Renewable energy firm BayWa r.e., a subsidiary of BayWa AG, sold a 19.5 megawatt solar farm in the United Kingdom, Solar Power Portal reported. Financial firm Allianz Global Investors bought Great Glemham Solar Park, which was completed last year.
"Thanks to the professional implementation of Great Glemham as well as our strong industry network, we were able to secure a long-term power purchase agreement - an important prerequisite, which made the project both for the financing bank as well as for Allianz Global Investors an attractive investment," said BayWa r.e. CEO Matthias Taft.
In addition to the sale, BayWa r.e. has reported successes in its project development business. The company said BayWa r.e. revenues in renewable energy rose 30.2 percent compared to the previous year and updated regulations this year may help with business growth.
"We expect the framework conditions for the industry in Germany to improve as a result of the [Renewable Energy Sources Act] amendment," BayWa AG CEO Klaus Josef Lutz said in a statement. "Combined with the good international market development for renewable energies, we are optimistic that we will meet our targets in 2014."