Germany's BayWa renewable energy GmbH (BayWa r.e.) has acquired the financially strapped Martifer Solar USA for a reported $7.6 million.
The company, a subsidiary of Martifer Solar, a division of Portuguese construction and engineering group Martifer SGPS, filed for bankruptcy protection with a Nevada court in January after it was unable to come to terms with creditors. The court has now approved BayWa r.e.'s takeover of the company.
BayWa r.e.'s activities in the U.S. have until now been limited to the acquisition of PV plants at various stages of development. With the addition of Martifer Solar USA, the group aims to become an active PV project developer.
BayWa r.e. CEO Matthias Taft said the acquisition provides the company with the ideal partner to advance its PV project activities in the U.S. BayWa is already active in the wind farm sector.
Taft added that the U.S. offered a large market for renewable energy as well as an ample supply of high-yield open land as well as large roof areas.
It's a potential BayWa r.e. intends to tap through its new acquisition, which is expected to close this month as part of an asset deal.
BayWa r.e. is the renewable energy division of German conglomerate BayWa AG, which operates in the agriculture, building materials and energy sectors.