Switzerland s Energy Infrastructure Partners takes large stake in developer BayWa r e
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CORRECTED-UPDATE 1-BayWa to sell 49% of renewable unit to fund EIP for $642 mln
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10 December 2020 9:08 GMT Updated 10 December 2020 10:54 GMT
Energy Infrastructure Partners – formerly Credit Suisse Energy Infrastructure Partners – will take a €530m ($640m) 49% stake in German developer BayWa r.e, in the Swiss investor s latest foray into renewable-focused companies and projects.
With a 51% stake, trading group BayWa will remain BayWa r.e.’s majority shareholder after “the largest transaction in BayWa company history,” BayWa’s chief executive Klaus Josef Lutz said.
“Together with our green bond successfully placed in 2019, we have thus acquired €1.03bn in less than two years on the capital market for the renewable energies business unit.”
Lutz said together with EIP, his company plans to transform BayWa r.e. into an independent power producer (IPP) with a total production capacity of up to 3GW in the medium term.