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Solar Module Capacity Under ALMM Grows to 215.5 GW

<a href="https://www.novar.energy/" target="_blank" rel="noopener">Novar</a>, a developer of integrated green energy systems, has signed an agreement to acquire a portfolio of four solar PV projects from LC Energy.
Located in the Netherlands, the portfolio consists of the projects Woudbloem, Veenweg Ter Apel 2, Amerongerwetering, and Magdalenahoeve, with a total capacity of 108 MWp. Among these, the Woudbloem project, with 50 MWp, is considered the key project and is in an advanced development stage. The company will connect the project through Avermieden, a large grid station recently built by Novar.
“With this portfolio, we can accelerate the growth of Dutch solar production and link it to the smart energy infrastructure we are building,” said Jan Martijn Buruma, Director Netherlands at Novar. “The ability to connect Woudbloem via our own Avermieden grid station demonstrates how our integrated approach, from generation to distribution, creates real momentum in the energy transition.”
The transaction is expected to strengthen Novar&#8217;s position in large-scale solar development and smart energy integration in the Netherlands.
Ian Larive, Director at LC Energy, said: “We are pleased that these projects will be further developed by Novar, a company strongly committed to the energy transition in the Netherlands. With this step, the projects will be brought to completion in capable hands.”
In 2023, DIF Capital, an independent infrastructure equity fund manager, <a href="https://mercomcapital.com/dif-capital-acquires-50-stake-in-solar-company-novar-from-ib-vogt/" target="_blank" rel="noopener">acquired</a> a 50% stake in Novar from ib vogt for an undisclosed amount.
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.
In November 2025, Capital Dynamics, a private asset management firm, <a href="https://mercomcapital.com/capital-dynamics-acquires-121-mw-solar-project-portfolio/" target="_blank" rel="noopener">acquired</a> a portfolio of two solar projects totaling an installed capacity of at least 121 MW in the U.K. from BayWa r.e. and Grune Energien. The portfolio comprises the 77 MWp Clump farm located in Leicestershire and the 44 MWp Yanel Solar farm situated in North Somerset.

Novar Acquires 108 MW Solar Portfolio from LC Energy

Element Energy, a battery management technology company, <a href="https://cms.mercomindia.com/battery-management-company-element-energy-secures/" target="_blank" rel="noopener">closed</a> $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners. The funding will be used to deploy the company&#8217;s technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full-battery energy storage systems using second-life batteries.
Norway-based renewable energy company Statkraft has <a href="https://www.mercomindia.com/statkraft-acquires-enerfin-2-billion" target="_blank" rel="noopener">completed</a> the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity.
DSD Renewables, a business <a href="https://cms.mercomindia.com/dsd-renewables-secures-250-million-cox-enterprises/" target="_blank" rel="noopener">backed</a> by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, secured a $250 million strategic investment from Cox Enterprises to support DSD’s renewable energy deployment. The company has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage.
Northvolt, a Sweden-based manufacturer of lithium-ion batteries, <a href="https://cms.mercomindia.com/battery-manufacturer-northvolt-raises-150-million/" target="_blank" rel="noopener">received</a> around CAD200 million (~$150 million) from CDPQ. The funding is in the form of a convertible debt, which will help facilitate the Northvolt Six project in Québec. The groundwork for constructing the Northvolt Six facility, a fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells, and recycled materials, effectively closing the battery loop on site.
TSUN, a provider of solar kits, microinverters, and energy storage solutions, <a href="https://cms.mercomindia.com/solar-microinverter-firm-tsun-secures-21-million/" target="_blank" rel="noopener">raised</a> over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023. The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. The funds will be used to expand domestic and international business channels.
DIF Capital, an independent infrastructure equity fund manager, has <a href="https://cms.mercomindia.com/dif-capital-acquires-50-stake-in-solar-company-novar-from-ib-vogt/" target="_blank" rel="noopener">acquired </a>50% shares of 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 platform, is expected to generate funds for its future investments. Novar currently 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.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-otovo-raises-41-million/" target="_blank" rel="noopener">roundup</a>.
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Funding and M&A Roundup: Element Energy Secures $111 Million

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					</table>From: <a href="https://cms.mercomindia.com/daily-news-wrap-merc-net-metering-cap-rooftop-solar-5-mw/" target="_blank" rel="noopener">Mercom Capital Group</a>
Element Energy, a battery management technology company, <a href="https://mercomcapital.com/battery-management-company-element-energy-secures/" target="_blank" rel="noopener">closed</a> $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners. The funding will be used to deploy the company&#8217;s technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full-battery energy storage systems using second-life batteries.
Norway-based renewable energy company Statkraft has <a href="https://www.mercomindia.com/statkraft-acquires-enerfin-2-billion" target="_blank" rel="noopener">completed</a> the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity.
DSD Renewables, a business <a href="https://mercomcapital.com/dsd-renewables-secures-250-million-cox-enterprises/" target="_blank" rel="noopener">backed</a> by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, secured a $250 million strategic investment from Cox Enterprises to support DSD’s renewable energy deployment. The company has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage.
Northvolt, a Sweden-based manufacturer of lithium-ion batteries, <a href="https://mercomcapital.com/battery-manufacturer-northvolt-raises-150-million/" target="_blank" rel="noopener">received</a> around CAD200 million (~$150 million) from CDPQ. The funding is in the form of a convertible debt, which will help facilitate the Northvolt Six project in Québec. The groundwork for constructing the Northvolt Six facility, a fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells, and recycled materials, effectively closing the battery loop on site.
TSUN, a provider of solar kits, microinverters, and energy storage solutions, <a href="https://mercomcapital.com/solar-microinverter-firm-tsun-secures-21-million/" target="_blank" rel="noopener">raised</a> over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023. The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. The funds will be used to expand domestic and international business channels.
DIF Capital, an independent infrastructure equity fund manager, has <a href="https://mercomcapital.com/dif-capital-acquires-50-stake-in-solar-company-novar-from-ib-vogt/" target="_blank" rel="noopener">acquired</a> 50% shares of 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 platform, is expected to generate funds for its future investments. Novar currently 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.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-otovo-raises-41-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.dif.eu/" target="_blank" rel="noopener">DIF Capital</a>, 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&#8217;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, <a href="https://www.ibvogt.com/dif-capital-partners-to-become-majority-shareholder-in-global-solar-pv-platform-ib-vogt/" target="_blank" rel="noopener">announced</a> an agreement to acquire a 51% stake in ib vogt from DVV.
Both companies this year <a href="https://www.mercomindia.com/dif-acquires-720-mw-solar-and-battery-uk" target="_blank" rel="noopener">acquired</a> 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&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, In 9M 2023, there were 75 solar M&amp;A transactions compared to 90 in 9M 2022. M&amp;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 <a href="https://cms.mercomindia.com/brookfield-to-acquire-dukes-utility-scale-renewables-business-for-2-8-billion/" target="_blank" rel="noopener">agreed</a> 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.

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