CIP Backs Novar Push to 1.4GW by 2027

• Novar powers up with €160m CIP loan—expandable to €260m—to fast-track Dutch solar, storage, acquisitions, and grid works on the path to 1.4 GW by 2027.

Dutch renewables developer Novar secured a EUR 160 million HoldCo loan from Copenhagen Infrastructure Partners’ Green Credit Funds, with a EUR 100 million accordion lifting potential capacity to EUR 260 million. The flexible facility aims to accelerate permitting, grid works, procurement, and acquisitions, supporting Novar’s plan to reach about 1.4 GW operating assets by 2027 alongside backing from majority owner CVC DIF.

Novar’s portfolio spans solar, storage, distribution, and asset management, positioning it to capture value amid grid constraints and softer midday prices. The company agreed in late 2025 to buy four Dutch solar projects totaling 108 MWp. For CIP, the deal underscores private credit’s growing role in speeding renewables delivery.

How will Novar leverage CIP’s €160m–€260m facility to hit 1.4 GW by 2027?

• Deploy the €160m–€260m as a revolving bridge at holding level, recycling it 2–3 times by 2027 to push multiple waves of projects from late development to NTP/COD.
• Allocate roughly: 25–30% to late-stage development (land, studies, permits), 25–35% to grid deposits/upgrades and flexibility solutions, 20–30% to equipment prepayments and EPC mobilization, 15–25% to bolt-on M&A of RTB/operating MW.
• Use the facility as quasi-equity for SPVs, then refinance with long-term project debt; target 70–80% project gearing to stretch each euro across more MW.
• Lock in framework agreements for modules, inverters, transformers, and BESS containers; place early orders to secure 2026–27 delivery slots and pricing.
  
• Prioritize quick-to-connect assets (rooftop/behind-the-meter and MV connections) to bring capacity online faster and smooth COD cadence.
  
• Hybridize solar with 2–4 hour storage at congested nodes to capture spreads, reduce curtailment, and unlock additional grid capacity.
  
• Stand up a PPA/hedging program blending corporate offtake, utility hedges, and short-tenor merchant exposure to de-risk cashflows and lower cost of capital.
  
• Pursue a roll-up of stranded RTB projects from smaller developers; standardize designs and contracts to compress LCOE and accelerate build.
  
• Pre-fund interconnection works and local grid reinforcement, including dynamic line rating and flexibility services agreements where available.
  
• Invest in control/dispatch software for peak-shaving, ancillary services, and congestion management to lift revenues from hybrid sites.
• Create an asset rotation lane: sell down minority stakes in operating plants to recycle capital while retaining O&M/asset management fees.
  
• Use the accordion only as pipeline certainty rises, preserving liquidity for overruns and schedule slippage.
  
• Expand in-house grid and permitting taskforces to parallel-track applications, cut cycle times, and front-load stakeholder engagement.
  
• Fund community benefit schemes and biodiversity measures upfront to de-risk approvals and reduce opposition-driven delays.
  
• Secure critical long-lead items (transformers, switchgear, HV cabling) now to avoid 2026–27 supply bottlenecks that could cap annual MW delivery.
  
• Track KPIs—MW advanced to NTP per quarter, € per MW deployed, interconnection milestones, and PPA coverage—and link drawdowns to milestone achievement to keep the 1.4 GW trajectory on course.