Two infrastructure funds managed by DIF Capital Partners are acquiring a majority stake in Dutch solar and battery energy storage systems (BESS) developer Novar for an undisclosed amount.

DIF Infrastructure VI and NN-backed Dutch Climate Action Fund Equity Vintage 1 have agreed to acquire 60% of the developer of large-scale sustainable energy systems in the Netherlands.  

Novar owns and operates 440MW of utility-scale solar photovoltaic, rooftop solar and BESS projects. It has a development project pipeline of more than 15GW. 

The deal involves DIF providing growth capital to support the expansion of Novar’s utility-scale solar, rooftop solar and BESS portfolio.

Gijs Voskuyl, partner at DIF, said: “The investment in Novar presents an opportunity for DIF to support the Dutch solar energy market leader with a long track record of successfully delivering ground-mounted and rooftop projects.

“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.”

Gerben Smit, CEO of Novar Holding, said: “Thanks to this strategic partnership, Novar has the opportunity to shape further growth, expand internationally and achieve the target of 4GW of operating capacity by 2030.”

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