BayWa r.e. sells three solar farms in the UK
BayWa r.e. has sold three photovoltaic projects with a total output of almost 28 MWp to Munich Re. The projects are located in the UK. Closing took place on 31 December and 28 February.
BayWa r.e. erected the solar farms Whitland in South Wales (18 MWp), Forest Heath in Cambridgeshire (4.8 MWp) and Polmaugan in Cornwall (4.9 MW) last year. The plants now produce enough power to supply an equivalent of over 7,000 households with electricity every year. The asset management arm of Munich Re, together with MEAG MUNICH ERGO Asset Management GmbH, acquired 100 percent of the shares in all three solar parks.
BayWa r.e. Managing Director Matthias Taft remarked on the transaction: "We have proven our excellent project management capability and technical expertise in the British PV market on many occasions. Our PV plants in the UK are based on reliable returns, which make them highly attractive to institutional investors. We are delighted with the sale of the three solar farms – and are particularly pleased to have found an experienced and financially strong business partner in MEAG. Further joint projects are already in the pipeline."
The UK is one of the core markets for BayWa r.e.'s renewable energy business. So far, the company has built solar parks and wind farms in Britain with a total output in excess of 110 MW. All previously built and commissioned freestanding PV plants have been successfully sold on to investors. Several other photovoltaic projects are already at the planning or construction stage.
BayWa r.e. renewable energy GmbH (BayWa r.e.):
BayWa r.e. renewable energy GmbH, a wholly owned subsidiary of BayWa AG, is responsible for the BayWa Group's renewable energy business. BayWa r.e. was founded in 2009 and is based in Munich. It acts as a holding company for various business interests in the areas of solar energy, wind power, bio-energy and geothermal energy.
BayWa r.e.'s business activities range from project development and realisation to PV trade and consultation services. The company covers the entire spectrum of technical plant support services, including maintenance. It can also undertake the commercial operations management of plants. The range of services further includes energy trading of electricity from renewable sources, trading in biomethane, as well as the sale of green electricity and eco gas to private and commercial customers. The company has an international focus with its core markets in Europe and the USA.
BayWa AG, also based in Munich, is a listed trading company with an international focus. Core business sectors include agriculture, energy and construction.