Infrastructure investor Ancala Partners has acquired a majority interest in global renewable energy firm Noventa Energy Partners for an undisclosed amount.
Noventa, which has a pipeline of projects across Canada, the UK and the US, provides a full suite of services to decarbonise the heating and cooling of buildings.
Ancala said it made the investment on behalf of its third mid-market-focused infrastructure fund, Ancala Infrastructure Fund III. The fund manager also expects to provide Noventa with additional funding to support upcoming projects.
The funding will help Noventa to pursue its international growth plans and ramp up the delivery of a pipeline of wastewater energy projects.
Dennis Fotinos, founder and CEO, Noventa, said: “Noventa was founded with a clear mission to decarbonise buildings through disruptive innovation. Our special relationship with HUBER with respect to its ThermWin technology was the first step toward that mission. This investment by Ancala represents the second.”
“In Ancala, we’ve chosen a partner to support our long-term growth plans. The Ancala team understands the impact innovation can make towards combatting climate change. They provide us with access to capital and leading knowledge of the energy sector that we can draw upon to execute on our pipeline of projects.”
Lee Mellor, partner, Ancala Partners, said: “Building emissions are currently responsible for over a third of global energy-related carbon emissions.
“Dennis and his team at Noventa are uniquely placed to help building owners to significantly reduce their carbon emissions and heating costs while improving their energy ratings.
“We look forward to working with Noventa and providing capital for the team to use their significant thermal energy experience to deliver value to customers and other key stakeholders. We are actively looking to invest in and support more exciting renewable energy specialists like Noventa.”
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