Solar developer ib vogt has signed a €40 million (US$45 million) syndicated loan agreement with its long-standing German bank partner Commerzbank AG to support its international growth strategy.
The loan, which comes with a four-year maturity, will serve the working capital needs of the ib vogt Group globally and is “partly covered by the Federal Republic of Germany and the State of Berlin”, ib vogt said in a media release.
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“We are very pleased with the agreement and are confident in our growth strategy and how it will accelerate the implementation of solar power plant projects on a global scale,” said Carl von Braun, CFO of ib vogt.
In October, infrastructure fund manager DIF Capital Partners acquired a majority interest in ib vogt in a deal that was expected to fast track the solar developer’s transition towards an independent power producer (IPP) model.
Christine Rademacher, MD of Financial Engineering at Commerzbank, said: “We are convinced that the credit line is a key tool for ib vogt to achieve its goals and provides the necessary flexibility to meet the challenges of international project business.”
This year has seen ib vogt reach financial close and start work on a 116MWp solar plant in Malaysia as well as complete construction of the 180MWp Bienvenida project in Spain’s Extremadura region.