Allianz Global Investors has splashed the cash to acquire around 100MW of UK solar from BayWa r.e., in what is the German developer’s largest single transaction to date.
Three assets, all of which were completed under the 1.3 ROC support regime which concluded last March, will now be housed within Allianz’ Renewable Energy Fund II.
The sale includes the 45MWp Vine Farm solar park which remains BayWa r.e.’s largest single completed project to date.
All three assets were financed through bank loans provided by BayernLB.
BayWa r.e. also revealed that all three assets have the benefit of long-term power purchase agreements for the electricity generated, which the company said further increased the attractiveness of the assets.
Matthias Taft, board member at BayWa AG with responsibility for its renewables division, said there had been “increasing consolidation” within the European renewables market over the last decade, and hinted at BayWa r.e.’s future outside of pure project development.
“With new, innovative services and the development of new markets in Europe, America and Asia, we are well prepared for future developments in the energy sector,” he said.
Earlier this month BayWa r.e. completed the acquisition of UK O&M business Green Hedge Operational Services, and Solar Power Portal spoke to both Tess Sundelin and Tobias Bittkau about how the newly-formed BayWa r.e. Operation Services would be taking aim at the UK’s burgeoning O&M market.