July 25 (Renewables Now) - MEAG, the asset manager of Munich Re (FRA:MUV2) and ERGO, has contracted BayWa re renewable energy GmbH to assume the technical and commercial asset management of three UK wind farms totalling 102 MW.
Under the terms of the new deal, the renewables arm of German diversified group BayWa AG (ETR:BYW6) will undertake the management of the 65-MW Scout Moor wind park in Lancashire and the 16-MW Bagmoor wind farm in Lincolnshire, England, as well as of the 21.25-MW Tir Mostyn plant in Denbighshire, Wales.
BayWa re already conducts the operation and maintenance (O&M) on four UK solar farms totalling 55 MW on behalf of MEAG.
“Today, we have over 1.9 GW of solar and wind power already under management within the UK and Ireland, with a further c. 500 MW in our development and construction pipeline,” commented Oliver Niedhoefer, managing director of BayWa re Operation Service Limited.
At present, MEAG manages some EUR 268 million (USD 298.5m) in global assets for Munich Re and ERGO, as well as private and institutional customers.
(EUR 1.0 = USD 1.11)