BayWa r.e. sells its biggest solar farm to date to Allianz Global Investors
BayWa r.e. has sold the large-scale photovoltaic project, La Coste, to Allianz Global Investors. Closing took place on December 9. The portfolio, with a total output of just under 60 MWp, consists of six linked freestanding plants near Bordeaux and Toulouse. This corresponds to eight percent of the PV capacity installed in France during 2013.
"The successful implementation and sale of our largest solar farm to date is a milestone in the company's history, enabling us to continue our excellent collaboration with Allianz Global Investors", says Matthias Taft, Chairman of the Management Board of BayWa r.e. "We are glad to be continuing to manage the project with our own staff, thereby ensuring that services are carried out to our usual high standard." After the British solar farm, Great Glemham, La Coste is the second project to be sold to Allianz Global Investors.
As general contractor, BayWa r.e. realised the solar farm portfolio together with various partners within a year. Despite difficult working conditions due to the severe cold weather during winter 2013/2014, the company was able to complete all plants on time. Fontenet, the final section, went operational in September 2014. The power generated at La Coste is exported to the public grid. With an annual power production of over 75,000,000 kWh, the plant supplies around 20,000 French households a year with renewable energy.
Dr. Armin Sandhövel, Chief Investment Officer (CIO) for Infrastructure Equity at Allianz Global Investors is convinced: "The French solar project is another first class investment that has enabled us to spread the assets of the Allianz Renewable Energy Fund (AREF) across a wide range of geographical and technical areas. Following on from the acquisition of Great Glemham in the UK, we are happy to be extending the successful partnership with BayWa r.e. to France. With La Coste, the AREF has now been fully invested."
BayWa r.e. has been active in the French renewables sector since 2005. Before the current large-scale project, the company implemented several wind farms and smaller solar farms in various regions of France. For the coming three years the implementation of further projects with a total output of over 100 MW is planned. In addition, BayWa r.e. is taking on the technical and commercial operations management of its own and third-party plants in France.
Allianz Global Investors is a diversified active investment manager with a sound parent company and risk management culture. With 23 branches in 17 countries, the company offers global investment competence and extensive research expertise. Allianz Global Investors manages assets of over €387 billion for private investors, family firms and institutional investors, and employs over 500 investment specialists.
About BayWa r.e. renewable energy GmbH:
BayWa r.e. renewable energy GmbH, a wholly owned subsidiary of BayWa AG, is responsible for BayWa group’s renewable energy business. BayWa r.e. was founded in 2009 and is based in Munich. It acts as a holding company for various business interests in the areas of solar, wind energy, bio-energy and geothermal energy.
BayWa r.e.’s business activities range from project development and realisation to PV trade and consulting services. The company covers the entire spectrum of a professional technical plant support service, including maintenance. It can also undertake the commercial operations management of plants. The range of services also includes trading of renewable energy power, trading in biomethane as well as the sale of eco power and eco gas to private and commercial customers. The company has an international focus with its core markets in Europe and the USA.
BayWa AG (Munich) is a listed trading company operating on an international platform. Its main business sectors are agriculture, energy and building materials