DIF Capital Partners has reached an agreement to acquire a 51% stake in German solar developer Ib Vogt from owner DVV.
DIF and DVV have entered into a strategic partnership with the aim of accelerating Ib Vogt’s growth programme and asset build out as well as to fast track the transition of the company towards an independent power producer (IPP) model.
The IPP model spans development, ownership and operations of solar and battery storage projects.
Ib Vogt’s pipeline of sites and projects built or in construction exceed 2.2GW and its project development pipeline is more than 40GW.
Ib Vogt, headquartered in Berlin, has established 27 offices across Europe, North America, Asia-Pacific and Africa as part of its presence in over 40 countries.
The group works with numerous partners globally, supporting its in-house team of over 540 staff who are active in all areas of the solar value chain.
As part of the agreement, DIF will acquire a 51% stake in Ib Vogt (excluding certain projects for regulatory reasons) and the shareholders will undertake a capital injection at closing.
Gijs Voskuyl, partner and head of investments for DIF Infrastructure VI, said: “We are excited to support the company and the highly experienced management team in the next phase of its growth, realising Ib Vogt’s impressive pipeline and continuing the transformation from a developer into a global IPP.”
The transaction’s closing is expected to take place by the end of 2021.