Cross-border team advises banks on financing of solar project for ib vogt in Spain with Google PPA

Global law firm Norton Rose Fulbright has advised Norddeutsche Landesbank Girozentrale (NORD/LB) and Santander Corporate & Investment Banking (Santander CIB) on the €90million financing of a 149 MWp solar power plant in Spain.

The solar project is the latest investment by ib vogt in the renewable energy sector, with a total commitment of €118 million. The project signed a power purchase agreement (PPA) with Google for a period of 12 years.

Located near Toro in northwestern Spain, the plant will support the region's transition to clean energy. The project covers 224 hectares on extremely low-grade soil and will consist of more than 270,000 solar modules mounted on north-south single axis trackers for optimal performance. With an output of up to 300 GWh per year, the panels will generate clean solar electricity equivalent to the average consumption of 85,000 homes, while saving up to 50,000 tons of CO2 per year.

Financial close was reached on August 25, 2022, with construction starting on September 14, 2022. Commercial operation is scheduled for October 2023.

The Norton Rose Fulbright team was led by Hamburg partner Timo Noftz and senior associate Michael-Alexander Volks. The team also included Los Angeles-based partner James M. Berger and associate Dylan Gera, London-based partner Rob Marsh, associate Daniel Too and trainee Lucy Heenan, Hamburg-based associate Marvin Nimoh, as well as paralegal Dan Tremble based in the Newcastle office.