Novar has successfully secured a EUR 160 million HoldCo financing to fund the development of new renewable energy projects. In addition to the initial amount of EUR 160 million, the loan agreement allows for an incremental facility of up to EUR 100 million, leading to a total facility of up to EUR 260 million. The transaction marks an important milestone in further advancing Novar’s platform and long-term growth strategy.
Copenhagen Infrastructure Partners (“CIP”), through its Green Credit Funds, acted as sole lender for the financing.
“The completion of this financing is an important step in realising Novar’s growth plan. Together with support from CVC DIF, this financing enables us to expand our asset base to approximately 1,400 MW of operational assets by 2027. The support from Copenhagen Infrastructure Partners’ Green Credit Funds highlights confidence in our business model, where Novar develops green energy systems, including solar energy generation, storage, distribution, and asset management. With CIP, we now have another strong financial partner supporting Novar’s continued growth and long-term ambitions. This transaction provides us with the financial flexibility to continue growing and delivering on our strategy,” says Gerben Smit, CEO of Novar.
“Since our investment in Novar at the end of 2023, the company has demonstrated strong progress and continued growth. This successful financing provides Novar with the resources and flexibility to further expand its operational portfolio and deliver on its targets,” says Dennis Jong, Managing Director at CVC DIF.
DNB Carnegie acted as Sole Debt Advisor and Voltiq acted as Co-Financial Advisor in connection with the financing. Clifford Chance acted as Borrower legal counsel and A&O Shearman acted as Lender legal counsel. BDO acted as Model Auditor, DLA Piper conducted Legal Due Diligence, and DNV conducted Technical Due Diligence.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) is a global fund manager and leading investor in energy infrastructure. CIP builds value that matters by developing and constructing critical infrastructure projects that shape the future of energy.
Through its funds, CIP invests in power generation (solar and wind), energy storage, transmission and distribution, advanced bioenergy, low-carbon fuels and carbon capture.
With 15 funds currently under management, CIP is trusted by over 200 of the world’s largest and most sophisticated institutions, having raised EUR ~37 billion to date. CIP has projects in more than 30 countries, with presence on the ground through a network of +2,300 professionals.
