September 19 (Renewables Now) - German solar developer Ib vogt GmbH said on Tuesday it has agreed to purchase a majority shareholding in Asia-focused sector player Nv vogt Singapore Pte Ltd.
The target was formed in 2012 by Ib vogt and India-based APCA Power to develop, design, finance, construct and operate solar power plants in Southeast Asia, particularly in India and the Philippines, as well as in Europe. According to Ib vogt, the acquisition is in line with the expansion of the Indian and Southeast Asian markets and the wider globalisation within the industry. The move will enable the partners to “better serve the requirements of dynamic markets in India and Asia in the future through resulting synergy effects.”
Following the agreement, Nv vogt Singapore will operate under the umbrella of the Ib vogt brand. The acquisition is expected to be completed in the last quarter of 2018.
Ib vogt’s CEO Anton Milner noted that the transaction will enable the German firm to enhance its market presence and gain access to new investment opportunities. “We are very optimistic with regard to developments in these regions and intend to further expand our position in the future,” he added.