BayWa Stock: Black Book Entry

BayWa AG is selling off key renewable energy assets to ease financial pressure. The company, led by new CEO Dr. Frank Hiller since March 2025, is facing scrutiny after a liquidity crisis last year. Recent deals in the UK, Netherlands, and Japan have brought in much-needed cash but raised questions about long-term stability.

In early December, BayWa r.e. sold two UK solar farms, Clump Farm and Yanel Solar Farm, to investment manager Capital Dynamics. The combined 121-megawatt projects marked one of several divestments aimed at improving liquidity. Around the same time, the company finalised the sale of its 46-megawatt floating solar project, Skuûlenboarch, in the Netherlands. The buyer was a local consortium including energy cooperative Enerzjyk Skuûlenboarch, the municipality of Tytsjerksteradiel, and the Friesland Clean Energy Fund.

BayWa also exited the Japanese market entirely by offloading its entire solar portfolio—over 60 megawatts—to Belgian energy supplier Virya Energy. These sales follow a turbulent period for the company, which saw a liquidity crisis in 2024. The crisis stemmed from poor governance and failed expansion strategies under previous leadership.

Dr. Frank Hiller took over as CEO on March 1, 2025, amid ongoing financial struggles. Despite the cash injections from asset sales, investors remain cautious. The company’s inclusion in the 2025 Stock Market Black Book—a list highlighting corporate governance failures—has further damaged confidence. Shareholder advocates, including the Shareholder Protection Association (SdK), blame years of mismanagement for BayWa’s decline.

The asset sales have provided short-term liquidity, but the company’s core issues remain unresolved. BayWa’s mounting debt and governance shortcomings continue to weigh on its future. Observers are now watching whether the new leadership can stabilise operations beyond these divestments.