existing 440MW contracted portfolio offers a robust investment proposition and with the extensive pipeline in solar and storage projects, we can continue to invest in energy transition investment opportunities going forward. We’re looking forward to working with Novar’s management team to continue to jointly grow the company in the years ahead.”
CEO of Novar Holding, Gerben Smit, stated “Thanks to this strategic partnership, Novar has the opportunity to shape further growth, expand internationally and achieve the target of 4GW of operating capacity by 2030.”
DIF received counsel from KPMG (in the role of financial advisor), McKinsey (serving as a commercial advisor), Arup (functioning as a technical advisor), and NautaDutilh (acting as a legal advisor).
Meanwhile, Novar sought guidance from Voltiq (as a financial advisor) and received legal advice from Eversheds Sutherland and Hogan Lovells.
The completion of this transaction is contingent upon regulatory and other necessary approvals and is anticipated to conclude in the fourth quarter of 2023.
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