Germany-based BayWa is planning to expand its footprint in the Dutch solar project business by acquiring a 70% stake in a solar project pipeline totalling 2GW from a consortium of GroenLeven Group.
BayWa intends to make the acquisition through its renewable energy subsidiary BayWa re, which focuses on activities related to the solar energy, wind energy, bioenergy and energy trading business units.
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The completion of the deal is subject to the final approval from the relevant anti-trust authorities.
BayWa chief executive officer Klaus Josef Lutz said: “The Netherlands is an attractive and evolving market for the development of solar installations. The country has established and workable feed-in regulations and renewable energy generation is yet to realise its full potential.”
Established in 2012, GroenLeven develops large-scale solar roofs and parks across the Netherlands.
GroenLeven founder Sytse Bouwer said: “Just like BayWa, GroenLeven has strong roots in the agricultural sector having originally focused its business on helping farmers to become more energy efficient.
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By GlobalData“Consequently, the two businesses match perfectly and share a similar philosophy and passion for driving forward the renewable energy agenda.”
By forming a joint venture with Baywa re and retaining 30% of the pipeline, GroenLeven Group intends to stay in the business.
BayWa management board member Matthias Taft said: “Because the country has so far relied mainly on natural gas, renewable energy must now be significantly expanded to achieve the necessary CO2 reductions. Tariffs have already been secured for around 800MW of GroenLeven’s pipeline, the biggest pipeline in Europe.”
Taft further explained that BayWa re will support delivery, finance and sales for GroenLeven’s solar project pipeline.
