Germany-headquartered solar developer ib vogt has agreed to sell a 98.4MWp Italian solar portfolio to French renewable company Rubis Photosol.
The portfolio consists of ten PV and agrivoltaic projects, which are currently under construction, and Rubis Photosol will purchase each project separately over the next 12-18 months as each project reaches completion. The first two projects, which boast a combined capacity of 25MWp, have already reached ready-to-build status, and ib vogt announced that it sold these projects to Rubis Photosol on 28 June this year.
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The solar developer expects the final project to reach the ready-to-build status by the second quarter of next year, and be sold to Rubis Photosol shortly afterwards. All ten projects were developed by ib vogt and two joint venture partners, German company Christoph Drewes Energieberatung and Hans Karl Pichler.
“We are pleased to deliver this large portfolio to Rubis Photosol and support them in their first entrance into the Italian electricity market,” said Anton Milner, CEO of ib vogt. The company will retain a stake in the Italian solar sector, with 380MWp of projects still under ib vogt ownership.
After the sale, ib vogt will operate a considerable, and growing, portfolio of projects worldwide. The company operates 139 projects in 16 countries, with a combined capacity of 2.9GW, and has around 40GW of other projects in its pipeline.
The successful deal will be a positive step for Italy’s renewable sector more broadly, with the national government announcing plans to generate 65% of its electricity from renewable sources by 2030 in its updated National Energy and Climate Plan this week. In 2021, Italy generated 75% of its energy from oil and gas, and any projects to align the energy mix with the government’s targets will be welcomed.
“All ten projects will be developed with close attention to their environmental and social impact,” added Milner. “I would like to thank everyone involved in this transaction for their outstanding effort and support, allowing us to further achieve our goal of powering the energy transition.”