Noerr advises lenders on BayWa r.e. restructuring

On 8 July 2025, the Frankfurt-based law firm Noerr announced a significant achievement in the restructuring financing of BayWa r.e. AG. The Noerr team, led by partners Andreas Naujoks, Marlies Raschke, and Dorian Legel, supported the lenders of BayWa r.e. in finalising this complex financing solution, which involves the company and its approximately 400 subsidiaries. "We are pleased to have assisted the lenders in navigating this intricate restructuring process," said Naujoks.

BayWa r.e. AG, a subsidiary of BayWa AG, is primarily owned by BayWa AG with a 51% stake and the Swiss private equity investor Energy Infrastructure Partners holding 49%. With over 25,000 employees around the globe, BayWa AG operates in diverse sectors, including agriculture, building, housing, and the burgeoning renewable energy sector. This focus on renewables has positioned BayWa r.e. as a major developer of wind and solar parks, as well as a key player in energy solutions and equipment wholesale, boasting a turnover of approximately €5.8 billion and a workforce of around 5,400 employees.

However, BayWa r.e. faced challenges, including a substantial debt load and rising interest obligations which prompted a rigorous restructuring process commencing in mid-2024. Therefore, both BayWa AG and BayWa r.e. initiated measures to untangle financial interrelationships and establish new financing frameworks. Following these efforts, the lenders successfully reached agreements with BayWa r.e. that align with a restructuring opinion from the Boston Consulting Group, indicating the company’s potential for successful restructuring if specific transformations are executed by 2028.

To facilitate this transition, BayWa r.e. has implemented the “r.e.power” transformation programme aimed at enhancing both short and long-term earnings while solidifying its market position. The terms of the restructuring included a signed agreement involving BayWa r.e. and its main subsidiaries along with 18 principal lenders. As a result, BayWa r.e. is set to receive a new syndicated loan worth approximately €1.55 billion, allocated across various cash and guarantee tranches. This funding comes with an extensive security package from 39 subsidiaries across 14 jurisdictions, backed by liabilities from up to 141 guarantors.

The Noerr team has a robust track record in guiding complex restructuring processes in the energy sector, having previously worked with entities such as STEAG Group and VARTA AG. The firm’s continued commitment to such intricate situations underscores its expertise and reputation within the financial legal landscape, solidifying its role as an essential advisor to lenders during the BayWa r.e. restructuring process.

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