Munich, 28 January 2016: BayWa r.e. has sold Lynt Farm solar park with an output of around 27 MWp to MEAG, the asset manager of Munich Re. Closing took place on 31 December 2015.
The solar farm is situated approximately 40 kilometres to the southeast of Oxford and was realised by BayWa r.e last year. It was commissioned as early as March 2015, allowing the project to be accredited to the ROC scheme (Renewables Obligation Certificates).MEAG acquired 100 percent of the shares in Lynt Farm on New Year’s Eve. “With this sale we are continuing our excellent working partnership with MEAG”, commented Matthias Taft, Board Member of BayWa AG, responsible for the energy business. He went on to say: “For this project we could once again secure a long-term PPA, making this a significantly more attractive investment.” The present PPA (Power Purchase Agreement) secures the sale of the power generated at a fixed price. As with previous projects of BayWa r.e., the purchaser is McDonald’s Restaurant Ltd. “With solar parks like this we are continuing to diversify our portfolio with sustainable investments characterised by limited risks and good returns. In doing so we are making use of the entire group’s expertise”, says MEAG’s Managing Director Holger Kerzel.
BayWa r.e. is responsible for the technical and commercial operations management of Lynt Farm. The operator is guaranteed a 99 % technical plant availability. Thereby the operator is benefitting from highest possible revenues.
Over the coming months, BayWa r.e will be realising further solar projects in Great Britain before the end of March, with a total output of around 130 MW. BayWa r.e. continues to be on the lookout for projects of under 5 megawatts to realise during 2016 and 2017.
BayWa r.e. renewable energy GmbH (BayWa r.e.):
BayWa r.e. renewable energy GmbH, a wholly owned subsidiary of BayWa AG, is responsible for the 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 energy, wind power, bio-energy and geothermal energy.
BayWa r.e.’s business activities range from project development and realisation to PV trade and consultation services. BayWa r.e covers the entire spectrum of technical plant support services, including maintenance. It can also undertake the commercial operations management of plants. The range of services further includes the energy trading of electricity from renewable sources, trading in biomethane, as well as the sale of green power and green gas to private and commercial customers. The company has an international focus, with its core markets in Europe and the USA.
BayWa AG, also based in Munich, is a listed trading company with an international focus. Core business sectors include agriculture, energy and construction.
MEAG stands for best practice asset management for Munich Re and ERGO. MEAG is present in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around € 255 billion.
BayWa r.e. renewable energy GmbH
Telephone: +49 89-383932-5817
BayWa r.e. renewable energy GmbH
Herzog-Heinrich-Strasse 9 | 80336 Munich, Germany
T +49 89 383932-5817
F +49 89 383932-32