Germany-headquartered international solar developer ib vogt GmbH has concluded a financing deal with Santander Corporate and Investment Banking (Santander CIB) to provide €350 million for solar projects under construction in its portfolio.
While ib vogt did not specify which projects would benefit from the funding, nor how many would receive investment from Santander, it noted that the money would go towards projects which ib vogt plans to operate long into the future. The company announced the money would be used to support solar PV projects where the company is responsible for engineering, procurement and construction and operations and maintenance, as opposed to projects that will be later sold to other companies.
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“As we continue to build out our project pipeline, this agreement will enable us to deliver high-quality, high-performance renewable energy assets to strengthen our own platform,” said ib vogt CEO Anton Milner. “This not only benefits our business but also propels the much-needed energy transition by accelerating the buildout of clean energy resources.”
The news is the latest instance of ib vogt investing in new solar projects. This year, the company has brought six new solar farms online, in Ireland and Poland, with a total capacity of 276MW, after completing construction at 15 projects in 2022.
Santander will provide funding for the projects for the next five years, and the deal is the Spanish bank’s latest investment into renewable power. Earlier this year, the European Investment Bank loaned €300 million to the Brazilian branch of Santander to build small-scale solar plants, before Santander committed €128 million to fund Opdenergy’s construction of five solar PV plants in Spain.
“Santander CIB is delighted to partner with ib vogt in delivering this new funding line, unlocking the next exciting phase of growth and development for this market-leading platform,” said Santander CIB global head of structured finance Benoît Felix. “This underpins Santander’s ongoing commitment to green and sustainable financing.”