November 29 (Renewables Now) - German diversified group BayWa AG (ETR:BYW6) said Thursday it was in final talks over the sale of a stake in its renewables subsidiary BayWa r.e renewable energy GmbH.
A number of investors have made offers to acquire about 49% of BayWa r.e. as part of a bidding process conducted by its parent. The process is to be concluded shortly, with the stake valued at a level exceeding BayWa's initial expectations, according to the statement.
The new investor will take a stake in BayWa r.e. through a capital increase. Until this moment, the renewables subsidiary was 100% owned by BayWa.
BayWa r.e. has commissioned over 2.8 GW of wind and solar power projects around the world and manages over 7 GW of assets.