Augusta & Co is delighted to announce the sale of ib vogt’s 149MW Garnacha solar PV project in Spain to ERG for an enterprise value of €170m.
Garnacha is located in the Zamora region of northwest Spain and is currently in construction. It benefits from an attractive 12-year PPA with a global corporation and uses single-axis trackers and bifacial module technology.
Augusta acted as exclusive financial advisor to ib vogt. We were instructed to run an efficient process and engaged over 110 international, financial and strategic investors to deliver an executed transaction in under four months.
Carsten Stang, Managing Director at ib vogt said: “We are really delighted with this result and for the outstanding service provided by Augusta. We were impressed how quickly Augusta was able to secure a large number of credible offers, and this momentum was key to getting the deal executed within four months. They are a highly experienced and hard-working team that delivers results and we continue to rely on Augusta for further renewable transactions across Europe.”
Charlie Hodges, Partner at Augusta & Co, added: “We congratulate all parties on this outstanding result and look forward to seeing this trophy asset commissioned later this year.
Spain is getting more exciting from an energy transition perspective as large, optimised projects such as Garnacha come online. Investment in batteries and power-to-X projects is going to increase significantly in coming years as a response to new market opportunities. As will the hybridisation of large scale renewables. The latter being key to unlocking the full value of the grid connection in markets blessed with great natural resources.”
Charlie Hodges CHodges@augustaco.com