Ib vogt, a developer of solar and storage projects, has secured €60 million (~$65.1 million) in project funding to build and operate a 95.18 MWp solar project in Spain. Banco Santander, a Madrid-based multinational financial services company, provided the funding. Clifford Chance, a London-based multinational law firm, advised Ib vogt on the project financing.
The company will use the funds for the construction, operation, and maintenance of the solar project, which will be built in the Segovia province in the Castile and Leon region of Spain.
Ib vogt had recently secured financing to build a solar portfolio project with a total capacity of 418 MWp in the Segovia area. The solar portfolio includes three plants: Serbal (174 MW), Castaño (134 MW), and Pato (110 MW). The project financing was provided by Norddeutsche Landesbank -Girozentrale – (NORD/LB), Santander CIB, and BBVA.
Headquartered in Berlin, Germany, the company focuses on the global development of turnkey PV plants and battery storage projects, as well as the expansion of its IPP portfolio.
According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed. In a YoY comparison, large-scale project funding increased 74.5% compared to the $9.8 billion raised in 52 deals in Q4 2022.
In a recent deal, Doral Renewables, a utility-scale renewable energy project developer, closed a construction debt facility for its Great Bend solar project. The company secured $114 million in financing from the sole lender, HSBC, for the project, which consists of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
