Ancala
Summary
Ancala Partners (‘Ancala’), the experienced investor in critical infrastructure, has acquired a majority interest in Noventa Energy Partners (‘Noventa’) for an undisclosed amount. Noventa is a global renewable energy company which provides a full suite of services to decarbonise the heating and cooling of buildings. It has an existing pipeline of projects across Canada, the UK and the US. Ancala has made the investment on behalf of Ancala Infrastructure Fund III, Ancala’s third mid-market focused infrastructure fund.
Later this year, Noventa will commission the first phase of its Toronto Western Hospital WET™️ System, which is intended to eventually supply 19MW of thermal energy, equivalent to 90 per cent of the hospital’s annual heating and cooling needs. This will reduce Toronto Western Hospital’s CO2 emissions by 8,400 tonnes and generate water savings of over 95,000 m3 per year.
Ancala brings considerable expertise to Noventa having invested more than €500m into renewable energy companies. Its existing portfolio includes HS Orka, the largest privately-owned energy generator in Iceland, food waste recycling specialist Biogen and biomass energy company Magnon Green Energy.
Dennis Fotinos, Founder and CEO, Noventa, commented: “Noventa was founded with a clear mission to decarbonise buildings through disruptive innovation. Our special relationship with HUBER with respect to its ThermWin®️ technology was the first step toward that mission. This investment by Ancala represents the second.
“In Ancala, we’ve chosen a partner to support our long-term growth plans. The Ancala team understands the impact innovation can make towards combatting climate change. They provide us with access to capital and leading knowledge of the energy sector that we can draw upon to execute on our pipeline of projects.”
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