BayWa r.e., a wholly owned subsidiary of global conglomerate BayWa AG, and Geenex Solar LLC, a leading North Carolina-based developer, have joined forces to develop an initial portfolio of solar projects in North Carolina and Virginia totaling 350 MW. The first collaboration is a 5 MW project located in Northampton, North Carolina. The Hemlock project has started construction and is scheduled to be completed by the end of 2016. The parties plan to begin constructing the next projects over the coming months with energy deliveries from the portfolio expected in 2017 and 2018.
The projects range in size from 20 to 100 MW and are in different stages of development. BayWa r.e. will provide turn-key engineering, procurement, construction, financing and O&M, while Geenex will utilize its local expertise to drive development activities.
The growing demand for solar powered energy generation in the PJM market is being driven increasingly by corporates, municipalities, educational institutions, and utilities looking to procure renewable energy at competitive rates. The partnership enables BayWa r.e. and Geenex to generate the scale, efficiency, and certainty required to serve this growing customer demand for clean energy, supplied at competitive rates and in line with their scheduling needs.
By partnering from the earliest stages of development, the parties provide continuity and a full-service solution throughout the lifecycle of the solar projects, ensuring the highest quality assets and customer engagement. BayWa r.e. and Geenex intend to expand the scope and scale of the partnership over the coming years to better serve customer needs with integrated, renewable energy solutions.
“BayWa r.e.’s expertise in design, construction, and operation, combined with our financial strength, ideally positioned us to partner with Geenex. Their expertise in development and local knowledge enable us to take the necessary steps to make these major investments,” commented Jam Attari, CEO BayWa r.e. Solar Projects LLC.
“We are very pleased to collaborate with BayWa r.e. who has proven to be a strong and committed partner that shares our vision of community involvement and clean power production. We have a long-term plan in the region which now moves into the second phase. Our pipeline is unfolding while being continuously expanded,” stated Georg Veit, CEO of Geenex.
Geenex and BayWa r.e. share a commitment to invest in local communities and expect to positively impact the local economy through increased tax revenue, job creation, and community development.
BayWa r.e. renewable energy GmbH is a wholly-owned subsidiary of BayWa AG and combines the activities of the solar, wind, bio- and geothermal energy business sectors. BayWa r.e.’s core markets are Europe and the USA. The German based company is a full-service-partner, employing around 950 and drawing on more than 25 years of experience in the market. Today, BayWa r.e. develops, realizes, consults on and supports renewable energy and solar projects. In addition, the company operates and maintains renewable energy plants. Further business activities include wholesaling PV components, as well as purchasing and trading in green energy.
BayWa r.e.’s US subsidiaries are active in the solar and wind markets of the Americas. They focus on wind and solar projects, O&M and the distribution of PV components. ItBayWa r.e.’s parent company, BayWa AG, is an international trading and service enterprise with core areas of business in the agriculture, energy and construction sectors.
Geenex Solar LLC is a North Carolina-based developer of large-scale solar projects. Geenex has been developing solar projects since 2012, identifying and assessing suitable sites and developing shovel-ready projects. With a focus on open power markets in the eastern United States, Geenex claims to combine technical expertise with strong local insight. In turn, Geenex states, that this delivers outstanding projects from the investment, technical and community standpoints. It wants to drive forward its belief in the benefits of solar, to establish the advantages of renewable energy expand beyond the delivery of clean, emission-free power, to significantly bolster local economies and communities.