Solar developer ib vogt has closed financing on a 135MW solar plant in Poland via a US$90.4 million commitment from German bank BayernLB and Siemens Financial Services.
Commercial operation of the first phase of the project is expected for September 2022, with the project predicted to be fully operational at the beginning of 2023.
The project is located near the city of Zamosc, in the Southeast of the country, and covers 154 hectares of land with low-quality soil and will install more than 250,000 solar panels.
Anton Milner, CEO of ib vogt, said: “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.”
The developer has signed an agreement with virtual power plant provider Next Kraftwerke to trade the electricity at the Polish exchange TGE.