March 15 (Renewables Now) - BayWa re renewable energy GmbH is awaiting permission to buy a majority stake in a 2-GW solar project portfolio in the Netherlands, thus marking its entry into the Dutch photovoltaic (PV) market.
The company, which is the renewables arm of German diversified group BayWa AG (ETR:BYW6), said on Thursday it will acquire a 70% interest in the projects from a consortium led by local developer GroenLeven Group. The transaction is subject to antitrust clearance.
Commenting on the growth opportunities on the Dutch solar market, BayWa AG’s CEO Klaus Josef Lutz said that the country “has established and workable feed-in regulations, and renewable energy generation is yet to realise its full potential.”
About 800 MW of the 2 GW of projects in the portfolio have already secured power sale tariffs.
With the deal, GroenLeven will benefit from support in the delivery, financing and sales for its pipeline, BayWa said.