The Benban solar project in Egypt, one of ib vogt's developments. Image: ib vogt.
Ib vogt has closed a €135 million (US$160 million) commitment from an institutional investor to help it pursue a global pipeline of solar projects that exceeds 16GW.
The Germany-headquartered EPC has closed on the commitment by funds managed by EIG Global Energy Partners, finance which ib vogt said would help it realise its pipeline over the coming years.
Anton Milner, chief executive at ib vogt, described the investment as an important milestone for the company and one that stood to “substantially underpin and boost” its rapid growth, while providing the firm more flexibility in pursuing its pipeline of projects.
“This investment is indicative of the broad opportunities EIG sees in sustainable investing and is consistent with EIG’s historic investment style,” R. Blair Thomas, chief executive at EIG, said.
Jean-Daniel Borgeaud, managing director and head of power and renewables at EIG, also praised ib vogt’s business model.
“The fully‐integrated business model also allows for specialisation across development, design & engineering, financing, operation, maintenance and management of solar power plants and provides a unique level of control and exposure to cash flows throughout the full project cycle,” he said.
News of the investment comes around two months after reports first surfaced that the company had been placed up for sale. In mid-July Reuters reported that DVV, ib vogt’s owner, hired investment bank Marathon Capital to help with the sale process, disseminating information packs to select investors in June.
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