BayWa r.e. has announced the acquisition of Riga-based PV wholesaler ProElektro to kickstart its growth strategy for its leading solar distribution business throughout the Baltics, and to expand its successful presence in Eastern Europe.
Additional solar distribution sales offices in the neighbouring countries of Estonia and Lithuania are expected to follow, further establishing the company’s wholesale business presence in the region. ProElektro’s team of highly skilled employees will continue their work for BayWa r.e., with their warehouse and offices serving as a hub for future expansion projects.
Founded in 2011, ProElektro is a wholesaler of PV modules, inverters, and other electrical components. The company primarily delivers to rooftop installers and C&I customers in Latvia, Estonia and Lithuania with more than a decade of experience in electrical distribution and established supplier relationships. Girts Pekal, managing director of ProElektro, will remain in his position and will be in charge of the BayWa r.e. Solar Distribution business in the Baltics.
Girts Pekal said about the deal: “My colleagues and I are excited to be part of BayWa r.e.’s expansion into the Baltics and to leverage their international expertise. Our customers will benefit from an extended product portfolio with a wide range of quality components as well as improved product availability and logistics. We attach particular importance on high service quality and the satisfaction of our customers, which is perfectly aligned with BayWa r.e.’s values. This collaboration will make a considerable positive impact on the Baltic region’s PV market landscape and significantly accelerate its growth.”
BayWa r.e. will continue to serve ProElektro’s customers with the same local experts as before and their customary high level of technical support.
Alexander Schütt, Regional Director at BayWa r.e. Solar Trade, commented: “The acquisition of an experienced company like ProElektro strengthens the leading role of BayWa r.e. in the European solar distribution market andadvances our ambitions 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. Apart from supporting the countries with their climate goals, we also aim at creating more jobs in this growing industry.”
Signing of the transaction took place in December 2022, its closing in February 2023. In addition to its existing offices in Poland, Bulgaria and the Czech Republic, BayWa r.e. is planning to open wholesale facilities in Hungary, Romania, and Slovakia, further driving forward the energy transition throughout Europe.