ib vogt Secures $376M in Financing for Spanish Solar Project Portfolio

ib vogt, a renewable energy project developer, achieved financial closure for a 418 MW solar PV portfolio in Spain. The PV portfolio consists of three projects clustered around Segovia, in the autonomous community of Castile and León, Spain. The project financing was provided by Norddeutsche Landesbank -Girozentrale – (NORD/LB), Santander CIB, and BBVA.

The total debt raised for the portfolio amounts to approximately €350 million (~$375.61 million). The projects have long-term pay-as-produced fixed-price PPAs in place with market-leading, investment-grade off-takers.

The solar portfolio includes three plants: Serbal (174 MW), Castaño (134 MW), and Pato (110 MW). All three projects are stated to be using high-efficiency bifacial modules and single-axis tracker systems, maximizing the power output of the installations.

The commercial operations for the Serbal and Castano solar projects are slated for December 2024, while Pato is expected to be fully operational by Q1 2025. Following construction, ib vogt will manage Operation and Maintenance (O&M) and Asset Management for the entire portfolio.

“For the energy transition to be successful, we need ambitious goals and actions. To deliver this unique portfolio of projects that will produce clean, renewable energy for decades to come is part of our ambition, and I would like to thank all involved parties and especially the project lenders for joining us in bringing them to reality”, said Anton Milner, CEO of ib vogt. “This is yet another successful financing with our banking partners and a great example of how the relationships and experience we have built up in the Spanish market are profiting from the shift towards renewable energy.”

According to Mercom’s Q4 and Annual 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.

Renewable energy power producer Sunly recently secured €65.9 million (~$71.10 million) in senior non-recourse project funding from mBank to develop renewable energy projects in Poland.