- DIF will invest via its Infrastructure VI fund and Dutch Climate Action Fund Equity Vintage 1 fund
- Novar operates 440MW of utility-scale solar PV, rooftop solar and BESS projects
- DIF is an infrastructure fund manager
DIF Capital Partners has signed an agreement to acquire 60 percent of Novar, a large-scale sustainable energy systems developer in the Netherlands.
Novar is headquartered in Groningen. It owns and operates 440MW of utility-scale solar PV, rooftop solar and Battery Energy Storage Systems (BESS) projects and has a development project pipeline of over 15GW.
DIF will invest in Novar via its Infrastructure VI fund and Dutch Climate Action Fund Equity Vintage 1 fund.
“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,” said Gijs Voskuyl, partner at DIF.
DIF will provide growth capital to support the expansion of Novar’s utility-scale solar, rooftop solar and BESS portfolio, according to a release.
The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2023.
DIF is an infrastructure fund manager with around €16 billion of assets under management. It is based in Amsterdam.
No financial details of the transaction were disclosed.
DIF was advised by KPMG (financial advisor), McKinsey (commercial advisor), Arup (technical advisor) and NautaDutilh (legal advisor).