In this regard, Novar has already managed to raise up to €160 million in HoldCo financing to further accelerate the development of its renewable energy projects. Copenhagen Infrastructure Partners (CIP) has been a major funder of the company. This investment is a big leap in Veolia’s green innovation systems pipeline.
The loan agreement includes a provision for an additional facility of up to €100 million. This increases the overall funding available to €260 million. CIP financed the project through its fifth flagship fund, Copenhagen Infrastructure V. This move demonstrates their deep commitment to backing sustainable energy efforts.
Novar has dedicated itself to the innovation of green energy systems, including renewable solar energy generation, battery storage, energy distribution, and asset management. The additional financing provides the company with the ability to quickly triple its asset base. By 2027, it hopes to have about 1.4 gigawatts (GW) of assets in operation, with a powerful growth curve to match.
CVC DIF is working vigorously with Novar at this critical financing juncture. With CIP supporting them, their work is more important than ever. Dennis Jong, managing director of CVC DIF, noted the company’s progress since their investment at the end of 2023:
“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.” – Gerben Smit
The partnership between Novar, CIP, and CVC DIF should serve as a model for how like-minded partners can work together to accelerate renewable energy solutions. Novar’s legal advisors were Clifford Chance, while A&O Shearman acted for the lender in this financing public-private partnership.
“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.” – Dennis Jong
The collaboration between Novar, CIP, and CVC DIF exemplifies a shared vision for advancing renewable energy solutions. Legal counsel for Novar was provided by Clifford Chance, while A&O Shearman represented the lender in this financing arrangement.