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    Ib Vogt secures funding for a 418-megawatt photovoltaic project in Spain

    Ib Vogt has successfully concluded the financial close of a project financing debt facility for a 418-megawatt solar portfolio located in Spain. This portfolio encompasses three sites situated around Segovia, within the autonomous community of Castile and Leon.


    The total debt secured for this portfolio is approximately €350 million, with Nord/LB, Santander CIB, and BBVA participating as lenders in the financing. The projects have established long-term pay-as-produced fixed price Power Purchase Agreements (PPAs) with investment-grade off-takers.


    The solar projects in question include the 174MW Serbal, the 134MW Castano, and the 110MW Pato. All three installations incorporate high-efficiency bifacial modules and single-axis tracker systems, optimizing the power generation capacity of the facilities.


    Ib Vogt is taking on the role of providing comprehensive engineering, procurement, and construction services, with construction already underway at all three sites. The commercial operation for Serbal and Castano is anticipated for December 2024, while Pato is projected to be fully operational in the first quarter of 2025.


    Following the construction phase, Ib Vogt will assume responsibility for the operation and maintenance as well as asset management for the entire solar portfolio.


    Ib Vogt chief executive, Anton Milner, said “This is yet another successful financing with our banking partners and a great example of how the relationships and experience we have built up in the Spanish market are profiting the shift towards renewable energy.”


    Global Head of Structured Finance at Nord/LB, assuming the roles of MLA, LC Issuing Bank and Hedge Provider, Heiko Ludwig, commented “Building on a longstanding relationship, we are thrilled to have been able to support Ib Vogt to achieve financial close on this milestone transaction, contributing towards the energy transition in Spain within our commitment to a more sustainable future.”


    “The Iberian renewable energy market represents one of Nord/LB’s most prominent markets and we are honoured with the trust put in our institution for the structuring and financing of this unique solar portfolio.”


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