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., which is a subsidiary of BayWA AG, 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 corporate, 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 project, 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,” said BayWay r.e. Solar Projects CEO Jam Attari. “Their expertise in development and local knowledge enable us to take the necessary steps to make these major investments,”
Geenex CEO George Veit said, “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.”
Said Veit: “We have a long term plan in the region which now moves into the second phase.
Our pipeline is unfolding while being continuously expanded.”
