BayWa r.e. has sold three 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 GB 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.