Germany's ib vogt Begins Construction on Spain Project, Signs PPA with Google

Nov 25, 2022 12:33 PM ET
  • ib vogt has begun construction on 149 MWp solar PV project in Spain.
  • The project authorized a 12 year power purchase agreement (PPA) with Google.
  • The EUR 118 million solar power plant is anticipated to reach commercial operation (COD) by October 2023.

The panels will certainly generate electrical energy equivalent to the typical usage of as much as 85,000 families, conserving as much as 50,000 tons of CO2 per year.

German's complete PV plants company, ib vogt has actually begun construction on the 149 MWp Garnacha solar power plant situated in the district of Zamora in Spain. The project authorized a power purchase agreement (PPA) with Google for a duration of 12 years, signifying the initial major cooperation between ib vogt and also Google.

With a EUR90m long-term project financing facility provided by Norddeutsche Landesbank Girozentrale (NORD/LB) as well as Santander Corporate & Investment Banking (Santander CIB), economic close was reached on August 25th, 2022, with start of construction complying with shortly after that on September 14th, 2022. Construction of the plant is anticipated to take about 12 months with commercial operation (COD) prepared by October 2023.

Firm's Spain Investment

The solar project marks one more considerable investment from ib vogt towards Spain's renewable energy field with a complete commitment of EUR 118 million. The nuclear power plant belongs to the business's IPP platform, verifying to be an additional success in ib vogt's freshly established IPP service design with extra value added anticipated throughout the rest of the project life time.

The plant lies near the city of Toro in the northwest of Spain and also will sustain the region's transition towards clean energy. The project covers an area of 224 hectares of arrive at incredibly low-grade soil and will certainly include greater than 270,000 photovoltaic panels built on north-south single-axis trackers for optimal efficiency. With an outcome of up to 300 GWh each year, the panels will certainly generate clean solar electrical power equivalent to the ordinary consumption of 85,000 households while conserving as much as 50,000 tons of carbon dioxide per year.

" We delight in to have broken ground for yet one more major project in Spain, contributing towards the country's own renewable electrical power targets as well as doing our component to power the energy shift," stated Anton Milner, chief executive officer of ib vogt. "We are additionally excited to be collaborating with Google and contributing to their vital ecological goals. Thanks to the superior assistance of the local, local, and nationwide management bodies and our partners at NORD/LB as well as Santander CIB, we were able to seek an aggressive project growth and also financing timeline and anticipate adding extra clean solar energy to the Spanish electrical power market."

Heiko Ludwig, Global Head of Structured Finance at NORD/LB, mentioned, "The development of ib vogt's Garnacha power project as well as the successful closing of the project funding is a great example of the consolidated power of various markets such as renewable energy, global technology as well as monetary services collaborating to attain a contribution towards the green transition of the economy. We are extremely honored to figure in this and are glad to continue NORD/LB's development in the appealing Iberian renewable energy market."

Bartholomew White, European Head of Structure Finance at Santander CIB, said, "We are proud to be sustaining our customers through the green transition and look forward to many more projects to assist us attain our net no targets and also continue strengthening our leadership in the renewables industry. Congratulations ib vogt and also everybody associated with the implementation of this project."

Marc Oman, Infrastructure & Energy Principal at Google remarked, "We are delighted to work with ib vogt to add new clean energy to the grid while significantly enhancing Google's carbon impact in Spain. By 2025, and with assistance from ib vogt's Garnacha project, Google's Spanish cloud area as well as offices will operate on carbon-free energy almost 90 percent of the time."

ib vogt recently finished the growth of 180 Mwp solar power project in Spain that was completely aid free. The solar power project is had by Talanx, which claims to be the third-largest German insurance team The project is located in Bienvenida in Badajoz province. The solar site employs greater than 550,000 solar modules and also its the biggest project ever before established by ib vogt.

In addition to creating the project, ib vogt is providing an end-to-end service as EPC professional, and also upon conclusion of the plant, Operations & Maintenance as well as Asset Monitoring services as well.

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