- ib vogt and Santander Corporate & Investment Banking (Santander CIB) closed a EUR 350 million financing to further accelerate the buildout of projects intended for ib vogt’s long-term asset ownership.
- The company plans to utilize the fresh capital for financing the construction of projects sourced from its own project pipeline, refinancing existing credit facilities, and expanding their bonding lines.
- ib vogt was able to secure the volume and conditions of the agreement, leveraging its high-value pipeline and proven track record which includes a controversial project in South Africa.
This facility plays a vital role in 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 aims to capitalize on future value-adding opportunities, including accessing benefits from new revenue streams, cross-selling, margin compression, and asset optimization.
“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.
ib vogt in South Africa
On 20 March 2023, South Africa’s the Department of Mineral Resources and Energy published an updated list of preferred bidders in REIPPPP Bid Window 6 (Additional) without a formal press release. The updated list now includes the Ngonyama Solar PV project (140MW) as a 6th preferred bidder. It has been revealed that the Ngonyama project was a special purpose vehicle (SPV) bought by ib vogt and the full allocation of shares in the SPV were transferred to them last year. According to CIPC records, the two directors of the company are Sachin Jaichund Thakurpersad and Sefakor Agbesi, both are employed by ib vogt.
The Ngonyama project was previously part of the “29 Solar Development” cluster. According to the CSIR, who were commissioned to do the environmental impact assessment (EIA) in 2015, 29 Solar (Pty) Ltd (Reg. No. 2015/002969/07) proposed to construct and operate five 100 megawatt (MW) solar photovoltaic (PV) facilities and associated electrical infrastructure over nine farms close to Dealesville, in the Free State province.
Related news: South Africa’s REIPPPP is in tatters while energy crisis deepens, Mantashe must be held accountable
Author: Bryan Groenendaal
