Solar developer ib vogt signs US$ 45m loan arrangement to fund international growth plans

• Solar developer ib vogt has signed a EUR40 million (US$ 45 million) syndicated loan agreement with its long-standing German bank partner Commerzbank AG to support its global growth strategy.

The loan, which includes a four-year maturation, will certainly offer the working capital needs of the ib vogt Group worldwide and is "partially covered by the Federal Republic of Germany as well as the State of Berlin", ib vogt stated in a news releases.

" We are really happy with the contract as well as are confident in our growth approach as well as exactly how it will certainly speed up the implementation of solar energy plant projects on a global scale," said Carl von Braun, CFO of ib vogt.

In October, facilities fund manager DIF Capital Partners obtained a majority interest in ib vogt in an offer that was anticipated to fast track the solar programmer's transition in the direction of an independent power producer (IPP) model.

Christine Rademacher, MD of Financial Engineering at Commerzbank, claimed: "We are encouraged that the credit line is a crucial device for ib vogt to attain its goals and also gives the essential adaptability to fulfill the difficulties of global project organization."

This year has seen ib vogt get to economic close and also begin deal with a 116MWp solar plant in Malaysia in addition to total building of the 180MWp Bienvenida project in Spain's Extremadura area.