Solar developer ib vogt has signed a 40 million euro ($45 million) syndicated loan agreement with its long-time German banking partner Commerzbank AG to support its international growth strategy.
The four-year loan will meet ib vogt group’s working capital needs globally and is “partially covered by the Federal Republic of Germany and the State of Berlin”, ib said. vogt in a press release.
“We are very pleased with this agreement and confident in our growth strategy and how it will accelerate the implementation of solar power plant projects globally,” said Carl von Braun, CFO of ib vogt. .
In October, infrastructure fund manager DIF Capital Partners acquired a majority stake in ib vogt in a deal that was expected to accelerate the solar developer’s transition to an independent power producer (IPP) model.
Christine Rademacher, MD of Financial Engineering at Commerzbank, said: “We believe that the line of credit is a key tool for ib vogt to achieve its objectives and provides the flexibility needed to meet the challenges of project activity. international.
This year, ib vogt reached financial close and began work on a 116 MWp solar power plant in Malaysia, as well as the full construction of the 180 MWp Bienvenida project in the Spanish region of Extremadura.