Commerzbank and ib vogt arrange EUR 40 million for solar developer
Berlin, November 07, 2021 – ib vogt, one of the world’s leading global utility scale solar PV development platforms, signed a syndicated loan agreement arranged by its long-standing bank partner Commerzbank AG to support the international growth strategy in the forthcoming years. The loan provided by Commerzbank AG and Landesbank Baden-Wuerttemberg, with a size of 40 million Euro and a 4-year maturity, serves the working capital needs of the ib vogt Group globally and is partly covered by the Federal Republic of Germany and the State of Berlin.
«With Commerzbank AG, we have a long-standing, trusting partnership in support of our international project development business. 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. We are very pleased with the agreement and our opportunity to extend our partnership to other banks such as Landesbank Baden-Württemberg. We are confident in our growth strategy and how it will accelerate the implementation of solar power plant projects on a global scale,» said Carl von Braun, CFO of ib vogt GmbH
Berthold Bonanni, MD and Head of the Center of Competence Energy of Commerzbank in Hamburg commented, «We are pleased to have accompanied the ib vogt Group in this successful financing. This is an important contribution to our sustainable finance strategy, which will help us to drive the energy turnaround and the transformation of the energy sector.»
Christine Rademacher, MD of Financial Engineering, points out: «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.»