Ib vogt taps trio of institutional investors to accelerate IPP strategy pivot

Facebook
Twitter
LinkedIn
Reddit
Email
A solar project in Bienvenida, Badajoz, Spain, developed by ib vogt. Image: ib vogt.

Solar developer ib vogt has secured up to €270 million in financing to help it continue to pivot towards a build-own-operate strategy for a gigawatt-scale portfolio of solar assets.

The developer, which earlier this year sold a majority stake to fund manager DIF, has tapped a trio of institutional investors for a financing facility initially capped at €120 million (US$135.8 million), however this can be extended up to €270 million through an accordion mechanism.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

BAE Systems Pension Funds, SCOR Investment Partners and BNP Paribas Asset Management will provide the facility, with UniCredit Bank AG acting as sole bookrunner and financial advisor.

The facility was described by ib vogt as an “integral element” in facilitating a tweak to its strategy, allowing the company to build an independent power producer (IPP) platform that owns and operates both solar PV and battery energy storage projects from its own development and EPC activities.

Ib vogt said this diversification would provide it additional value-adding opportunities, such as further revenue streams, cross selling and asset optimisation potential.

The gigawatt-scale portfolio to be pushed into the IPP model is to consist of projects from ib vogt’s existing development pipeline, with projects split across OECD countries such as France, Italy, Spain, the UK and Ireland, Poland, Hungary and Canada.

The company further added that the pipeline contains some of the largest solar projects to have been developed in a number of the countries listed, with most projects at the shovel-ready stage and others already under construction.

“We expect strong benefits and synergies between the current business focus and the IPP business extension, not least in that we are able to guarantee a high-quality, high-performance supply of projects into our IPP activities – that has at times been a challenge for IPP operators sourcing projects externally,” Anton Milner, CEO at ib vogt, said.

Ib vogt first motioned towards an IPP strategy upon selling a 51% stake in the business to DIF Capital Partners in October of this year, while a €40 million loan from Commerzbank, signed earlier this month, is to help support growth internationally.

Read Next

June 20, 2024
The smarter E Award has five categories in total, including photovoltaics, energy storage, e-mobility, smart integrated energy and outstanding projects.
Sponsored
June 20, 2024
At SNEC 2024, PV Tech spoke with Dennis Shi, president of Sunman Energy, about his views on markets offering great potential and financing.
Sponsored
June 19, 2024
PV Tech speaks with the Ellen Wang, VP of global sales at Runergy, about the company's market position and work in the European solar sector.
June 19, 2024
A leading German solar distributor has predicted “crazy” ongoing pricing pressures in Europe as the PV industry continues to face huge product oversupply and competition prompted by the easing of the recent energy crisis in Europe.
June 18, 2024
Soltec has published its financial results for the first quarter of 2024, which include revenues of €121 million (US$130 million).
June 18, 2024
Fraunhofer ISE has launched a project to improve tracking algorithms, using a digital twin to calculate optimised control approaches.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia