Fund manager DIF acquires majority stake in solar developer ib vogt

Ib vogt completed construction of the 180MWp Bienvenida project (pictured) in Spain earlier this year. Image: ib vogt.

Infrastructure fund manager DIF Capital Partners is acquiring a majority interest in ib vogt, in a deal that is expected to fast track the solar developer’s transition towards an independent power producer (IPP) model.

Forecasted to close in Q4 2021, the transaction will see DIF, through its DIF Infrastructure VI fund, purchase a 51% stake in Germany-headquartered ib vogt from its current owner DVV.

Ib vogt’s capacity of solar projects built or under construction stands at 2.2GWp and its development pipeline exceeds 40GWp. Alongside development, the company carries out EPC, operations and maintenance, and asset management of solar plants.

DIF and DVV have entered into a partnership with the aim of accelerating ib vogt’s asset buildout and supporting its shift towards an IPP model that develops, owns and operates solar and battery storage projects.

Gijs Voskuyl, partner at DIF, said: “The development, construction and operation of solar energy and battery storage plays a vital role in the decarbonisation of electricity markets across the world and we believe ib vogt is well placed to play a major role in this.”

Media reports in July 2020 suggested that ib vogt had been put up for sale, with Reuters reporting that DVV hired investment bank Marathon Capital to help with the sale process. The developer went on to close a US$160 million commitment two months later from an institutional investor to help it pursue its solar pipeline.

This year has seen ib vogt reach financial close and start work on a 116MWp solar plant in Malaysia as well as complete construction of the 180MWp Bienvenida project in Spain’s Extremadura region.