DIF Capital Partners has entered into an agreement to acquire a 60% stake in Novar, a leading developer of solar and energy storage systems in the Netherlands. The investment by DIF includes providing growth capital to support the expansion of Novar's diverse portfolio, encompassing utility-scale solar, rooftop solar, and battery energy storage systems (BESS).
Headquartered in Groningen, Novar currently owns and operates an impressive 440MW of utility-scale solar, rooftop solar, and BESS projects, with a substantial development project pipeline exceeding 15GW. Notably, Novar is actively involved in a private grid project in the Netherlands, designed to facilitate the grid connection for several large-scale solar and BESS initiatives, as well as pioneering Dutch solar thermal and green hydrogen projects.
Operating under a fully integrated independent power producer (IPP) model, Novar's strategic partnership with DIF is expected to provide growth opportunities, international expansion, and the realization of its ambitious goal to achieve 4GW of operating capacity by 2030.
Gijs Voskuyl, Partner at DIF, expressed enthusiasm about the investment, stating, “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.”
Gerben Smit, CEO of Novar Holding, added, “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.”
The transaction is contingent on regulatory and other approvals and is anticipated to conclude in the fourth quarter of 2023. DIF was advised by KPMG, McKinsey, Arup, and NautaDutilh, while Novar received advisory support from Voltiq, Eversheds Sutherland, and Hogan Lovells.
