ib vogt, a solar and energy storage project developer, announced the sale of its 110 MW Pato solar project in Spain to NextPower V ESG, an OECD Fund of NextEnergy Capital. Construction of the solar project began in March 2024.
The site uses bifacial tracking solar panels and is part of a number of projects under construction by ib vogt totaling 513 MWp in the Spanish province of Segovia.
The solar project is expected to be commercially operational in the first quarter of 2025 and has a signed power purchase agreement with an industrial innovator. Once operational, ib vogt expects the project to produce approximately 215.6 GWh of clean electricity annually.
ib vogt is providing engineering, procurement, and construction services and asset management services and will handle operations and maintenance post-completions for the project.
Antonio Salvati, Managing Director of NextPower V ESG at NextEnergy Capital, said, “This marks NextPower V ESG’s second acquisition in Spain in a relatively short period. The project represents an attractive investment for NextPower V ESG in a well-understood market where NextEnergy Capital has a lot of experience with over 545MW of installed capacity across its various strategies and a dedicated team on the ground in our Madrid office. Spain benefits from one of the highest levels of solar irradiation in Europe and remains an attractive target for further opportunities for NextPower V ESG due to its mature PV market, renewable energy sector track record, and well-developed infrastructure”.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were announced in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
This week, Eurowind Energy, a Danish-based renewable energy project developer, announced signing a shares purchase agreement in August to acquire 11 solar projects with 5 MWac capacity each.
