Solar developer ib vogt signs $ 45 million loan deal to fund international growth plans
Solar developer ib vogt has signed a € 40 million (US $ 45 million) syndicated loan agreement with long-time German banking partner Commerzbank AG to support its international growth strategy.
The loan, with a term of four years, will serve the working capital needs of the ib vogt group worldwide and is “partly covered by the Federal Republic of Germany and the state of Berlin”, said ib vogt in a press release.
“We are very pleased with the deal and are confident in our growth strategy and how it will accelerate the implementation of solar power 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 an agreement that was to accelerate the solar developer’s transition to an independent power producer (IPP) model.
Christine Rademacher, MD of Financial Engineering at Commerzbank, said: “We are convinced that the line of credit is a key tool for ib vogt to achieve its objectives and provides the flexibility to meet the challenges of international projects.
This year, ib vogt finalized the financial close and started work on a 116 MWp solar power plant in Malaysia as well as the full construction of the 180 MWp Bienvenida project in the Extremadura region of Spain.