Munich-headquartered BayWa AG marked its entry into the Netherlands solar market with the purchase of a 70% stake in a 2-GW solar project pipeline from GroenLeven Group.
GroenLeven will retain a 30% stake in the pipeline through a joint venture with BayWa. The transaction is subject to final approval from the relevant antitrust authorities. Financial details of the deal were not disclosed.
"The Netherlands is an attractive and evolving market for the development of solar installations. The country has established and workable feed-in regulations, and renewable energy generation is yet to realise its full potential," BayWa AG CEO Klaus Josef Lutz said in a March 15 news release.
GroenLeven is a developer and operator of large-scale solar roofs and solar parks across the Netherlands.
