Novar has successfully secured €160 million in HoldCo financing from Copenhagen Infrastructure Partners (CIP) to advance its renewable energy projects. This strategic acquisition will enable Novar to quickly increase its asset base exponentially. The firm plans to grow to about 1.4 gigawatts (GW) of operational assets by 2027. The provision is an alternative for an increased facility of up to €100 million. This brings the total funding available to €260 million.
Clifford Chance advised Novar on legal matters during the financing transaction. Borrower lender’s counsel A&O Shearman has done it again. CIP’s fifth flagship fund, Copenhagen Infrastructure V, was used to finance the acquisition and invests in sustainable energy assets.
Novar is an expert in designing and implementing systems that optimize green energy generation (specifically solar), storage, distribution and asset management. The support from CIP’s Green Credit Funds underscores confidence in Novar’s business model and growth potential.
Dennis Jong, managing director at CVC DIF, indicates that Novar has achieved remarkable progress since their investment in late 2023. The brand still finds itself in a period of ferment and creative emergence. He emphasized the importance of this financing in providing Novar with the necessary resources and flexibility to expand its operational portfolio and meet its targets.
“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
CIP Energia recently purchased Ørsted’s assets in Brazil for an enterprise value of DKr10.7 billion ($1.69 billion). This decision is precisely in keeping with Novar’s long-standing vision of a sustainable future. The partnership with Ørsted further cements Novar’s status as an innovative leader in the renewable energy future. More importantly, it highlights the increasing priority being placed on producing clean energy.
“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
Additionally, the recent acquisition of assets from Ørsted by CIP for DKr10.7 billion ($1.69 billion) aligns with Novar’s vision for a sustainable future. The collaboration with Ørsted not only strengthens Novar’s position in the renewable energy sector but also highlights the increasing emphasis on green energy development.