DGAP-Ad-hoc: BayWa AG continues to expand its international operations by entering the US wind power business
BayWa AG / Key word(s): Acquisition
29.08.2011 08:46
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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BayWa continues to expand its international operations by entering the US
wind power business
BayWa AG is expanding its international operations by stepping up its
activities in the field of renewable energies: The trading group has
entered the wind power project business in the USA through its wholly-owned
US subsidiary BayWa r.e USA LLC. BayWa r.e has acquired 70 percent of WKN
USA, LLC from Windkraft Nord USA, Inc., a subsidiary of WKN AG. WKN AG is
an international wind power project management company based in Germany in
which, among other companies, Siemens Project Ventures GmbH (SPV), part of
Siemens Financial Services (SFS), also holds shares. A stake of 30 percent
in the shares in WKN USA will remain with WKN AG and the management.
Due to the assumption of net liabilities of approximately USD 15 million,
the acquisition of the company shares does not result in the payout of a
purchase price.
WKN USA has established itself as a well-known project developer of wind
farms and, along with other projects, has built the USA's highest wind park
to date with a hub height of 105 meters for an Italian energy provider.
Through this new investment in the USA, BayWa has secured great potential
for realising onshore wind projects in a number of US federal states. The
project pipeline comprises around 110 megawatts (MW) in ready-to-build
projects plus a pipeline of 1,000 MW.
Following on from the Group's entry into the US wholesale business for
photovoltaic plants by taking over a company at the end of 2010, BayWa has
now used this recent acquisition to expand its renewable energies
activities in the USA to include wind power. BayWa AG considers this
current acquisition as a logical step in the consistent implementation of
its international strategy. The acquisition also represents the Group's
further diversification in the field of renewable energies with a view to
securing growth opportunities in attractive markets.
BayWa r.e GmbH is a wholly-owned subsidiary of BayWa AG. The Group has
concentrated all its activities in the field of renewable energies under
BayWa r.e and is positioning itself in this growth market. Through the
subsidiaries of BayWa r.e, which operate internationally in the areas of
biogas and photovoltaic plants and wind farms, BayWa has established itself
as a project developer and trader in the renewable energies sector.
WKN AG develops, builds and sells turnkey wind power projects in Europe,
North America and South Africa. As the first German wind park developer,
WKN AG has successfully positioned itself in the high-growth US-market
through its subsidiary Windkraft Nord USA, Inc. (www.windkraftnord.com).
Over the last 20 years, WKN AG has developed and realized more than 80 wind
power projects with an installed capacity of more than 1,000 MW.
(www.wkn-ag.de)
Siemens Project Ventures GmbH (SPV) is a company of Financial Services
(SFS), the finance division of Siemens. Together with renowned partners,
SPV has with equity capital contributions been involved worldwide in the
development of infrastructure projects, particularly in the energy,
transport and healthcare sectors. SPV has already participated in the
development of 14 international power plant projects with an overall
capacity of more than 8.000 MW as well as in three telecommunication
projects, two medical centers and an airport, with a cumulative project
volume of 10 billion USD.
The Siemens cross sector Financial Services (SFS) is an international
provider of financial solutions in the business-to-business area. With
about 2,000 employees and an international network of financial companies
coordinated by Siemens Financial Services GmbH, Munich, SFS supports
Siemens as well as non-affiliated companies, focusing on the three sectors
of energy, industry and healthcare. SFS finances infrastructure, equipment
and working capital and act as a competent manager of financial risks
within Siemens. For more information see: www.siemens.com/finance.
BayWa Aktiengesellschaft, Arabellastraße 4, D - 81925 Munich, www.baywa.de
WKN 519406 // ISIN DE0005194062; WKN 519400 //
ISIN DE0005194005
Contact:
Contact:
Marion Danneboom, BayWa AG, Head of PR/Corporate Communication,
tel. +49 (0)89/92 22-36 80, Fax +49 (0)89/92 22-36 98,
e-mail: marion.danneboom@baywa.de
29.08.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: BayWa AG
Arabellastraße 4
81925 München
Germany
Phone: 089/ 9222-3691
Fax: 089/ 9222-3698
E-mail: marion.danneboom@baywa.de
Internet: www.baywa.de
ISIN: DE0005194062, DE0005194005,
WKN: 519406, 519400,
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of Announcement DGAP News-Service
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