Press Release 22/06/2023

Novar and Rabobank increase "junior financing" to EUR 65 mln  

Novar, Rabobank Project Finance and Voltiq announce "financial close" on expanded "junior financing structure." The facility provides Novar with additional liquidity to finance the continued development, construction and operation of its extensive pipeline of energy transition projects in the Netherlands.

The structure is expected to include more than twenty-five underlying renewable energy projects including solar projects, solar thermal projects, floating solar farms, and battery storage. The dividends from these projects will be used as the basis for repaying the debt volume of EUR 65 million provided during the rollout of the various projects. This facility allows Novar to rapidly roll out its portfolio with the ownership of the projects secured by Novar.

Marc Schmitz (Rabobank): "We are very proud to further support Novar in achieving their high ambitions to contribute to the Dutch energy transition."

The innovative junior debt facility, originally entered into in the summer of 2020, has already enabled Novar to accelerate its contribution to the energy transition in the Netherlands. The now agreed increase in the facility further supports Novar in achieving its ambitious goals.

Gerben Smit (Novar): "With the continuation and broadening of this valuable cooperation, we are taking a big step towards fulfilling our mission: to supply more than 1 million households with renewable energy before 2030."

We would like to thank our advisors Voltiq, Dentons, Eversheds Sutherland, Mazars and Rebel for the fruitful collaboration.

About us

Novar, formerly known as Solarfields, is the Dutch market leader in the development and operation of green energy systems for the business market, including large-scale solar parks, rooftop systems, solar thermal projects, battery storage, and hydrogen generation. Novar's ambition is an installed capacity of 4 GW of renewable generation before 2030. For more information visit www.novar.nl

About Rabobank

Rabobank Group provides retail banking, wholesale banking, leasing and real estate services in several countries around the world. Rabobank Group puts the common interests of people and communities first, and delivering value to customers is at the heart of its services. In the Netherlands, the emphasis is on broad market leadership; internationally, the focus is on expanding the leading position as a food and agri bank. Rabobank Group operates in 38 countries and had 45,415 FTEs at June 30, 2022. For more information about Rabobank Group, visit www.rabobank.com/nl.

About Voltiq

Voltiq is a financial consulting firm specializing in renewable energy, headquartered in Amsterdam. Voltiq supports leading renewable energy companies in raising equity and debt capital, buying and selling renewable energy projects and companies, and decarbonization trajectories for multinationals by assisting in long-term buying and selling of renewable energy. For more information visit www.voltiq.com.

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