Novar, Rabobank Project Finance and Voltiq are delighted to announce financial close on the extended junior financing structure to fuel Novar’s further growth. It provides Novar with the additional liquidity to fund further development, construction and operation of its substantial pipeline of energy transition projects in the Netherlands.
The financing structure is envisaged to cover more than twenty-five underlying renewable energy projects including solar farms, large scale solar thermal, floating solar, and battery storage. The projects’ equity dividends are collected on a holding company level and used as the basis for repayment of the EUR 65 million junior debt amount that is provided over time. This structure allows Novar to bring additional eligible projects into the financing after compliance with a predetermined set of criteria. This allows for accelerated growth and quick cash conversion for Novar, enabling continued expansion whilst keeping ownership of projects in the energy transition space. The innovative junior debt facility, that was initially closed in the summer of 2020, has so far enabled Novar to accelerate its contribution to the Dutch energy transition. The increase in the facility that has now been agreed will further support Novar in achieving its ambitious goals.
We would like to thank our advisors Voltiq, Dentons, Eversheds Sutherland and Rebel for the fruitful collaboration and look forward to future business together.
Gerben Smit (Novar): With this continued and broadened collaboration, we are taking a major step towards fulfilling our mission: providing more than 1 million households with sustainable energy before 2030.
Marc Schmitz (Rabobank): We are very proud to increase our support to Novar to reach their high ambitions to contribute to the Dutch energy transition.
Novar, formerly known as Solarfields, is the Dutch market leader in the development and operation of green energy systems for the business market, including large-scale solar parks, rooftop systems, solar thermal projects, battery storage, and hydrogen generation. Novar's ambition is an installed capacity of 4 GW of renewable generation before 2030. For more information go to www.novar.nl.
Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 47,000 FTE per 30 June 2022. Rabobank Group is active in 38 countries. For more information about the Rabobank Group go to www.rabobank.com.contact us for more information