Capcora Advises BayWa r.e. AG on the Sale of a 14.2 MWp C&I Solar PV Portfolio in Italy to NetOn Power 

BayWa r.e. AG (BayWa r.e.) has successfully completed the sale of 100% of the share capital of its subsidiary WHF 01 S.r.l. to NetOn Power. The special purpose vehicle (SPV), controlled by BayWa r.e. Power Solutions S.r.l., owns a portfolio of four commercial and industrial (C&I) photovoltaic (PV) rooftop and carport assets located across Italy, with a combined installed capacity of approximately 14 MWp. The portfolio comprises two operational plants and two Ready-to-Build (RTB) projects. Capcora acted as exclusive sell‑side M&A adviser to BayWa r.e. AG throughout the transaction. 

Through this transaction, BayWa r.e. continues to implement its strategic roadmap in the European market, focusing on value creation and the optimisation of its renewable platform. For NetOn Power, the acquisition represents an important step in the expansion of its onsite renewable energy solutions for industrial clients, reinforcing its long‑term commitment to accelerating corporate decarbonisation across Italy. 

Capcora acted as exclusive sell‑side M&A adviser to BayWa r.e., supporting the company throughout the entire process – from investor outreach to negotiation and closing. The transaction further consolidates Capcora’s strong track record in the C&I solar PV segment, where the firm has advised on numerous transactions in recent years. It also underscores the increasing attractiveness of Italian C&I solar portfolios for both domestic and international investors, driven by long‑term power price stability, robust regulatory frameworks, and growing demand for distributed clean energy solutions. 

This latest closing marks another milestone in the cooperation between Capcora and BayWa r.e. AG, reflecting a shared focus on high‑quality asset and strategic portfolio optimisation.  

Dr. Daniel Gafke, COO of Corporate Finance at BayWa r.e. AG, commented: “The sale of this portfolio marks another important step for us in Italy. We are pleased that our projects will now contribute to NetOn Power’s growth and continue playing an active role in advancing the energy transition.” 

Alberto Martin Rivals, CEO of NetOn Power, and Rosario Bisbiglia, Country Manager for Italy, added: “This transaction is an excellent addition to our expanding onsite PPA portfolio. It further strengthens our position in Italy as a long‑term energy solutions partner for industrial clients and aligns perfectly with our goal of reaching 600 MW of self-consumption C&I photovoltaic plants across Italy and Spain within the next five years.” 

 Francesca Nuccioni, Director at Capcora, and Jochen Magerfleisch, Managing Partner of Capcora commented: “This transaction further demonstrates the strong investor appetite for C&I solar PV assets in Italy and underlines Capcora’s ability to leverage our local footprint and sector expertise to deliver high‑quality, strategic outcomes for both sellers and investors. It additionally strengthens our position as a leading advisor in the European C&I market. We deeply value our collaboration with BayWa r.e., and we remain committed to shaping and executing further transactions that accelerate the energy transition and create meaningful value for our stakeholders.” 

BayWa r.e. received legal support on the transaction from Simmons & Simmons, with a team led by Partner Tommaso Tomaiuolo, supported by Supervising Associate Andrea Pototschnig and Lawyer Giorgio Bianchi. 

Parola Associati has advised NetOn Power and its in-house legal team with the legal due diligence activities on the assets and with M&A aspects of the transaction. The law firm handled the negotiation of the contractual documentation, with a team led by Managing Partner Lorenzo Parola, supported by Senior Associate Federica Re and Associate Chiara Salvaneschi. 

About BayWa r.e. 

At BayWa r.e. we r.e.think energy – how it is produced, stored and can be best used to drive forward the renewable energy transition that is essential to the future of our planet.  

We are an international project developer of wind, solar and battery storage (BESS) projects. Our activities include the planning, development and construction of these projects, as well as their operation and maintenance, and energy trading. BayWa r.e. is also a leading global supplier to the solar distribution market. In total, we have successfully brought online more than 6 GW of renewable energy.  

Through our Climate Contribution approach, which aligns with the best practices for climate action and the Paris Agreement, we are taking significant steps forward on our own sustainability journey.    

We have two joint shareholders: BayWa AG is a global business founded in 1923 that provides innovative and sustainable solutions in agriculture, building materials and energy sectors. Energy Infrastructure Partners is a market leader in energy infrastructure investment that manages over €7 billion from global investors.  

BayWa r.e. Power Solutions S.r.l. is an Italian subsidiary of the BayWa r.e. AG group. Based in Verona, the company specialises in designing, building and operating advanced solar PV solutions for commercial and industrial (C&I) customers across Italy. Its portfolio includes rooftop systems, carports and integrated renewable power solutions tailored to industrial energy needs.  

https://www.baywa-re.it/it/soluzioni/soluzioni-finanziarie  

About NetOn Power 

NetOn Power is an energy solutions provider focused on the deployment of onsite renewable systems that enable industrial clients to secure long-term, cost-effective and sustainable electricity supply. The company focuses on the development of integrated solutions for industrial self-consumption in the form of PPAs rooted into the local environment, contributing to the competitiveness and sustainability of industrial companies. NetOn Power is backed by 547 Energy, a global platform specialising in renewable energy, powered by Quantum Capital Group, a leading global energy-focused private capital franchise, stewarding over $30 billion of capital since inception. 

www.netonpower.com 

About Capcora 

Capcora is an independent financial advisory boutique dedicated exclusively to accelerating Europe’s energy transition. Since its foundation in 2015, the Frankfurt-based has been advising leading developers, IPPs, investors and infrastructure players across the renewable energy sector. Combining deep sector expertise with strong execution capabilities, Capcora supports clients on sell-side and buy-side M&A transactions (assets and corporates), as well as the structuring and raising of mezzanine, unitranche and senior debt, delivering sophisticated capital solutions for scalable energy and infrastructure platforms.  

www.capcora.com