BayWa r.e., a renewable energy service provider, developer, and distributor, announced the acquisition of the 46 MW White Gate solar project in Constanța county in Southeastern Romania.
Romanian-based law firm Filip & Company advised the company. Financial details about the transaction were not disclosed.
“In the context of climate change, the development of renewable energy projects is essential. Romania has a huge potential in the field of solar energy and it is vital to harness these resources to ensure a cleaner and more sustainable future. The acquisition of this photovoltaic park by BayWa r.e. marks an important step in strengthening Romania’s renewable energy infrastructure. We are glad to have had the opportunity to work with the BayWa r.e. team on this transaction and thank them for their trust,” said Ioana Roman, partner and head of Real Estate at Filip & Company.
Last year, BayWa r.e. secured €32.5 million (~$34.67 million) in financing for a 54 MW solar project in Spain. The project is part of two long-term PPAs signed by BayWa r.e. and VELUX Group, including constructing another solar park in the Seville region and Andalusia. Both facilities will enable the roof window manufacturer to power 100% of its European operations with renewable energy by 2024.
According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a quarter-over-quarter comparison, 13.7 GW of solar projects were acquired in Q4 2023.
This week, Q ENERGY, a solar, energy storage, and wind project developer, announced the sale of the 33 MW Whinfield Solar Project near Darlington in Northeast England to AlphaReal, an assets investment manager. The project, currently under construction, will have around 60,000 ground-mounted solar modules. Once operational, Q Energy expects the Whinfield project to generate clean electricity enough to power over 8,700 households in the U.K.
