Sale of three British solar farms is largest single transaction for BayWa r.e’s project business
Munich, 31 January 2017: BayWa r.e. has sold three British solar farms to Allianz Renewable Energy Fund II („AREF II“) managed by Allianz Global Investors. This represents the largest single transaction to date for BayWa r.e.’s project business. Combined, the three solar farms have a total output of around 100MWp.
BayWa r.e. has now successfully sold all of the solar projects which it completed in Great Britain in the spring of last year. Vine Farm (45MWp), the largest single project implemented by BayWa r.e. to date, is part of the sale. Last year, the company was able to secure long-term power purchase agreements for all solar farms, further increasing the attractiveness of the assets.
Matthias Taft, Board Member of BayWa AG, responsible for the energy business, comments: “The framework conditions for renewable energy in Europe have been challenging over the past decade, and the market has seen increasing consolidation. I am therefore very pleased to announce our largest project business transaction to date with the sale of 100MWp. With new, innovative services and the development of new markets in Europe, America and Asia, we are well prepared for future developments in the energy sector.”
The three projects were financed through bank loans in the national currency from BayernLB. In 2014, BayWa r.e. had already sold two solar farms in France and Great Britain to funds managed by Allianz Global Investors. BayWa r.e. is still involved in the projects through technical and commercial operations management.
BayWa r.e. renewable energy GmbH (BayWa r.e.):
As a wholly-owned subsidiary of BayWa AG, BayWa r.e. renewable energy GmbH combines the activities of the solar energy, wind energy, bioenergy and geothermal energy business sectors. Based in Munich, BayWa r.e. is a globally active company. As a full service partner with some 1,000 employees and more than 25 years of market experience, BayWa r.e. develops, implements, consults and supports projects in the renewable energies sector. The company also provides the operational management and maintenance of plants. Other business activities include the trade with photovoltaic components and the purchase and marketing of energy from renewable sources.
The parent company BayWa AG is an international trading company and service provider whose core segments include agriculture, energy and construction.