Ib Vogt Secures €350m Financing for 418MW Spanish Solar Portfolio

• Ib Vogt secures €350m financing for 418MW solar portfolio in Spain, with construction underway and commercial operation expected by 2025. Nord/LB shows commitment to the energy transition in Spain.

Ib Vogt, a solar developer, has secured project financing for a 418MW solar portfolio in Spain. The portfolio consists of three solar projects located in Castile and Leon. The total debt raised for the portfolio amounts to approximately €350m, with Nord/LB, Santander CIB, and BBVA serving as lenders. The projects have long-term power purchase agreements (PPAs) in place with investment-grade offtakers. Construction has already begun on all three sites, with commercial operation expected to start between December 2024 and the first quarter of 2025. Ib Vogt will also handle the operation and maintenance of the portfolio.

Ib Vogt's CEO, Anton Milner, highlighted the success of the financing and the company's experience in the Spanish market. Heiko Ludwig, Global Head of Structured Finance at Nord/LB, expressed their support for Ib Vogt and their commitment to the energy transition in Spain. The Iberian renewable energy market is one of Nord/LB's key markets.

What is the significance of Ib Vogt securing project financing for a 418MW solar portfolio in Spain?

• The securing of project financing for a 418MW solar portfolio in Spain by Ib Vogt is a significant development in the renewable energy sector.
• The portfolio consists of three solar projects located in Castile and Leon, showcasing the growing interest in solar energy in the region.
• The total debt raised for the portfolio amounts to approximately €350m, indicating the scale and ambition of the projects.
• Lenders for the project include Nord/LB, Santander CIB, and BBVA, highlighting the confidence of major financial institutions in the viability of renewable energy projects.
• The projects have long-term power purchase agreements (PPAs) in place with investment-grade offtakers, ensuring a stable revenue stream for Ib Vogt.
• Construction has already begun on all three sites, demonstrating the commitment to timely implementation and the urgency of transitioning to clean energy sources.
• Commercial operation is expected to start between December 2024 and the first quarter of 2025, indicating the near-term impact of these projects on Spain's renewable energy capacity.
• Ib Vogt's role in handling the operation and maintenance of the portfolio showcases their expertise and commitment to the long-term success of the projects.
• The CEO of Ib Vogt, Anton Milner, emphasized the success of the financing and the company's experience in the Spanish market, highlighting their ability to navigate and thrive in the renewable energy sector.
• Nord/LB's Global Head of Structured Finance, Heiko Ludwig, expressed their support for Ib Vogt and their commitment to the energy transition in Spain, underscoring the importance of renewable energy in the country's future.
• The Iberian renewable energy market is one of Nord/LB's key markets, indicating the strategic significance of the Spanish renewable energy sector and the potential for further growth and investment.