Germany's ib vogt agrees EUR 40m loan to fund growth

The Bienvenida solar farm in Spain. Image courtesy of Ib Vogt

December 8 (Renewables Now) - German lender Commerzbank AG (ETR:CBK) will provide a EUR-40-million (USD 45.02m) syndicated loan to ib vogt GmbH to support the growth strategy of the Berlin-based solar developer and contractor.

The loan, due in four years, will be used to cover the working capital needs of the company and is partly covered by the federal government and the state of Berlin, ib vogt said on Tuesday.

"We are convinced that the credit line is a key tool for ib vogt to achieve its goals and provides the necessary flexibility to meet the challenges of international project business," said Commerzbank's financial engineering head Christine Rademacher.

ib vogt has more than 2.2 GWp of solar projects currently in operation or under construction as well as a development pipeline of over 40 GWp in projects. In October, global infrastructure investment manager DIF Capital Partners agreed to acquire a 51% stake in the solar developer from owner DVV in a deal that is meant to boost growth at ib vogt and support its transition to an independent power producer (IPP) model.

(EUR 1 = USD 1.126)

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