International solar developer Ib Vogt has agreed a deal for the sale of a 110MWp solar project in Spain to NextPower V ESG, a fund managed by NextEnergy Capital.
Construction of the Pato array, located in Segovia, began in March 2024, and the scheme is set to reach its commercial operations date in the first quarter of 2025.
The project has recently signed a PPA with a leading industrial innovator.
Once operational, the solar farm will generate approximately 215.6GWh of clean energy annually-enough to power over 55,000 households and avoid approximately 47,450 tonnes of CO2 equivalent emissions or 15,000 tonnes of oil equivalent per year.
Both parties will collaborate to hybridise the site with a battery energy storage system over the coming years. The site uses bifacial tracking solar panels, maximising efficiency and sustainability over its lifecycle.
The Pato solar farm features two newly created ponds to support wildlife, particularly amphibians, and nest boxes for owls and owlets, along with native flora to enhance the local ecosystem.
Ib Vogt chief executive Anton Milner said: “We are proud to contribute to Spain’s energy transition and support NextEnergy Capital in decarbonising electricity production.
“This project not only advances sustainability goals but also delivers significant economic benefits through clean energy generation.
“With a strong track record, top-tier engineering quality, and the use of trusted suppliers, the Pato project stands as an example of a low-risk investment with long-term potential.
“The expertise and dedication of everyone involved played a crucial role in achieving this successful outcome.”
Managing director of NextPower V ESG at NextEnergy Capital Antonio Salvati added: “This marks NextPower V ESG’s second acquisition in Spain in a relatively short period.
“The project represents an attractive investment for NextPower V ESG in a well-understood market where NextEnergy Capital has a lot of experience with over 545MW of installed capacity across its various strategies and a dedicated team on the ground in our Madrid office.
“Spain benefits from one of the highest levels of solar irradiation in Europe and remains an attractive target for further opportunities for NextPower V ESG due to its mature PV market, renewable energy sector track record, and well-developed infrastructure.”
The Pato solar farm is part of a number of projects in the province of Segovia that Ib Vogt is currently constructing, totalling 513MWp.
Together they will contribute to advancing Spain’s 2050 climate neutrality goals, which target 100% renewable energy in the electricity mix.
Ib Vogt is providing full engineering, procurement, and construction services and will handle operations and maintenance post-completion, as well as providing asset management services.
Augusta & Co acted as exclusive financial advisor, and Herbert Smith Freehills Spain and Watson Farley Williams as legal advisors.