Through its subsidiary BayWa r.e. GmbH, BayWa AG has sold its 13 major Spanish projects in the photovoltaic sector to institutional investors from the insurance industry. The technical management of the systems will remain with BayWa r.e.
The 13 solar projects are open area and rooftop systems with a total capacity of 36MW. They were installed during 2010 and 2013 and are located on the Spanish mainland and on Majorca.
"We are glad that these systems could be sold off successfully in spite of difficult regulatory conditions for renewable energy in Spain. This shows that BayWa r.e. systems are of interest to investors even in this kind of market environment", explained Klaus Josef Lutz, Chief Executive Officer of BayWa AG. The Spanish government significantly reduced, or in some cases even discontinued, its support for renewable energy systems in 2013 due to the high government debt following the banking and financial crisis. "Through the technical management of the systems we remain active in the Spanish market and also want to further expand the service sector for wind and solar systems there", added Matthias Taft, member of BayWa's management board and responsible for the energy business.