Renewable energy project developer BayWa r.e. has sold three UK-based photovoltaic projects to the asset management arm of German reinsurance firm Munich Re.
The sold-off projects include Whitland South in Wales, Forest Heath in Cambridgeshire and Polmaugan in Cornwall and have a total output of 28MWp, with closing of the sales having completed on 31 December and 28 February.
Munich Re’s asset management arm has acquired 100% of the shares in all three solar parks after partnering with MEAG Munich Ergo Asset Management, and the sales mean that BayWa r.e has now sold off all of its previously built and commissioned freestanding PV plants.
BayWa r.e. managing director Matthias Taft said the firm was “particularly pleased” to have sold the farms to MEAG, which he described as an “experienced and financially strong business partner”.
“Our PV plants in the UK are based on reliable returns, which make them highly attractive to institutional investors,” Taft added.
BayWa r.e, the renewable energy subsidiary of Munich-based BayWa AG, has completed renewable energy projects with a total output in excess of 110MW in the UK and currently has a number of other PV projects at the planning or construction stage.