DIF acquires share in Dutch solar player

Date November 24, 2023
Type M&A Transactions
Subtype Transaction agreement announced
Countries Netherlands
Subsectors Photovoltaic
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DIF Capital Partners has signed an agreement to acquire 60% of Novar, a developer of solar and energy storage systems in the Netherlands.

DIF will be investing in Novar to support the expansion of its utility-scale solar, rooftop solar, and battery energy storage systems (BESS) portfolio. Novar, based in Groningen, Netherlands, currently owns and operates 440 MW of utility-scale solar, rooftop solar, and BESS projects. In addition, Novar is developing a private grid project in the Netherlands to connect its large-scale solar and BESS projects to the grid, as well as the first Dutch solar thermal and green hydrogen projects. Novar operates a fully integrated independent power producer (IPP) model.

DIF received financial advice from KPMG, commercial advice from McKinsey, technical advice from Arup, and legal advice from NautaDutilh. Voltiq provided financial advice to Novar, while Eversheds Sutherland and Hogan Lovells provided legal advice. The transaction is pending regulatory and other approvals and is expected to close in Q4 of 2023.

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