Investors take over 49 percent of BayWa r.e
Post date: 18/03/2021 - 09:48
With a capital contribution of €530 million ($631 million), unnamed funds are taking over 49 percent of the shares in German renewable energy project developer BayWa r.e. Renewable Energy GmbH. BayWa AG, which remains the majority shareholder with a 51 percent stake, expects to receive the money before the end of March. The funds were »advised« by Swiss investor Energy Infrastructure Partners (EIP), stated the company.
According to BayWa AG CEO Klaus Josef Lutz, BayWa r.e.'s project, service and solutions business will be strengthened and the company will be developed into an independent power producer (IPP) to operate selected solar and wind power plants with a total capacity of up to 2.5 GW »in the medium term«.
Upon completion of the transaction, BayWa r.e. will change its name from a GmbH (limited liability company) to an AG (stock corporation). Matthias Taft, until now the BayWa Board Member responsible for energy, will become Managing Director of the new BayWa r.e. AG. Marcus Pöllinger, member of the Board of Management, will take over the Classical Energy business sector. Klaus Josef Lutz will be responsible for the Renewable Energies business sector in his function as Chairman of the Supervisory Board of BayWa r.e. AG.