Novar secures EUR 160 million financing to support new renewable energy projects
Voltiq acted as Financial Advisor to Novar
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 "accordion" 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.
"This transaction marks Voltiq's ability to make financing transactions happen, even in more challenging energy market environments. It also cements Voltiq's position as a truly holistic advisor, with strong capabilities across the capital chain including large scale HoldCo financings. We once again assisted one of our key clients in its growth path toward becoming a pan-European renewable energy IPP", says Paul Rittersma, Managing Partner at Voltiq and part of the transaction team.
Voltiq acted as Financial Advisor to Novar.
