IB VOGT, an international renewable energy development platform, has closed the financial close of a project finance debt facility for a 418MWp solar power portfolio consisting of three projects located near Segovia in the Autonomous Region of Castile and León, Spain. Achieved.
Financial institutions involved in the financing included Norddeutsche Staatsbank – Girozentrale (NORD/LB), Santander CIB and BBVA. The total amount of debt secured by the portfolio is approximately EUR 350 million. These projects have secured long-term pay-as-you-go, fixed-price power purchase agreements (PPAs) with major investment-grade off-takers.
The solar power portfolio consists of three power plants: Serbal (174 MWp), Castaño (134 MWp) and Pato (110 MWp). All three projects feature high-efficiency bifacial modules and single-axis tracker systems to optimize output.
ib vogt is providing comprehensive engineering, procurement and construction (EPC) services and has already begun construction on all three sites. Commercial operations of Cerval and Castaño are expected to begin by December 2024, and Pato is expected to be fully operational in the first quarter of 2025. Post-construction, ib vogt will oversee operations and maintenance (O&M) and asset management for the entire portfolio.
A total of 828 GWh of clean solar power from the installed panels will be enough to power approximately 212,000 homes per year and save up to 180,000 tonnes of CO2 per year. In line with ib vogt’s values and commitments, the company aims to deliver a lasting positive impact on the region, including environmental, economic and social benefits.
Anton Milner, CEO of ib vogt, thanked everyone involved in making this project a reality, especially the project financiers. He emphasized ib vogt’s dedication to contributing to the energy transition and praised the strong relationships and experience gained in the Spanish market.
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, highlighted the company’s long-standing relationship with ib vogt and its commitment to supporting Spain’s energy transition. Santander CIB and BBVA also confirmed their commitment to sustainability and congratulated ib vogt on the successful completion of the project.
This project represents another milestone in ib vogt’s success story in Spain, following the delivery and sale of the Bienvenida and Garnacha projects. Segovia’s portfolio highlights the company’s continued commitment to providing clean renewable energy to the region.