Swiss-based energy company MET Group is growing its European portfolio by entering the German renewables market, with a 100% stake acquisition in a solar development project.
MET Group completed the purchase of a 100% stake in the Kentzlin photovoltaic project, developed by project developer Emeren Germany GmbH. The solar plant, once completed, will have an installed capacity of 11.5 MWp and an energy production of approximately 13 GWh per year, corresponding to the average annual consumption of 3.600 German households.
Located in the state of Mecklenburg-Western Pomerania, the project reached ready-to-build status by mid of July. The solar power plant is expected to start commercial operations in the second half of 2024.
MET Group is an established player in the German natural gas and electricity market. In recent years, MET has acquired 3.4 TWh of underground gas storage facilities, secured LNG regassification capacity, opened a local supply subsidiary and is rapidly growing its sales activities to municipal utilities, industrial customers and, most recently, households. MET’s entry into the renewables market is a further step to expanding the Group’s activities in Germany.
“The Kentzlin project fits well into MET’s strategic vision to enter the highly competitive German renewables market, as well as to further expand its renewables portfolio across Europe and particularly in Western Europe,” Christian Hürlimann, Renewables CEO of MET Group, said.
MET Group’s renewables expansion strategy aims to reach a 2 GW installed capacity portfolio by 2026, thus playing an active role in the European energy transition. In 2022, MET was able to enter the renewables market in four new countries, with acquisitions in Spain, Italy, Poland, and Romania.
MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 14 countries through subsidiaries, 30 national gas markets, and 22 international trading hubs. MET has extensive experience in operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2022, MET Group’s consolidated sales revenue amounted to EUR 41.5 billion, the total traded volume of natural gas was 109 BCM including futures, total traded electricity 67 TWh including futures.