ib vogt has secured financing to establish a HoldCo loan facility for the purposes of acquiring a portfolio of ib vogt developed project companies that will develop, own and operate a GW scale portfolio of international solar PV power plants throughout 2022 and beyond.
The facility is being provided by a consortium of leading infrastructure institutional investors, namely BAE Systems Pension Funds, SCOR Investment Partners and BNP Paribas Asset Management. The facility is sized at an initial EUR 120 million with an option to extend the loan by up to another EUR 150 million through an accordion mechanism.
UniCredit Bank AG acted as Sole Bookrunner and Financial Advisor to ib vogt.
The facility is an integral element in ib vogt's strategic objective of building a leading independent power producer platform ("IPP"), owning and operating solar PV and battery storage projects based the companies' Development, EPC and O&M activities. This diversification will provide ib vogt with future value-adding opportunities including access to benefits from new revenue streams, cross selling, margin compression and asset optimization.
The IPP portfolio is expected to consist of projects from ib vogt's global pipeline with focus on OECD markets including initial identified projects in France, Italy, Spain, Ireland, the UK, Poland, Hungary and Canada.
Youssef Fahd, UniCredit's Head of Infrastructure and Power Project Finance Germany, commented: "We are proud to have advised ib vogt in this latest phase of growth, which will see the company take concrete steps to become a leading IPP. The transaction underscores our commitment to providing tailored financing solutions for the renewables build-out across Europe. We look forward to continued collaboration with ib vogt in the future."