BayWa r.e. boosts wholesale ops via ProElektro takeover

German renewables company BayWa r.e. AG said it has taken over Latvian solar and electrical components distributor ProElektro in a drive to strengthen its wholesale business in the Baltics as well as its presence in Eastern Europe.

“We regard the Baltics as a region with huge untapped potential – the PV market in Latvia for example is expected to grow by more than 30% per year,” Alexander Schütt, regional director at BayWa r.e. Solar Trade, said in a statement on Wednesday.

The value of the acquisition was not disclosed.

Established in 2011, Riga-based ProElektro is a wholesaler of solar modules, inverters and mounting systems, mostly serving rooftop installers and commercial and industrial (C&I) customers in Latvia, Estonia and Lithuania. The company’s portfolio also includes accessories and spare parts for e-mobility, storage systems and LED lighting, among other electrical components.

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