The transaction, finalised in October 2024, represents the largest portfolio sale in BayWa r.e. Group’s history. Credit: Suranto W/Shutterstock.

BayWa r.e. has completed the sale of three solar projects in the US to a privately held undisclosed renewable independent power producer (IPP).

The portfolio, with a total capacity of 517 MWDC [megawatts defined conditions], will be operational by the end of 2025.

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 The transaction, finalised in October 2024, represents the largest portfolio sale in BayWa r.e. Group’s history.

BayWa r.e. Americas CEO Fred Robinson stated: “We are pleased to complete the largest portfolio sale in the history of the BayWa r.e. Group, and to strengthen the American energy grid with renewable energy.

“This transaction reaffirms our strategy in identifying high-quality projects in key markets. We look forward to further expanding our pipeline to meet the rapid demand growth in the US.”

The solar projects are situated within the territories of two major US grid operators, the PJM (Pennsylvania, New Jersey, Maryland) Interconnection and the Midcontinent Independent System Operator (MISO).

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These projects are already contributing to significant economic activity in their respective regions by supporting local businesses and creating jobs during construction, in addition to generating long-term tax revenue.

Legal counsel for the transaction was provided by Stoel Rives, while Marathon Capital served as sell-side advisor to BayWa r.e.

The sale follows BayWa r.e.’s September 2024 transaction in which it sold four UK solar projects to Octopus Energy Generation, one of Europe’s leading specialist renewables investors. This UK portfolio, with a combined capacity of 222 MWp [megawatts peak], has the potential to power 80,000 households with green electricity.

Included in the UK sale were project rights for the 50 MWp Perrinpit Road solar park, developed in a joint venture with Grüne Energien Solar. The other three projects, Driffield, South Fambridge Hall and Corner Copse, begin construction in 2024.

In July 2024, BayWa r.e. announced the sale of the Almodóvar solar park in Spain to Encavis, an independent power producer.