BayWa r.e. buys Martifer Solar USA
Germany’s BayWa r.e. has acquired Martifer Solar USA, the solar development subsidiary of Portugal’s Martifer Group which filed for bankruptcy protection earlier this year after failing to come to terms with its creditors.
BayWa r.e., the renewables division of publicly listed trading company BayWay, paid a reported €7.6m ($10.3m) for Martifer Solar USA, saying it will use the company as a platform to become a significant PV developer in the expanding US solar market.
The acquisition comes after an approval by the Nevada court where Martifer Solar USA had filed for Chapter 11 bankruptcy.
Founded five years ago, Munich-based BayWa r.e. is engaged in a broad range of activities in the renewables industry, and hauled in revenues of €486m last year.
Yet while it has been an active buyer of PV projects in the US, it has not – until now – had a platform for developing projects of its own.
The rest of Martifer Solar’s businesses remain unaffected by the bankruptcy or takeover of Martifer Solar USA, and the company remains highly active in a number of key PV markets around the world.