Investors take over 49 percent of BayWa r.e.
- With a capital payment of EUR530 million ($ 631 million), unnamed funds are taking control of 49 percent of the shares in German renewable energy project programmer BayWa r.e. Renewable Energy GmbH.
BayWa AG, which stays the majority shareholder with a 51 percent stake, expects to obtain the cash before completion of March. The funds were "advised" by Swiss investor Energy Infrastructure Partners (EIP), mentioned the firm.
According to BayWa AG Chief Executive Officer Klaus Josef Lutz, BayWa r.e.'s project, solution and also solutions business will be enhanced and also the company will certainly be developed into an independent power manufacturer (IPP) to run chosen solar as well as wind power plants with an overall capability of approximately 2.5 GW "in the tool term".
Upon completion of the deal, BayWa r.e. will alter its name from a GmbH (limited obligation company) to an AG (stock company). Matthias Taft, until now the BayWa Board Member in charge of energy, will certainly become Managing Supervisor of the brand-new BayWa r.e. AG. Marcus Pöllinger, member of the Board of Administration, will take control of the Classical Energy organization sector. Klaus Josef Lutz will certainly be in charge of the Renewable Energies company sector in his feature as Chairman of the Supervisory Board of BayWa r.e. AG.
