BayWa to offer solar loans for US customers, adds 130 MW of PV in UK


German solar developer BayWa partners with Spruce Finance Inc. to expand its finance program in the United States. Now, members of BayWa’s dealer network will have access to Spruce loan products. The company pledges to provide its customers with “simple and affordable solar loan process”.

“Spruce’s loans are a great addition to our finance program. They will allow independent installers to grow with fewer constraints and compete with larger national players,” Boaz Soifer, CEO of BayWa r.e. Solar Systems LLC, said in the announcement.

Earlier this week, BayWa reported the completion of six new solar projects in the U.K. The German solar developer acted as financier in all of them, and now it discusses the sale of the assets with institutional investors.

The new solar farms are located in England and Wales. One of them, 45MW Vine Farm in Cambridgeshire, is the biggest single solar project realized by BayWa to date. Six PV plants with the total capacity of 130 MW were commissioned just on time to meet the deadline of the Renewable Obligation (RO) scheme, which has been cut off today.

"These six newly installed plants have increased the output we have realized in the U.K. in the areas of wind and solar to a total of 390 MW,” said Matthias Taft, Board Member of BayWa AG, responsible for the energy business. “Alongside our business activities in Europe and the USA, we are currently working on plans to implement our first solar projects in Asia."