The lenders involved in the financing are Norddeutsche Landesbank -Girozentrale - (NORD/LB), Santander CIB and BBVA. The total debt raised for the portfolio amounts to approximately EUR 350 million. The projects have long term pay-as-produced fixed price PPAs in place with market-leading, investment-grade offtakers.
Bifacial PV modules and single-axis tracker systems
The solar portfolio includes three plants: Serbal (174 MW), Castaño (134 MW), and Pato (110 MW). All three projects feature high-efficiency bifacial modules and single-axis tracker systems, maximizing the power output of the installations.
IB is providing full Engineering, Procurement, and Construction (EPC) services and has already commenced construction on all three sites. Commercial Operation (COD) for Serbal and Castaño is slated for December 2024, while Pato is expected to be fully operational in Q1 2025. Following construction, ib vogt will manage Operation and Maintenance (O&M) and Asset Management for the entire portfolio.
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With a combined annual production of 828 GW of clean solar power, the installed panels will provide electricity equivalent to the average consumption of 212,000 households, saving up to 180,000 tons of CO2 per year.
Several banks involved
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, assuming the roles of MLA, LC Issuing Bank and Hedge Provider, stated: “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 honored with the trust put in our institution for the structuring and financing of this unique solar portfolio.”
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“Santander CIB is playing a key role in helping accelerate the energy transition. We are delighted to partner with Ib Vogt (five consecutive financings closed in the last 18 months), as MLA, Agent and Hedge Provider, contributing to their success in achieving their ambitions. This reinforces Santander’s ongoing commitment to sustainability” said Benoît Felix – Global Head of Structure Finance.
Next step toward renewable energy
Borja Saez de Montagut, Global Head of Project Finance Energy at BBVA, said “We are proud to support Ib Vogt in the development of this portfolio, acting as MLA, LC Issuing Bank and Hedge Provider. This deal is a landmark transaction in the renewable energy market, and serves as a new example of our commitment to sustainability, helping our customers in the transition towards a sustainable future. We congratulate ib vogt on the closing and look forward to supporting them in future transactions”.
Following the successful delivery and sale of the Bienvenida (180 MW) and Garnacha (149 MW) projects, the Segovia portfolio represents Ib Vogt`s next step toward delivering clean, renewable energy to the region. (hcn)
