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News Article

Ib Vogt Has Closed Financing On 135 MWp Solar Plant In Poland

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ib vogt has agreed with BayernLB and Siemens Financial Services through Siemens Bank on the financing of 135 MWp of solar PV power generation under construction in Poland. The solar project marks a significant investment in Poland's renewable energy sector with a total commitment of USD 90,4 million. Commercial operation of the first section is expected in September 2022, the full project will be operational by the beginning of 2023.

The power plant is located near the communities of Zamość and Szczebrzeszyn in the Lublin voivodeship in the southeast of Poland. The project covers an area of 154 ha of land with high solar irradiation and low-quality soil and will consist of more than 250,000 solar panels. With an output of up to 150 GWh per year, the panels will produce clean solar electricity equivalent to the average consumption of 70,000 households, saving up to 100,000 tons of CO2 per year.

"This project is another important step for the company and our key mission of helping to drive the energy transition and the decarbonization of electricity generation. We are very pleased with the progress of this, our first major plant in Poland - with more to come - which is the result of many years of engagement in the country. It marks a significant milestone for ib vogt and our activities in Central and Eastern Europe. We would like to thank our partners BayernLB and Siemens Financial Services through Siemens Bank for their great support, expertise and professionality in the financing of the project", said Anton Milner, CEO of ib vogt GmbH.

Karin Schramm, Sector Head Renewable Energy at BayernLB stated: „Following many years of successful cooperation, we are very pleased to having been able to support our long-standing customer ib vogt, on its course of expansion into new territories and assist with our sector expertise in renewable energies to finance together ib vogt's first project in Poland.”

Markus Holzner, Head of Project Finance EMEA at Siemens Bank said: “We are excited to support ib vogt in transforming our future to a net zero environment and contributing to a successful expansion to Poland. We are glad to see the European renewable sector growing.”

This milestone was achieved following outstanding support from several selected advisors. CMS Poland provided legal advice, Wind Prospect Polska provided technical advice whilst Marsh Poland advised on insurance and CRIDO on financial model. ib vogt has developed the 135 MWp project, commenced construction as EPC contractor and will provide O&M as well as Asset Management services after commissioning of the plant. An agreement was signed with Next Kraftwerke for trading photovoltaic electricity at the Polish exchange TGE.


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