German project developer BayWa AG has entered the U.S. wind market through its wholly owned U.S. subsidiary BayWa r.e USA LLC. BayWa r.e has acquired 70% of WKN USA LLC from Windkraft Nord USA Inc., a subsidiary of WKN AG.
A 30% stake of the shares in WKN USA will remain with WKN AG and the management. Due to the assumption of net liabilities of approximately $15 million, the acquisition of the company's shares does not result in the payout of a purchase price.
‘This acquisition underscores our strategy of expansion in a profitable future-oriented market, as there are huge growth opportunities for wind and solar in the USA,’ says Roland Schuler, a BayWa, a board member.
BayWa's project pipeline comprises around 110 MW in ready-to-build projects, plus a pipeline of 1 GW.