BayWa r.e. Solar Trade, the solar trading arm of the global renewable energy developer, service provider and solar distributor, announced that the company surpassed a cumulative sale of 1 GW (gigawatt) of string inverters in Thailand for the first half year of 2023, making it a significant milestone for the region's top global distributor. The 1 GW of string inverter sales is equivalent to 200,000 units of 5 kW (kilowatt) inverters.

BayWa r.e. Solar Trade established its Southeast Asia presence in Thailand in 2017, expanding to the Philippines in 2019. Further expansion was made into Vietnam and Malaysia in the years that followed. BayWa r.e. Solar Trade, since its founding in the region, has been hugely successful and has become a leading player in solar distribution. As a trusted global distributor of top-tier solar brands and products in the solar industry, the business unit provides best-in-class products and services for solar players in residential, commercial/industrial and utility market segments.

Commemorating the milestone, Junrhey Castro, Managing Director, BayWa r.e. Solar Systems Corporation said, "I join the entire Solar Trade team in celebrating this great achievement. The amazing success would have not been possible without our customers who share the same vision with us.

"It's with great pride I say that this BayWa r.e. milestone will aid towards Thailand's net-zero targets," he added.

Solar in Southeast Asia is set to further grow in 2023. According to the Asian Photovoltaic Industry Association, the market is expected to expand by 13% in 2023, to 3.8 GW of new installations. Starting from 2024, a high pace of growth is expected across the region. Annual installations are forecasted to grow 32% to reach 5.1 GW in 2024, 59% to 8.1 GW in 2025 and 28% to 10.4 GW in 2026, finally hitting 13.3 GW of new additions in 2027, according to the APVIA and the GSC.

The region's top five markets are Thailand, Malaysia, Philippines, Vietnam and Indonesia.

BayWa r.e. AG (BayWa r.e.):

At BayWa r.e. we r.e.think energy - how it is produced, stored and can be best used to enable the global renewable energy transition that is essential to the future of our planet.

We are a leading global developer, service supplier, distributor and solutions provider and have brought over 5.5 GW of energy online and manage over 10 GW of assets. We are also an Independent Power Producer with an expanding energy trading business.

BayWa r.e. works with businesses worldwide to provide tailored renewable solutions. Operating 100% carbon neutral, we are also committed to our own sustainability journey.

Every day, we are working hard to actively shape the future of energy in a diverse, equitable and inclusive workplace.

Our shareholders are BayWa AG, a EUR27.1 billion global business, and Energy Infrastructure Partners, a leader in energy infrastructure investment.