Ib Vogt has agreed with BayernLB and Siemens Financial Services, through Siemens Bank, the financing for a 135MWp solar project that is under construction in Poland.
The solar project marks a significant investment in Poland’s renewable energy sector with a total commitment of US$90.4m (€90.4m).
Commercial operation of the first section is expected in September 2022, the full project will be operational by the beginning of 2023.
The power plant is located near the communities of Zamość and Szczebrzeszyn in the Lublin voivodeship in the southeast of Poland.
The project covers an area of 154 ha of land with high solar irradiation and low-quality soil and will consist of more than 250,000 solar panels.
With an output of up to 150GWh per year, the panels will produce clean solar electricity equivalent to the average consumption of 70,000 households, saving up to 100,000 tonnes of CO2 per year.
Ib Vogt chief executive Anton Milner said: “This project is another important step for the company and our key mission of helping to drive the energy transition and the decarbonization of electricity generation.
“We are very pleased with the progress of this, our first major plant in Poland – with more to come – which is the result of many years of engagement in the country.
“It marks a significant milestone for Ib Vogt and our activities in Central and Eastern Europe.
“We would like to thank our partners BayernLB and Siemens Financial Services through Siemens Bank for their great support, expertise and professionality in the financing of the project.”