International renewable energy development platform ib vogt has achieved Financial Close for a project financing debt facility for a 418 MWp solar PV portfolio consisting of three projects situated near Segovia, in the autonomous community of Castile and León, Spain.
The lenders involved in the financing include Norddeutsche Landesbank -Girozentrale (NORD/LB), Santander CIB, and BBVA. The total debt secured for the portfolio stands at approximately EUR 350 million. The projects have secured long-term pay-as-produced fixed price Power Purchase Agreements (PPAs) with leading investment-grade offtakers.
The solar portfolio comprises 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 to optimize power output.
ib vogt is providing comprehensive Engineering, Procurement, and Construction (EPC) services and has already initiated construction across all three sites. Commercial Operation is anticipated for Serbal and Castaño by December 2024, with Pato expected to be fully operational in Q1 2025. Following construction, ib vogt will oversee Operation and Maintenance (O&M) and Asset Management for the entire portfolio.
The combined annual production of 828 GWh of clean solar power from the installed panels will suffice to power approximately 212,000 households annually, resulting in savings of up to 180,000 tons of CO2 per year. In line with ib vogt’s values and commitments, the company aims to deliver enduring positive impacts to the region encompassing environmental, economic, and social benefits.
Anton Milner, CEO of ib vogt, expressed gratitude to all stakeholders involved, especially the project lenders, for their collaboration in realizing this project. He emphasized ib vogt’s dedication to contributing to the energy transition and commended the strong relationships and experience garnered in the Spanish market.
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, highlighted their longstanding relationship with ib vogt and their commitment to supporting the energy transition in Spain. Santander CIB and BBVA also affirmed their commitment to sustainability and congratulated ib vogt on the project’s successful closure.
This project represents another milestone in ib vogt’s success story in Spain, following the delivery and sale of the Bienvenida and Garnacha projects. The Segovia portfolio underscores the company’s ongoing commitment to delivering clean, renewable energy to the region.
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