Germany-based BayWa r.e. has acquired troubled solar developer Martifer Solar USA Inc.
Martifer Solar USA, which filed for Chapter 11 bankruptcy in January, is a subsidiary of Portugal-based Martifer Solar. In a notice, parent company Martifer SGPS says the $7.6 million acquisition has been approved by a bankruptcy court in Nevada, and BayWa r.e. is buying the majority of the assets of Martifer Solar USA.
BayWa r.e., the renewable energy arm of BayWa AG, says that although it is already active in the U.S. wind farm development and PV trade segments, this buy will now allow the company to venture into the country's solar development business.
‘With this strategic acquisition, we've found the ideal partner to further our PV project activities in the USA," says Matthias Taft, chairman of the BayWa r.e. management board." There's a huge market for renewables in America, and a wide range of suitable freestanding and large rooftop sites which boast high yields. We can now leverage this potential via our new platform, in conjunction with our other activities.’