Solar developer ib vogt has closed a debt financing deal to support 418MW of solar PV projects in the autonomous community of Castile and León, Spain.
The debt financing closed at around €350 million (US$375 million), led by financing company Norddeutsche Landesbank -Girozentrale – (NORD/LB), Santander CIB and BBVA.
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The project portfolio constitutes three plants, the 174MWp Serbal project, the 134MWp Castaño project and the 100MWp Pato project. The first two projects are expected to be online by December 2024, whilst the Pato project is forecast for Q1 2025.
All three are clustered around the city of Segovia, and ib vogt said that it would handle the entire process from engineering, procurement and construction (EPC) to operations and maintenance (O&M) and asset management for the entire portfolio.
All of the projects will deploy bifacial modules with single-axis tracker systems and have already signed long term pay-as-produced fixed price power purchase agreements (PPA) in place with “investment-grade” offtakers.
ib vogt signed a joint PPA for the 174MWpm Serbal project with American biotechnology company Thermo Fisher Scientific and testing laboratories company Eurofins Scientific in December. The former will acquire 91MW of capacity from the Serbal project to meet energy demand at over half of its European operations bases, whilst the latter will offtake 36MW annually.
According to a report published this week by Bloomberg New Energy Finance (BNEF), Europe was the preeminent market which drove a record volume of corporate PPA signings for solar and wind in 2023. 46GW worth of deals were signed last year, with Europe, the Middle East and Africa (EMEA) seeing a 75% increase year-on-year largely because of smoother supply chains and subsequent drops in PPA prices.
Anton Milner, CEO of ib vogt, said: “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 the shift towards renewable energy”.
Last July, Santander completed a €350 million financing deal with ib vogt – the same sum as this recent close – to support an unspecified portfolio of projects the developer planned to construct and operate long-term.