ib vogt agrees to sell 149 MWp solar project in Spain
International solar developer ib vogt has entered into an agreement to sell a 149 MWp solar PV project to European renewable energy independent power producer ERG. The Garnacha solar power plant is located in the province of Zamora in Spain and currently in an advanced stage of construction. Commercial operation is expected to begin by the end of 2023, after which ib vogt will provide full O&M services. The transaction for the 100 % stake of Garnacha Solar SL is expected to close by the third quarter of 2023 and represents an enterprise value of 170 million euros.
The project has signed a 12-year pay-as-produced power purchase agreement (PPA) with a leading multinational corporation for seventy percent of the electricity generated. It covers an area of 224 hectares of land on low-quality soil and will consist of more than 270,000 of the latest-generation bifacial solar modules. For optimal performance, ib vogt has selected a single-axis tracker system with a north-south orientation. With an output of up to 280 GWh per year, the panels will produce clean solar electricity equivalent to the average consumption of 85,000 households while saving a significant amount of CO2 for the 30-year lifetime of the solar plant.
“We are pleased to deliver the Garnacha project to ERG and support them in their efforts to grow and provide more green energy to the Spanish electricity market,” said Anton Milner, CEO of ib vogt. “The Garnacha solar power plant is not only built to the highest technical standards, but also developed and planned with close attention to the environmental and social impact. I would like to thank everyone involved in this transaction for their outstanding effort and support. It is the commitment of the people behind this deal and projects like this, who allow us to power the energy transition.”
This achievement was concluded following outstanding support from several selected advisors. Augusta & Co provided financial advice and Pinsent Masons provided legal advice.
Spain is one of Europe’s biggest renewable energy markets and one of the few with ample opportunities for PV investments of all sizes. As such, the country has become one of ib vogt’s fasted growing country branches, going from a team of four in 2019 to almost 30 in 2023. It is home to some of the international developer’s biggest projects in term of capacity as well as a substantial development pipeline for PV, BESS and wind projects.