Baker McKenzie acted for a leading infrastructure institutional investors consortium led by BAE Systems Pension Funds, SCOR Investment Partners and BNP Paribas Asset Management in connection with a EUR 120 million loan facility for ib vogt, one of the world’s leading global utility scale solar PV development platforms. The facility includes an option to extend the loan by up to another EUR 150 million. UniCredit Bank AG acted as sole book-runner and financial advisor to ib vogt.
As an integrated developer, ib vogt specialises in the development, design, engineering, financing, EPC, operation, maintenance and asset management of solar power plants, offering high-quality turnkey solutions to asset owners. It currently has multiple hundred-MWp projects under construction with a multi-GWp international project pipeline.
The purpose of the loan facility is portfolio acquisition of project companies that will develop, own and operate a GW scale portfolio of international solar PV power plants throughout 2022 and beyond. The facility is an integral element in ib vogt’s strategic objective of building a leading independent power producer platform (“IPP”) owning and operating solar PV and battery storage projects. The IPP portfolio is expected to consist of projects from ib vogt’s global pipeline with focus on OECD markets including initial identified projects in France, Italy, Spain, Ireland, the UK, Poland, Hungary and Canada.
Baker McKenzie advised the lenders on all finance, corporate and legal aspects of the financing.
„We are thankful for the great relationship established with the leading infrastructure institutional investors consortium and UniCredit Bank AG on the financing of this important IPP business extension by ib vogt and are looking forward to continue our trustful cooperation in 2022 and beyond ensuring the financing of the international solar PV power project pipeline“, comments Dr. Silke Gantzckow, lead partner at Baker McKenzie on the transaction.
The Banking & Finance-Team of Baker McKenzie regularly advises a large number of German and international financial institutions in relation to international financing transactions, including ECA backed financing. Amongst the most recent clients are such institutions as AKA, BNPP, Commerzbank, DEKA, Deutsche Bank, DZ Bank, ING, KfW IPEX, LBBW, MUFG, NordLB, ODDO BHF, SACE, SCB and UBS.
Legal advisor to Investor Consortium:
Corporate/M&A Global Team Lead: Dr. Silke Gantzckow (Partner, Frankfurt
Banking & Finance: Kathrin Marchant (Partner, Frankfurt)
Corporate/M&A: Dr. Kathrin Weber (Senior Associate, Frankfurt)
Banking & Finance: Bevis Metcalfe (Partner, London), Connor Lovie (Senior Associate, London), Hugo van der Molen (Legal Director, Amsterdam), Barbée Bartels (Associate, Amsterdam), Marta Zuliamis (Senior Associate, Frankfurt), Fabian Löw (Associate, Frankfurt)