Santander CIB Supports ib vogt Green Energy Vision with EUR 350 Million Financing

International solar developer ib vogt and Santander Corporate & Investment Banking (Santander CIB) have closed a EUR 350 million financing to further accelerate the buildout of projects intended for ib vogt’s long-term asset ownership, the company statement revealed.

ib vogt plans to use the fresh capital for financing the construction of projects sourced from its project pipeline, refinancing existing credit facilities, and expanding its bonding lines.

This facility will be crucial to meet ib vogt’s strategic objective of long-term ownership and operation of solar PV projects derived from the company’s Development, EPC, and O&M activities. Through this diversification, ib vogt hopes to capitalize on future value-adding opportunities. This includes accessing benefits from new revenue streams, cross-selling, margin compression, and asset optimization.

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“As we continue to build out our project pipeline, this agreement will enable us to deliver high-quality, high-performance renewable energy assets to strengthen our own platform. This not only benefits our business but also propels the much-needed energy transition by accelerating the buildout of clean energy resources. We are thrilled to partner with Santander CIB, a reliable and capable financing partner who understands the economic and ecological significance of this agreement. Our goal is to deploy this capital effectively and bring more renewable energy projects to life,” says Anton Milner, CEO of ib vogt.

“Santander CIB is delighted to partner with ib vogt in delivering this new funding line, unlocking the next exciting phase of growth and development for this market-leading platform. This underpins Santander’s ongoing commitment to green and sustainable financing”, says Benoît Felix, Global Head of Structured Finance at Santander CIB.

Santander CIB is set to initiate the syndication process for the five-year term facility. The primary focus of this funding will be to support projects identified within ib vogt’s international pipeline, with particular emphasis on OECD markets. The solar developer received financial advisory support from Evercore and legal guidance from Hogan Lovells. On the other hand, Santander CIB was advised by Ashurst as its legal advisor.

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When it comes to solar development, ib vogt is a well-known name. In June 2023, DIF and co-shareholder ib vogt, holding a 10 per cent stake, announced the successful financial close on a substantial 540MW co-location solar and battery portfolio.