Solar developer ib vogt has started the construction on a 149MWp solar PV plant located in the province of Zamora, Spain.
A power purchase agreement (PPA) with Google has been secured for the plant with a duration of 12 years and the project is expected to reach commercial operation in October 2023.
Upon completion of the project, the company will also act as the operations and maintenance (O&M) provider of the plant, that will be added to its newly established independent power producer (IPP) business model.
The company reached financial close last August with a €90 million (US$93.81 million) project financing facility, provided by German commercial bank Norddeutsche Landesbank Girozentrale (NORD/LB) and Spanish bank Santander’s Corporate and Investment Banking division. This brings its renewables investment in Spain to €118 million.
The project will consist of more than 270,000 solar panels built on north-south single-axis trackers for optimal performance.
“We are pleased to have broken ground for yet another major project in Spain, contributing towards the country’s own renewable electricity targets and doing our part to power the energy transition,” said Anton Milner, CEO of ib vogt.
Recently the Germany-headquartered developer connected a 116MW solar PV plant in Malaysia for which it secured a 21-year PPA with Malaysian utility Tenaga Nasional Berhad. Continuing its recent increased presence in the region when in April it formed a joint venture with ACEN to develop at least 1GW of renewables in the Asia-Pacific region in the coming years as well as partnering with developer Quantum Power Asia to build up to 3.5GW of solar PV in Singapore.
Elsewhere in Europe, ib vogt closed financing on 135MWp solar plant in Poland, its first major plant in the country.