Financial close of Netherland’s largest PV power plant

German-based company ib vogt, advised by Netherlands-based company Solarfields, and HSH Nordbank successfully reached financial close over a EUR 41 million debt facility for a solar power plant. HSH Nordbank provides the non-recourse project financing for the 54.5 MWp Solarpark Scaldia, located in the municipalities of Borsele and Vlissingen in Zeeland, Netherlands. In 2016 the project received its SDE+ (Stimulation of Sustainable Energy Production) in the second competitive auction of that year. ib vogt acquired the project in February 2018 from the developer Solarpark Zeeland. Energization of the project is planned in Q3 of 2018, after which the output as well as Certificates of Origin (GvO) will be acquired by Engie under a 17-year Power Purchase Agreement (PPA).

With a capacity of 54.5 MWp the solar power plant will produce an average of 51.000 MWh clean energy per year, equivalent to the demand of more than 14.000 households. During its 30-years lifetime it will prevent over 738.000 t of CO2 emissions. Next to a number of wind turbines the plant will be built below a high-voltage line in a cable and pipeline corridor extending over 38 ha around the Sloehaven. The principal land owner North Sea Port, which operates the adjacent port, supported the development of the renewable energy project. 140.000 panels of the PV power plant will be arranged in an east-west direction to optimize land use, generation profile and therefore profitability.

“We are very pleased to have achieved this milestone in a very complex project that involves multiple stakeholders, land owners and municipalities. We would like to thank our partners for their efforts in reaching the financial close, that will result in the largest solar power plant in the Netherlands to date”, says Anton Milner, Managing Director of ib vogt GmbH.

“This financing underlines our competence to quickly familiarize ourselves with new markets and to consistently advance the expansion of our position”, says Lars Quandel, Director Energy & Infrastructure of HSH Nordbank.

The network operator has started construction of the grid connection in February, EPC contractor and owner ib vogt will commence construction of the plant in May, while also providing O&M services after commissioning of the plant. Solarfields Nederland will provide the technical and commercial asset management after commissioning. The projects output will help the Netherlands in their transition towards renewable energies and in meeting the target of 37 % for renewables in electricity consumption by 2020. 

About HSH Nordbank

HSH Nordbank – leading international financial partner in the field of renewable energies

As a leading financial partner, we have extensive knowledge and experience in the energy sector for over 30 years and have a clear focus on wind, solar and hydropower projects.

Our financing solutions are based on a deep understanding of our clients‘ business and the realization of their goals. We offer credit products for corporate banking, long-term project financing, liquidity management and risk management products.