Ib Vogt has achieved financial close of a project financing debt facility for a 418MW solar portfolio in Spain.
The portfolio comprises three sites clustered around Segovia, in the autonomous community of Castile and Leon.
The total debt raised for the portfolio amounts to approximately €350m and the lenders involved in the financing are Nord/LB, Santander CIB and BBVA.
The projects have long term pay-as-produced fixed price PPAs in place with investment-grade offtakers.
The solar schemes in question are the 174MW Serbal, the 134MW Castano and the 110MW Pato.
All three arrays feature high-efficiency bifacial modules and single-axis tracker systems, maximising the power output of the installations.
Ib Vogt is providing full engineering, procurement and construction (EPC) services and has already commenced construction on all three sites.
Commercial operation for Serbal and Castano is slated for December 2024, while Pato is expected to be fully operational in first quarter 2025.
Following construction, Ib Vogt will manage operation and maintenance (O&M) and asset management for the entire portfolio.
The developer’s chief executive Anton Milner said: “This is yet another successful financing with our banking partners and a great example of how the relationships and experience we have built up in the Spanish market are profiting the shift towards renewable energy.”
Heiko Ludwig, Global Head of Structured Finance at Nord/LB, assuming the roles of MLA, LC Issuing Bank and Hedge Provider, added: “Building on a longstanding relationship, we are thrilled to have been able to support Ib Vogt to achieve financial close on this milestone transaction, contributing towards the energy transition in Spain within our commitment to a more sustainable future.
“The Iberian renewable energy market represents one of Nord/LB’s most prominent markets and we are honoured with the trust put in our institution for the structuring and financing of this unique solar portfolio.”