The existing employees of ProElektro will be taken over by BayWa r.e. and the existing warehouse and offices in Riga will serve as a hub for future expansion projects.
ProElektro was founded in 2011 and is a wholesaler of PV modules, inverters and other electrical components. The company primarily serves rooftop installers and commercial and industrial customers in Latvia, Estonia and Lithuania. It has more than a decade of experience in electrical distribution and established supplier relationships. Girts Pekal, previously managing director of ProElektro, will head BayWa r.e. Solar Distribution's business in the Baltics.
Expanded product portfolio
Girts Pekal on the deal: "My colleagues and I are delighted to be part of BayWa r.e.'s expansion into the Baltics. Our customers will benefit from international expertise, an expanded product portfolio of quality components, and improved product availability and logistics. Our focus on high quality service and customer satisfaction fits perfectly with the values of BayWa r.e. Together we will further advance the growing PV market in the Baltics."
BayWa r.e. will continue to serve ProElektro's customers with on-site experts and its usual high level of technical support.
Expected growth of the PV market in Latvia more than 30 percent yearly
Alexander Schütt, Regional Director at BayWa r.e. Solar Trade, says: "The acquisition of such an experienced company as ProElektro strengthens BayWa r.e.'s leading role in pan-European PV trade and underlines our ambitions in Eastern Europe. The Baltic States is a region with great untapped potential - the PV market in Latvia is expected to grow by more than 30 percent per year. We not only want to help the Baltic States achieve their climate goals, but also create jobs in this growing industry."
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The transaction was signed in December 2022 and closed in February 2023. In addition to the existing branches in Poland, Bulgaria and the Czech Republic, BayWa r.e. plans to open further PV trading locations in Hungary, Romania and Slovakia to further drive the energy transition across Europe. (hcn)
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