German Renewables firm BayWa r.e., a subsidiary of BayWa, has acquired a 70 percent shareholding in a project pipeline of approximately 2 gigawatts of PV power plants in the Netherlands from Dutch firm GroenLeven Group.
The sales price was approximately €159 million ($195 million).
GroenLeven Group will retain a 30 percent share in the project pipeline in the Netherlands as part of a joint venture operation.
The deal with the Netherlands-based solar project developer will mark the entry of the Germany-based BayWa in the Dutch solar project business.
The project is expected to be fully online by 2023.
