BayWa r.e. Completes Sale of Largest Solar Portfolio

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Nov 21, 2024, 07:40 ET

Projects in the PJM and MISO regions, two major U.S. grid operators, will deliver 517 MWDC of renewable energy, significantly increasing capacity on the U.S. grid by 2025.

IRVINE, Calif., Nov. 21, 2024 /PRNewswire/ -- BayWa r.e. completed the sale of three solar projects to a leading privately held renewable Independent Power Producer (IPP). The portfolio, totaling 517 MWDC of solar capacity, represents a significant step in expanding the nation's renewable energy infrastructure. The projects will reach commercial operation by the end of 2025. BayWa r.e. finalized the transaction in October.

"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", said Fred Robinson, CEO at BayWa r.e. Americas. "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."

Located in the PJM Interconnection (PJM), originally named for Pennsylvania, New Jersey, and Maryland, and the Midcontinent Independent System Operator (MISO), two major U.S. grid operators, the projects are already driving substantial economic activity in the regions. They support local businesses and service providers during construction, while also creating local jobs and generating long-term tax revenue.

Stoel Rives served as legal counsel for BayWa r.e. and Marathon Capital advised BayWa r.e. as the sell-side advisor.

About BayWa r.e. Americas

BayWa r.e. Americas is a leading utility-scale solar, wind, and battery energy storage developer and service provider. Headquartered in Irvine, California, we oversee all aspects of renewable development from site origination through long-term operations. We have over 11.6 GW in our development pipeline, manage over 1.2 GW of operational assets across the U.S. and Mexico, and have delivered over 2 GW of renewable projects since 2014.

BayWa r.e. Americas is part of BayWa r.e., a global leader in renewable energy. As a group, BayWa r.e. has brought over 6 GW of energy online, manages more than 10.5 GW of assets. In addition to BayWa r.e. Americas, a development and services company, BayWa r.e. has two additional subsidiaries in the Americas focused on solar distribution and energy solutions. For more information, visit https://us.baywa-re.com

SOURCE BayWa r.e. USA LLC