Germany-based Ib vogt GmbH has secured EUR 41 million (USD 47.5m) in debt for a 54.5-MWp solar project in the Netherlands, thus reaching financial close.
The non-recourse debt facility was provided by HSH Nordbank AG, the solar developer said on Wednesday. It is starting construction of the so-called Solarpark Scaldia this month, claiming that it will be the largest solar power plant in the Netherlands to date.
To be located in the municipalities of Borsele and Vlissingen in Zeeland, the photovoltaic (PV) park is expected to be brought online in the third quarter of 2018, producing an average of 51,000 MWh of power each year. The generated electricity and Certificates of Origin (GvO) will be sold to France’s Engie SA (EPA:ENGI) under a 17-year power purchase agreement (PPA). The plant's annual output is estimated to be enough to meet the demand of over 14,000 homes.
Apart from being the owner of the project, Ib vogt will build the facility and provide operation and maintenance (O&M) services following commissioning. Construction of the grid connection for the solar farm was initiated in February.
Solarfields Nederland will deliver technical and commercial asset management services once the plant become operational.
Ib vogt acquired the project from developer Solarpark Zeeland in February.
(EUR 1.0 = USD 1.159)
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