Dutch fund manager DIF Capital Partners has signed an agreement to purchase a majority of Dutch solar project developer Novar for an undisclosed sum.

Dutch investment fund Capital Partners will purchase a 60% share of the Dutch developer of solar, Novar, the companies announced earlier this week.

The transaction, dependent on regulatory approvals, is expected to close in the fourth quarter of 2023. The financial terms of the transaction were not revealed.

DIF Capital Partners said in a press release that it will provide growth capital to support Novar’s utility-scale solar, rooftop solar and battery energy storage systems (BESS) portfolio, “among others.”

Novar owns and operates 440 MW of utility-scale PV, rooftop solar and storage projects, with 15 GW more in development, according to the press release.

One of these projects includes what is claimed to be the largest private grid project in the Netherlands, which will provide grid connection for several large-scale solar and storage projects, and the first Dutch solar thermal and green hydrogen projects, the companies said in the announcement.