Ancala acquires Noventa, secures $100 million financing

On March 30, 2023, Ancala Partners (Ancala) acquired a majority interest in Noventa Energy Partners (Noventa) for an undisclosed amount and closed on a $100 million credit facility with the Canada Infrastructure Bank (CIB). The credit facility will be used to finance Noventa’s development, implementation and operation of energy efficiency measures using a wastewater energy transfer system and other technologies in publicly and privately owned buildings in Canada.

Ancala, an experienced investor in critical infrastructure, has made the investment on behalf of Ancala Infrastructure Fund III, Ancala’s third mid-market focused infrastructure fund.

Learn more about the different ways to access Canada’s infrastructure funds in this article.

Noventa is a global renewable energy company that provides a full suite of services to decarbonize the heating and cooling of buildings. It has an existing pipeline of projects across Canada, the UK and the US.

Blake, Cassels & Graydon LLP represented Ancala as Canadian counsel in both the acquisition and the financing. The team was led by Andrew Lahey (M&A/corporate) and Catherine Doyle (project financing) and included Emily Dies, Katie Healy and Braedon Boyd (M&A/corporate), Mark Johnson and Sean Stidwill (infrastructure), Laura Blumenfeld and Lindsay Stitt (labour and employment), Elizabeth Boyd and Philipp Knoll (pensions and benefits), Yannick Beaudoin and Nadir Pacha (financial services), Chris Sheridan, Carrie Aiken and Derrick Osborne (tax), Lana Finney (environmental), Patrick Gordon and Jennifer Cherniak (real estate), Robert Percival and Daniel Quainoo (information technology), Chris Hunter and Ian Bies (intellectual property), and Navin Joneja and Tori Skot (regulatory and foreign investment).

McCarthy Tétrault LLP represented Noventa with a team led by David Lever and Matthew Kelleher that included Zachary Masoud, Suzanne Murphy, Sarah Ferguson, Rebecca Summers, Leah Bedder, Deborah Kay, Crystal Tong (Business), Patrick McCay, Joy Elkeslassy  (Tax), Deron Waldock (Pensions), Jessica Wuergler (Labour and Employment), and Marissa Caldwell (Intellectual Property).

Travers Smith represented Ancala in the U.K. with a team that included Spencer Summerfield and Jonathan Fritz.

The Canada Infrastructure Bank was represented in-house by Ciprian Gligor. Gowling WLG was their outside counsel, with a team led by Myron Dzulynsky and that included Braden Sheps (financial services) and Lindsay Wong (corporate).