Ib Vogt has started construction of a 150MW solar plant located in the province of Zamora in Spain.
The Garnacha project has a power purchase agreement (PPA) with Google for a period of 12 years, which is the first collaboration between Ib Vogt and Google.
With a €90m long-term project financing facility provided by Norddeutsche Landesbank Girozentrale (NORD/LB) and Santander Corporate & Investment Banking (Santander CIB), financial close was reached on 25 August 2022.
Construction of the plant is expected to continue through 2023 with commercial operation planned by October 2023.
Ib Vogt’s total investment in the project is €118m.
The power plant is part of the company’s IPP platform.
The Garnacha project is located near the city of Toro in the north-west of Spain and will support the region’s transition towards clean energy.
It covers an area of 224 hectares of land on extremely low-quality soil and will consist of more than 270,000 solar panels built on north-south single-axis trackers for optimal performance.
“We are pleased to have broken ground for yet another major project in Spain, contributing towards the country’s own renewable electricity targets and doing our part to power the energy transition,” said Anton Milner, CEO of Ib Vogt.
“We are also excited to be working together with Google and contributing to their important environmental objectives. Thanks to the outstanding support of the local, regional, and national administrative bodies and our partners at NORD/LB and Santander CIB, we were able to pursue an aggressive project development and financing timeline and look forward to adding more clean solar energy to the Spanish electricity market.”
In addition to developing the project, Ib Vogt is providing an end-to-end service as EPC contractor and, upon completion of the plant, it will provide operations and maintenance and asset management services as well.