German utility scale solar PV project developer and EPC service provider ib vogt GmbH has now a new majority shareholder in the form of DIF Capital Partners that has purchased 51% stake in the company from the current shareholder DVV.
DIF is a global independent infrastructure investment fund manager and has secured the stake through its DIF Infrastructure VI Fund that targets equity investments with long-term contracted or regulated income streams in renewable energy projects and platforms among other domains.
Both DIF and DVV maintain that this strategic partnership will fast track ib vogt's transition towards an independent power producer (IPP) model under which it will develop, own and operate solar and battery storage assets. Once it closes in Q4/2021, the deal will also accelerate ib vogt's growth program and asset build out.
"The partnership represents an important and transformative next step in our evolution. It will help the company to reach new heights, accelerating the conversion of the tremendous pipeline potential that we have built up, and thereby creating a leading and value-adding IPP platform," said ib vogt CEO Anton Milner.
Currently, the German PV project developer claims to have more than 2.2 GW of built or under construction capacity and a project development pipeline of over 40 GW.
To support the development of 16 GW of solar project pipeline, in September 2020 ib vogt raised €135 million funding from EIG Global Energy Partners (see IB Vogt Raises €135 Million For Solar Project Pipeline).