From pv journal Germany

BayWa AG says it needs to promote its PV product distribution enterprise to its BayWa subsidiary. It goals to make use of the sale to broaden the unit’s portfolio as an IPP to three GW, with the objective of tripling the scale of its renewable power undertaking enterprise by 2026. The German conglomerate stated BayWa’s undertaking pipeline is now overlaying 24 GW tasks.

BayWa re’s photo voltaic commerce division has 20 distribution corporations and greater than 1,400 staff worldwide. It says it has the potential to extend annual gross sales of photo voltaic modules and inverters by greater than 10 GW. Nevertheless, the Munich-based group didn’t present particulars about anticipated gross sales income.

“With a powerful purchaser, we have now the chance to proceed the group’s extraordinary success story that started in 2008,” stated Klaus Josef Lutz, CEO of Baywa AG and chairman of the BayWa re supervisory board. “At the moment we’re an vital pacesetter within the power transition. We generate greater than half of our mixed revenue with renewable power.”

The strategic realignment is expounded to the capital improve launched on the finish of 2020, in line with a BayWa spokesperson. Since then, Swiss investor Power Infrastructure Companions (EIP) has taken a 49% stake in BayWa re, with father or mother BayWa AG holding a 51% stake. BayWa re acquired €530 million ($563 million) as an fairness contribution.

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