- ib vogt has raised €40 million syndicated loan with a 4-year maturity from Commerzbank
- The financing is partly covered by the Federal Republic of Germany and the State of Berlin
- Management said the proceeds will enable it to manage working capital needs and implement its international growth strategy
Utility scale solar power project developer and EPC service provider from Germany ib vogt GmbH has raised an amount of €40 million ($45 million) under a syndicated loan agreement and a 4-year maturity from Commerzbank AG to be deployed by the company for its international growth strategy.
The company said the financing that’s partly covered by the Federal Republic of Germany and the State of Berlin, will enable it to manage its working capital needs for global operations.
The German company counts its under construction and built capacity as around 2.2 GW, with 826 MW under operation and maintenance. It also touts a pipeline of large-scale solar PV systems adding up to approximately 40 GW.
Confident of its growth strategy, ib vogt’s CFO Carl von Braun said the proceeds will accelerate the company’s implementation efforts to develop projects on a global scale. “We are facing an important decade for renewable energy and can make a significant contribution to global climate protection and decarbonization by implementing large-scale PV power plants,” added Braun.
In October 2021, the German company secured global independent infrastructure investment fund manager DIF Capital as a 51% stakeholder (see IB Vogt Gets New Majority Stakeholder).