Ib vogt, a renewable energy project developer, raised $90.4 million to construct a 135 MW solar project in Poland. Commercial operation of the first section is expected in September 2022, and the entire project will be operational by the beginning of 2023.

The investment was provided by BayernLB and Siemens Financial Services through Siemens Bank.

The project covers an area of 154 hectares of land with high solar irradiation and low-quality soil and will consist of more than 250,000 solar panels. With an output of up to 150 GWh per year, the panels will produce clean solar electricity equivalent to the average consumption of 70,000 households, saving up to 100,000 tons of CO2 per year.

“This project is another important step for the company and our key mission of helping to drive the energy transition and the decarbonization of electricity generation. We are very pleased with the progress of this, our first major plant in Poland – with more to come – which is the result of many years of engagement in the country. It marks a significant milestone for ib vogt and our activities in Central and Eastern Europe. We would like to thank our partners BayernLB and Siemens Financial Services through Siemens Bank for their great support, expertise, and professionality in the financing of the project,” said Anton Milner, CEO of ib vogt.

Karin Schramm, Sector Head Renewable Energy at BayernLB, said: “Following many years of successful cooperation, we are very pleased to having been able to support our long-standing customer ib vogt, on its course of expansion into new territories and assist with our sector expertise in renewable energies to finance together ib vogt’s first project in Poland.”

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.