ib vogt Secures Financing for 418 MWp Solar Portfolio in Spain

International renewable energy development platform ib vogt has achieved Financial Close of a project financing debt facility for a 418 MWp solar PV portfolio comprising three projects clustered around Segovia, in the autonomous community of Castile and León, Spain.

The lenders involved in the financing are Norddeutsche Landesbank -Girozentrale – (NORD/LB), Santander CIB and BBVA. The total debt raised for the portfolio amounts to approximately EUR 350 million. The projects have long term pay-as-produced fixed price PPAs in place with market-leading, investment-grade offtakers.

The solar portfolio includes three plants: Serbal (174 MWp), Castaño (134 MWp), and Pato (110 MWp). All three projects feature high-efficiency bifacial modules and single-axis tracker systems, maximizing the power output of the installations.

ib vogt is providing full Engineering, Procurement, and Construction (EPC) services and has already commenced construction on all three sites. Commercial Operation (COD) for Serbal and Castaño is slated for December 2024, while Pato is expected to be fully operational in Q1 2025. Following construction, ib vogt will manage Operation and Maintenance (O&M) and Asset Management for the entire portfolio.

With a combined annual production of 828 GWh of clean solar power, the installed panels will provide electricity equivalent to the average consumption of 212,000 households, saving up to 180,000 tons of CO2 per year. In alignment with ib vogt’s values and commitments, the company is dedicated to bringing lasting positive impacts to the region, covering environmental, economic, and social benefits.

“For the energy transition to be successful, we need ambitious goals and actions. To deliver this unique portfolio of projects that will produce clean, renewable energy for decades to come, is part of our ambition and I would like to thank all involved parties and especially the project lenders to join us in bringing them to reality”, said Anton Milner, CEO of ib vogt. “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.”

Heiko Ludwig, Global Head of Structured Finance at NORD/LB, assuming the roles of MLA, LC Issuing Bank and Hedge Provider, stated: “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 honored with the trust put in our institution for the structuring and financing of this unique solar portfolio.”

“Santander CIB is playing a key role in helping accelerate the energy transition. We are delighted to partner with ib vogt (five consecutive financings closed in the last 18 months), as MLA, Agent and Hedge Provider, contributing to their success in achieving their ambitions. This reinforces Santander’s ongoing commitment to sustainability” said Benoît Felix – Global Head of Structure Finance.

Borja Saez de Montagut, Global Head of Project Finance Energy at BBVA, said “We are proud to support ib vogt in the development of this portfolio, acting as MLA, LC Issuing Bank and Hedge Provider. This deal is a landmark transaction in the renewable energy market, and serves as a new example of our commitment to sustainability, helping our customers in the transition towards a sustainable future. We congratulate ib vogt on the closing and look forward to supporting them in future transactions”.

This project’s development, financing, and subsequent construction and operation mark the continuation of ib vogt’s success story in Spain. Following the successful delivery and sale of the Bienvenida (180 MWp) and Garnacha (149 MWp) projects, the Segovia portfolio represents the company’s next step toward delivering clean, renewable energy to the region.