Court approves Martifer Solar USA sale to BayWa

Facebook
Twitter
LinkedIn
Reddit
Email

German industrial group BayWa is to acquire the struggling American PV developer Martifer Solar USA.

The bankruptcy court of Nevada has approved the sale of “most” of the assets of the US company to BayWa for US$7.6 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Martifer Solar USA, a company indirectly owned by Portugal-based PV producer and developer, Martifer Solar, filed for Chapter 11 bankruptcy in January.

In a statement, the parent company of both subsidiaries, industrial group Martifer SGPS, said the reorganisation process initiated by the Chapter 11 filing had resulted in the court approving the sale to BayWa. The deal concerns only Martifer Solar USA.

When the filing was first announced, Martifer USA’s assets were put at between US$10 million and US$50 million.

PV Tech has approached BayWa and will report further details of the deal as they become available.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA