BayWa r.e., a renewable energy project developer, announced the sale of three solar projects totaling 517 MWdc to a privately held renewable independent power producer. The company finalized the transaction in October.
The projects, located in the PJM Interconnection and the Midcontinent Independent System Operator regions, are expected to reach commercial operation by the end of 2025.
Stoel Rives acted as legal counsel for BayWa r.e., while Marathon Capital acted as the sell-side advisor to the company on the transaction. Financial details about the transaction were not disclosed.
“We are pleased to complete the largest portfolio sale in the history of the BayWa r.e. Group and to strengthen the American energy grid with renewable energy”, said Fred Robinson, CEO at BayWa r.e. Americas. “This transaction reaffirms our strategy in identifying high-quality projects in key markets. We look forward to further expanding our pipeline to meet the rapid demand growth in the U.S.”
In September, the company announced the sale of four solar projects to Octopus Energy Generation, a renewable energy investment firm. The projects have a combined capacity of 222 MWp across the U.K. The sale comprises project rights for the 50 MWp Perrinpit Road solar project in Bristol, developed under a joint venture with Grüne Energien Solar.
The company, headquartered in Munich, currently has approximately 3.3 GW of total solar capacity globally.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
Last week, BNZ, a solar project developer and an independent power producer, announced the acquisition of two greenfield solar projects totaling 127.7 MW from GreenGo, a renewable energy project developer.
