2 minute read | July.24.2025
Novant Health Inc. has entered into a 30-Year Energy-as-a-Service (EaaS) agreement with ENFRA, the largest tax-exempt EaaS financing to date. The $855-million transaction allows Novant Health to reinvest the funds in essential energy infrastructure modernization projects across the health system, including HVAC, electrical, and mechanical upgrades while advancing long-term sustainability efforts.
Orrick represented Novant Health.
Novant Health is an integrated network of nearly 900 locations, including 19 hospitals, more than 750 physician clinics and urgent care centers, outpatient facilities, and imaging and pharmacy services.
ENFRA, formerly Bernhard, is one of the largest privately owned energy infrastructure firms in the nation and has provided innovative, client-focused energy infrastructure solutions for more than 100 years.
This agreement allows Novant Health to unlock value from its energy infrastructure while reducing utility costs through energy-efficient infrastructure upgrades. ENFRA will guarantee a reduction in Novant Health’s energy and utility consumption for up to 30 years.
“ENFRA is a trusted leader in delivering EaaS solutions, and we’re proud to partner with them to reimagine critical energy-efficiency upgrades across Novant Health,” said Alice Pope, executive vice president and chief financial officer, Novant Health. “Not only will we realize energy cost savings, we anticipate achieving significant energy reliability, resiliency and sustainability, all of which support our ability to reinvest in what matters most – patient care. These savings create opportunities to upgrade technology, increase patient access and strengthen our services, reinforcing our commitment to finding innovative solutions to ensure our communities thrive for generations to come.”
Orrick’s Matthew Neuringer led the team that advised Novant Health. The team also included Robyn Helmlinger, Wolfram Pohl, Bart Kempf, Walter Alarkon, Joshua Bonney, Maya Dudley, and Henry McKenzie.