Alternus Energy Group, an Ireland-based independent power producer, acquired 64.6 MWp Witnica solar project in Poland from German renewables energy company BayWa r.e.

The financial terms were not disclosed. The solar project operates under a ten-year power purchase agreement (PPA) with Gorazdze Cement SA, the Polish subsidiary of German building materials company HeidelbergCement.

BayWa r.e. said it boasts a solar project pipeline of 600 MWp across Poland. The company has set to develop 1.1 GW in the country over the next five years.

Commenting on the new partnership, Dr. Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e. said: “The sale to Alternus Energy aligns well with our goal of developing and selling additional solar capacity in Poland in future years and further highlights the attractiveness of renewable energy assets to investors. We look forward to future engagement with the Alternus team as both companies work to support the transition to renewables across Europe.”

Following the sale, BayWa r.e. will provide operations and maintenance services for Alternus Energy.

“With this acquisition, Alternus increases its power generation capacity by 100% and now operates a diverse portfolio of 24 solar PV parks across five European countries with a combined capacity of 130 MWp,” added CFO of Alternus, Joseph Duey.

Alternus owns and operates a diverse portfolio of utility-scale solar PV parks on long-term government contracts or power purchase agreements with investment-grade off-takers. Started in 2016 with two solar parks with 6 MW capacity, the company currently operates a portfolio consists of 24 parks across Poland, Romania, Italy, the Netherlands, and Germany, totaling 130 MWp.

Project acquisition activity was at a record high in Q2 2021, with over 24 GW of solar projects acquired compared to 14.6 GW in Q1 2021, according to the recently released Mercom’s Solar Funding and M&A Report. Recently, SOWITEC Group, a developer of renewable energy projects in the wind and solar sector, has sold a 400 MW solar PV project in Brazil to an unnamed international energy supply group.