Corporate News – Americas

July 4, 2014 – BayWa r.e. Sells Brahms Wind Equity Stake

BayWa r.e. Wind, LLC announced today that it has sold its equity stake in the 19.8 MW Brahms wind project, located in Curry County, New Mexico, to Macquarie Infrastructure Company (NYSE: MIC) an affiliate of the Macquarie Group. The balance sheet funded project was placed in service last February and the Company announced the closing of tax equity with a Union Bank affiliate last month.

BayWa r.e. Wind, LLC acquired the development rights in July 2013 and quickly moved forward to complete the project. “This transaction completes the full life cycle of the project and confirms the successful execution of the new business plan set out since the company’s takeover by BayWa r.e. only two and a half years ago,” Florian Zerhusen adds. “Our business plan is to acquire development assets, self-fund construction, secure tax equity investment and then sell the sponsor interests in the projects at or after commercial operation. Using this model, we sell turnkey, fully structured projects to strategic and financial investors.“

"We have been discussing the potential to diversify our Contracted Power and Energy segment into projects other than solar photovoltaic for some time," said James Hooke, chief executive officer of MIC. "This particular opportunity meets our investment criteria in that it is an existing facility with a proven wind resource, there is a 20 year power purchase agreement in place with an investment grade counterparty, and we were able to structure the investment in a manner that provides us with good visibility into the cash generating of the facility, similar to our existing contracted power projects."

This marks MIC’s first investment in wind power generation. BayWa r.e. will have a continuing role as asset manager for Brahms. This is the third project BayWa r.e. completed since the takeover and the fourth project will be completed later this year.

BayWa r.e. was represented by Morrison & Foerster in the sale while Macquarie was represented by O’Melveny & Myers.

July 3, 2014 – BayWa r.e. to Begin Solar Project Business in the USA

With the acquisition of the majority of the assets of Martifer Solar USA, Inc., BayWa r.e. is venturing into the solar project business in the USA. BayWa r.e. is already active in the American PV trade and wind farm development segments. Matthias Taft, Chairman of the BayWa r.e. Management Board, commented: "With this strategic acquisition, we've found the ideal partner to further our PV project activities in the USA. 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."

Martifer Solar USA is a subsidiary of Portuguese based Martifer Solar S.A. through its U.S. holding company, and has its origins in the building sector. The transaction has been conceptualized as an asset deal. In principle the sale has been approved by the Court of Nevada. The aim is to close the deal before the end of July.

June 3, 2014 – Union Bank Affiliate Invests In BayWa r.e.’s Brahms Wind Project

BayWa r.e. Wind, LLC (BayWa r.e.) announced today that it has secured a tax equity investment for its Brahms Wind Project from an affiliate of San Francisco-based Union Bank, N.A. BayWa r.e. self-funded the development and construction of the wind farm located in Curry County, New Mexico, which achieved commercial operation on February 7, 2014. With Brahms, BayWa r.e. has constructed, owns and operates three wind projects in New Mexico, Texas and California.

“This is a very important milestone for our company,” noted Florian Zerhusen, chief executive of BayWa r.e.’s U.S. wind business. “Since BayWa’s takeover two and half years ago, we have self-funded all of our projects and this marks our first tax equity financing. Going forward, we intend to continue to access the tax equity market as well as other forms of project finance to build out our pipeline.”

BayWa r.e. maintains an equity stake in the Brahms Wind Project, serves as managing member and will provide asset management services.

February 7, 2014 – BayWa r.e. Commissions its Brahms Wind Project in New Mexico

BayWa r.e. Wind, LLC has placed its 19.8 MW Brahms Wind Project located in Curry County, New Mexico in service. Commissioning of the twelve 1.65 MW Vestas V82 turbines occurred only four months after construction began. The Company is preparing its next New Mexico project for construction later this year.

December 24, 2013 – BayWa r.e. Acquires Second New Mexico Wind Project

BayWa r.e. Wind, LLC announced today that it has signed a purchase and sale agreement with Compass Energies to acquire the Anderson Wind Project located in Chaves County, New Mexico. The Anderson Wind Project is BayWa r.e.’s second New Mexico wind acquisition in 2013. The 15 megawatt (MW) project is located approximately 100 miles southwest of BayWa r.e.’s 19.8 MW Brahms Wind Project in Curry County, acquired in July earlier this year. Construction of the Brahms Wind Project began at the end of September and BayWa r.e. is targeting commercial energy deliveries beginning January 2014. The Anderson project is expected to begin construction in Spring 2014 with a targeted late summer completion date.

“With the fresh experience gained from developing and constructing Brahms, BayWa r.e. anticipates a smooth shift in focus to the Anderson Wind Project,” stated Florian Zerhusen, President of BayWa r.e. Wind, LLC. “We’re pleased to have acquired two PTC-qualifying projects this year and we look forward to bringing both to completion over the course of 2014.”

October 30, 2013 – BayWa r.e. Began Construction of its 19.8 MW Wind Project in New Mexico

Construction of BayWa r.e.’s next wind project in the U.S. is underway. Via its subsidiary BayWa r.e. Wind, LLC, the company acquired the rights to the Broadview project this summer, finalized all remaining development tasks and engaged Vestas and Signal Energy for the construction. The project is expected to deliver its first energy by year-end.

The Broadview project is selling energy to Western Farmer’s Electric Cooperative on a 20-year basis and will participate in a payment in lieu of taxes program benefitting the City of Grady and public schools in Curry County, NM. This is already the third project of BayWa r.e. to be constructed in the US.

September 9, 2013 – BayWa r.e. Wind, LLC Acquires Broadview Wind Projects

BayWa r.e. Wind, LLC today announced it has entered into a purchase and sale agreement with community-wind developer, National Renewable Solutions, to acquire the development assets for the Broadview Wind Projects in New Mexico.

The two projects with a combined 19.8 megawatt (MW) capacity, comprising 3,600 acres in Curry County, New Mexico south of the City of Grady, will each sell power over the next twenty years to Western Farmers Electric Cooperative. Consisting of twelve 1.65 MW V82 Vestas turbines, the projects will start construction in the fourth quarter of 2013.

The projects will participate in a payment in lieu of taxes (PILOT) program benefitting the City of Grady and public schools in Curry County on a 20 year basis.

“With the expiration of the PTC fast-approaching, BayWa r.e. is pleased to have expanded its pipeline of late-stage acquisitions,” said Florian Zerhusen, CEO of BayWa r.e. Wind, LLC, adding that “we are continuously looking for sustainable projects to complement our pipeline and are in the position to successfully complete late stage projects. We are looking forward to work with the communities of Grady and Curry County.”

Commenting on the deal, National Renewable Solutions President Patrick Pelstring stated, “We are delighted to be working with BayWa r.e.’s strong development team and look forward to seeing the project move quickly into construction.”

In accordance with BayWa r.e.’s custom of naming projects after well-known composers, the project has been named Brahms Wind, LLC after German composer Johannes Brahms.

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