Novera Energy, the wind farm and landfill gas company, on Wednesday rejected a £90.5m ($144.4m) bid from Infinis, its larger renewable energy rival, which has been its biggest shareholder since making an abortive takeover approach last year.

Infinis, owned by Guy Hands’s private equity group Terra Firma, said it had acquired a further 13 per cent stake in Novera on Tuesday from Credit Suisse Securities taking it above the 30 per cent limit that triggers a takeover bid.