BayWa r.e. places intl solar trade company on the block
- Germany's BayWa Group (ETR: BYW6) has placed the global solar trade business of its renewable energy subsidiary up for sale.
The decision for the divestment of Solar Trade belongs to the critical reorganisation of BayWa r.e. AG which will concentrate on its global project business as well as expand better as an independent power producer (IPP), the Munich-based group stated on Wednesday.
BayWa r.e.'s solar trading service consists of more than 20 distribution business with over 1,400 workers and its core markets remain in Europe. The group estimates that Solar Trade might increase its annual sales of solar components as well as inverters to over 10 GW amidst expanding demand fuelled by the change to renewable resource.
Roland Doerig, taking care of partner of BayWa r.e.'s core investor Energy Infrastructure Partners (EIP) commented that "the high degree of momentum out there in recent times, combined with Solar Trade's success and also placement as a market leader, must make this a very attractive possibility for possible buyers."
The proceeds from the sale will be bought BayWa r.e.'s project business which need to triple by 2026. Part of the fresh funds will be made use of to raise the IPP portfolio to 3 GW.
