BayWa r.e. has successfully completed the sale of three solar projects in the United States to a privately held, undisclosed renewable independent power producer (IPP). This portfolio, boasting a total capacity of 517 MWDC (megawatts direct current), is expected to be operational by the end of 2025.
Record-Breaking Transaction
Finalized in October 2024, this transaction represents the largest portfolio sale in the history of the BayWa r.e. Group. Fred Robinson, CEO of BayWa r.e. Americas, expressed enthusiasm about the sale, stating, “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. 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 US.”
Project Locations and Economic Impact
The solar projects are strategically located within the territories of two major US grid operators: the PJM (Pennsylvania, New Jersey, Maryland) Interconnection and the Midcontinent Independent System Operator (MISO). These projects are already driving significant economic activity in their regions, supporting local businesses and creating jobs during the construction phase, while also generating long-term tax revenue.
Legal and Advisory Support
Legal counsel for the transaction was provided by Stoel Rives, while Marathon Capital served as the sell-side advisor to BayWa r.e.
Recent Transactions
This sale follows BayWa r.e.’s earlier transaction in September 2024, where it sold four solar projects in the UK to Octopus Energy Generation, a leading specialist in renewable investments. The UK portfolio, with a combined capacity of 222 MWp (megawatts peak), has the potential to power 80,000 households with green electricity. Notably, the UK sale included project rights for the 50 MWp Perrinpit Road solar park, developed in collaboration with Grüne Energien Solar. The other three projects—Driffield, South Fambridge Hall, and Corner Copse—are set to begin construction in 2024.
Earlier in July 2024, BayWa r.e. also announced the sale of the Almodóvar solar park in Spain to Encavis, another independent power producer.
Conclusion
The completion of this record-breaking sale underscores BayWa r.e.’s commitment to advancing renewable energy in the US and globally. As the demand for sustainable energy solutions continues to grow, BayWa r.e. is well-positioned to expand its portfolio and contribute to a greener energy future.
Sources
- BayWa r.e.
- PJM Interconnection
- Midcontinent Independent System Operator (MISO)
- Octopus Energy Generation
- Stoel Rives
- Marathon Capital
