DIF Capital, an independent infrastructure equity fund manager, has acquired a 50% stake in the ground-mounted solar solutions provider Novar from ib vogt for an undisclosed amount. The divestment by ib vogt, a solar development and engineering, procurement, and construction (EPC) platform, is expected to generate funds for its future investments.
Novar owns and operates 440 MW of utility-scale solar photovoltaic, rooftop solar, and battery energy storage systems and has developed a multi-GW project pipeline.
ib vogt has worked with Novar both as a shareholder and partner, assisting the company’s overall strategic development and growth in the areas of technical project development, financing, EPC, and operations and management.
“This transaction will help create additional financing for Novar to continue our very successful growth story. I would like to thank ib vogt for their partnership and support over the years, and we look forward to continuing our work together in the future,” said Gerben Smit, CEO of Novar Holding.
In 2021, DIF Capital Partners, through its fund DIF Infrastructure VI, announced an agreement to acquire a 51% stake in ib vogt from DVV.
Both companies this year acquired a greenfield portfolio of ready-to-build co-located solar and battery projects from Enso Green Holding Limited. The facility has a total capacity of 720 MW, of which 380 MW is earmarked for solar and 340 MW for battery storage.
ib vogt was advised by Voltiq on the financials, Hogan Lovells, and Eversheds Sutherland on the legal aspects. KPMG was the financial advisor for DIF, McKinsey was the commercial advisor, Arup was the technical advisor, and NautaDutilh was the legal advisor.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, In 9M 2023, there were 75 solar M&A transactions compared to 90 in 9M 2022. M&A activity in 9M 2023 has been behind pace compared to the past two years amid tough economic conditions.
Earlier this year, Renewable energy company Brookfield Renewable agreed to acquire Duke Energy’s unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion. The amount includes the assumption of debt and non-controlling tax equity interests.
