Ib Vogt reaches fin close, breaks ground on 116-MWp Malaysian PV park

Solar panels by iamme ubeyou.

January 27 (Renewables Now) - German solar developer Ib Vogt GmbH has closed the financing and started construction of the 116-MWp Coara Marang solar power plant in Malaysia.

The developer announced on Tuesday it has secured a senior debt facility with the Malayan Banking Berhad (KLSE:MAYBANK). The amount loaned was not disclosed.

Coara Marang Solar was developed under the third round of Malaysia’s Large Scale Solar (LSS3) programme and in partnership with local solar developer Coara Solar. The photovoltaic (PV) plant already has a 21-year power purchase agreement (PPA) in place with local electric utility Tenaga Nasional Berhad (KLSE:TENAGA).

Located in a 245-hectare (605.4 acres) area in Marang, Terengganu, the PV park will generate around 230 GWh of clean energy per year and offset over 170,000 tonnes of carbon dioxide (CO2) emissions annually. Operation is set to commence in the first quarter of 2022.

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