21 November 2023

ib vogt divests its shareholding in Novar to DIF Capital Partners

Voltiq acted as exclusive sell-side advisor to ib vogt and Novar

ib vogt divests its shareholding in Novar to DIF Capital Partners

ib vogt, a leading international solar development and EPC platform, has agreed to divest its 50% shareholding of Novar to DIF Capital Partners.

Over the past eight years, the founders and management of the joint venture company Novar, together with ib vogt as a strategic partner and 50% shareholder, have successfully taken the company from an ambitious start-up to the market leader in ground-mounted solar PV and IPP in the Netherlands. Novar today owns and operates 440MW of utility-scale solar PV, rooftop solar, and BESS projects, and boasts a multi-GW project pipeline.

ib vogt has worked together with Novar both as a shareholder and partner, assisting the overall strategic development and growth of the company in the areas of technical project development, financing, EPC, and operations and management. This joint development has strongly positioned Novar for future growth. The partners will continue their arrangements on EPC activities and technical project development support going forwards.

ib vogt has experienced strong growth in recent years and has a large expansion and investment program going forwards. This divestment will generate funds for future investments in core business areas, including the build-up of the ib vogt’s 100% owned AssetCo base.

"This is a very important milestone for ib vogt, and a ‘win-win-win’ for all three partners: ib vogt, Novar, and DIF," said Anton Milner, CEO of ib vogt GmbH. “ib vogt and Novar have worked together to build Novar into the market leader and an exciting growth-oriented renewable energy company. DIF, as a strong financial investor, will be able to accelerate this path going forwards. For ib vogt, the funding that this transaction generates will also significantly boost our growth going forwards. We wish our friends at Novar and DIF continued success and would like to thank the team at Novar for their outstanding partnership over the past eight years.”

“It has been a very dynamic and successful journey with our friends at ib vogt. This transaction will help create additional financing for Novar to continue our very successful growth story. I would like to thank ib vogt for their partnership and support over the years and we look forward to continuing our work together in the future,” said Gerben Smit, CEO of Novar Holding.

ib vogt was advised by Voltiq (financial advisor), Hogan Lovells and Eversheds Sutherland (legal advisors). DIF was advised by KPMG (financial advisor), McKinsey (commercial advisor), Arup (technical advisor) and  NautaDutilh (legal advisor).

Original Press Release by ib vogt.

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