From pv magazine Germany
BayWa AG says it wants to sell the PV product distribution business of its BayWa re subsidiary. It aims to use the sales proceeds to expand the unit's portfolio as an IPP to 3 GW, with the aim of tripling the size of its renewable energy project business by 2026. The German conglomerate said BayWa re's project pipeline currently comprises 24 GW of projects.
BayWa re's solar trade division has 20 distribution companies and more than 1,400 employees throughout the world. It says it has the potential to increase annual sales of solar modules and inverters to more than 10 GW. However, the Munich-based group did not provide details about the expected sales proceeds.
“With a powerful buyer, we have the opportunity to continue the extraordinary success story of the group that began in 2008,” said Klaus Josef Lutz, CEO of Baywa AG and chairman of the BayWa re supervisory board. “Today we are an important pacesetter in the energy transition. We generate more than half of our consolidated earnings with renewable energies.”
The strategic realignment is related to a capital increase launched at the end of 2020, according to a BayWa spokeswoman. Since then, Swiss investor Energy Infrastructure Partners (EIP) has taken a 49% stake in BayWa re, with parent BayWa AG holding a 51% stake. BayWa re has received €530 million ($563 million) as an equity contribution.
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