Ib vogt, a solar and storage project developer, has agreed to sell a 98.4 MW solar photovoltaic project portfolio in Italy to Rubis Photosol, a solar project developer.
The portfolio comprises ten photovoltaic and agrivoltaic projects in the Lazio region of Italy and has been 100% funded by ib vogt. The portfolio has been developed by ib vogt and its two joint venture partners, Christoph Drewes Energieberatung GmbH and Hans Karl Pichler.
The projects are currently under development and will be purchased one by one over the next 12 to 18 months as each project reaches ready-to-build (RTB) status. The first two projects already reached RTB status, representing 25 MW of the nearly 100 MW portfolio and were acquired on June 28th, 2023. The remaining eight projects are expected to individually reach RTB over the next year, with the last project reaching RTB by the second quarter of 2024, upon which they will be financed and developed by Rubis Photosol.
We are pleased to deliver this large portfolio to Rubis Photosol and support them in their first entrance into the Italian electricity market,” said Anton Milner, CEO of ib vogt. “All ten projects will be developed with close attention to their environmental and social impact. I thank everyone involved in this transaction for their outstanding effort and support, allowing us to further achieve our goal of powering the energy transition.”
According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022. France-based oil and gas major company TotalEnergies recently acquired 208 MW of solar PV projects in Romania from PNE, a solar and wind project developer. PNE will remain responsible for further project development until the ready-to-build stage is achieved. The transaction details were not disclosed.