DIF Capital Partners (through its DIF Infrastructure VI fund and the Dutch Climate Action Fund Equity Vintage 1 fund) has signed an agreement to acquire a 60% stake in Novar, the leading developer of large-scale renewable energy projects in the Netherlands.
This transaction marks the beginning of a long-term partnership aimed at developing innovative and sustainable energy projects. As part of the investment, DIF will provide growth capital to support the realization of Novar’s portfolio of large-scale solar parks, rooftop solar projects, and Battery Energy Storage Systems (BESS).
Headquartered in Groningen, Novar owns and operates 440 MW of renewable energy projects. Its current development pipeline exceeds 15 GW. Novar is a frontrunner in integrated energy solutions and is currently developing the largest privately owned closed distribution system in the Netherlands. This private electricity grid will offer connection opportunities for multiple large-scale solar and BESS projects. In addition, Novar is developing the largest solar thermal project in the Netherlands and its first green hydrogen initiative.
Gijs Voskuyl, Partner at DIF, commented:
“The investment in Novar gives DIF the opportunity to support the Dutch market leader in large-scale solar energy. The existing operational portfolio of 440 MW provides a solid foundation, and with the extensive pipeline of new solar and energy storage projects, we will continue to invest in the energy transition. We look forward to working with Novar’s management team to further grow the company in the coming years.”
Gerben Smit, CEO of Novar Holding, shared his enthusiasm:
“Thanks to this strategic partnership, Novar is now positioned to accelerate growth both in the Netherlands and internationally, helping us achieve our goal of 4 GW of operational capacity by 2030.”
DIF was advised by KPMG (financial advisor), McKinsey (commercial advisor), Arup (technical advisor), and NautaDutilh (legal advisor). Novar was advised by Voltiq (financial advisor), and Eversheds Sutherland and Hogan Lovells (legal advisors).
The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2023.
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