German renewable energy developer ib vogt has sold its Greek solar PV and energy storage portfolio to Greece’s Faria Renewables, an independent power producer (IPP).
The portfolio comprises 780MWp of solar PV and battery energy storage system (BESS) assets at “various stages of development.” One 45MW solar PV project is currently under construction and is expected to be completed in the second half of this year.
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Ib vogt said the project under construction comprises three distinct sites in the municipality of Almyros and has received funding from a “leading Greek bank”.
Anton Milner, CEO of ib vogt said the sale “allows us to strengthen focus on our European core markets and international expansion in the coming years.”
In Europe, the company has been particularly active in Spain over the last year. In February it closed €350 million in financing for a 418MW PV portfolio in the country led by financing company Norddeutsche Landesbank -Girozentrale – (NORD/LB). This was followed by a major PPA with US technology company Apple for a 134MW Spanish solar project.
Internationally, August saw the company sign a 50MW PPA for a solar PV project in Bangladesh with the Bangladesh Power Development Board.
The Greek renewable energy market has attracted wider attention, too. Masdar – the Emirati state-owned renewable energy developer – completed its majority stake acquisition of Greek renewable power firm Terna Energy in November, valuing the company at around €3.2 billion (US$3.37 billion).
