Global infrastructure investment manager DIF Capital Partners unveiled today a deal to take a 60% stake in Novar, a Dutch ground-mounted solar PV firm and independent power producer (IPP) backed by German engineering, procurement and construction (EPC) provider Ib vogt.
Ib vogt in a separate statement said that it is exiting the business, which was known as Solarfields until earlier this year, with the sale of its entire 50% holding.
Founded in 2014, Novar specialises in utility-scale solar, rooftop solar and battery energy storage systems (BESS). With a project pipeline of over 15 GW, the Groningen-based firm currently owns and operates 440 MW of solar and storage projects.
“Thanks to this strategic partnership, Novar has the opportunity to shape further growth, expand internationally and achieve the target of 4 GW of operating capacity by 2030,” said Novar’s CEO Gerben Smit.
Berlin-based Ib vogt, which intends to use the transaction proceeds to invest in core business areas, noted that the partnership between the two companies will continue in terms of EPC activities and technical project development support.
Subject to regulatory clearances, DIF expects to wrap up the acquisition by the end of the year.