BayWa r.e. has acquired the business and project pipeline of Victorian-based renewable energy developer, Future Energy.
The acquisition of Future Energy marks the first investment into the Australian onshore wind sector for BayWa r.e. and further cements the company’s position in the country’s growing renewable energy sector.
Matthias Taft, Board member of BayWa AG responsible for the energy business, commented on the investment: “The investment in our first pipeline of Australian wind and small-scale solar projects comes quickly after our growth in the utility-scale solar sector where we have established a 300 MW portfolio. The Future Energy acquisition provides an important platform for BayWa r.e.’s future growth and we are very pleased to welcome the team onboard. We look forward to building a long-term development business together and realising our first projects over the next 18 months.”
Since being established in 2004, Future Energy has successfully developed multiple wind projects. Existing employees will become part of BayWa r.e. and will be complemented by new hires as BayWa r.e.’s Australian business continues to expand.
Katy Hogg, Director of BayWa r.e. Australia Pty Ltd., added: “Our first investment in the onshore wind market in Australia is a really important step in consolidating our business model across Solar & Wind Projects, PV Trade and Operations Management Services. Greater scale and project diversity brings benefits for our investors, PPA customers and funding partners.
“We expect to be exporting electricity from the first few wind projects by the end of 2018, with a view to acquiring, developing and implementing additional projects across Australia in the coming years”.