NextEnergy Capital fund to buy 110 MWp of Spanish solar from ib vogt

German solar developer ib vogt GmbH has agreed to sell its 110-MWp Pato solar project in Spain to a fund managed by NextEnergy Capital, both companies announced on Wednesday.

Pato, currently under construction in Segovia, will be sold to NextPower V ESG, the pair said. Financial details were not disclosed.

The deal comes shortly after ib vogt secured a power purchase agreement (PPA) with Corning Inc (NYSE:GLW), a US material science company, for a portion of Pato’s production. Equipped with bifacial modules mounted on trackers, the solar farm will be capable of generating around 215.6 GWh of electricity annually.

The Pato plant is expected to reach commercial operations date in the first quarter of 2025.

ib vogt is providing full engineering, procurement, and construction (EPC) services for this project. The company will also provide operations and maintenance (O&M) and asset management services once the solar farm goes online.

ib vogt and NextEnergy Capital will collaborate to hybridise the solar farm with battery energy storage over the coming years, they said.

“This marks NextPower V ESG’s second acquisition in Spain in a relatively short period,” said Antonio Salvati, Managing Director NextPower V ESG at NextEnergy Capital. “The project represents an attractive investment for NextPower V ESG in a well-understood market where NextEnergy Capital has a lot of experience with over 545MW of installed capacity across its various strategies and a dedicated team on the ground in our Madrid office”.

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