MET Group enters the segment of energy production from renewable sources in Germany
Source: Christian Hürlimann, Renewables CEO of MET Group
The energy company MET Group, based in Switzerland, is expanding its European portfolio and marking its entry into the segment of energy production from renewable sources in Germany, with the full acquisition of a photovoltaic project. At the end of 2022, MET Group announced a similar transaction in Romania, namely the takeover of a project for a photovoltaic park located near Bucharest, the company thus entering the local segment of green energy production.
MET Group has completed the full acquisition of the Kentzlin photovoltaic project, developed by Emeren Germania GmbH. Upon completion of the works, the photovoltaic plant will have an installed capacity of 11.5 MWp, equivalent to the average annual consumption of 3,600 households. The annual energy production of this park will be approximately 13 GWh.
The project is located in the state of Mecklenburg-Western Pomerania and was in the ready-to-build phase in mid-July. The production facility will be able to start commercial operations from the second half of 2024.
MET Group is a major player in the German natural gas and electricity market. In recent years, MET has acquired several underground natural gas storage facilities in Germany with a total capacity of 3.4 TWh. The company has also contracted LNG regasification capacity and inaugurated a local subsidiary where it carries out supply activities, rapidly developing its sales to municipal utilities, industrial customers and, recently, household consumers. MET's entry into the renewable energy production market is a major step in expanding the group's activities in Germany.
"The Kentzlin project fits perfectly into MET's strategy, which involves a presence in competitive markets in the renewable energy production sector, such as Germany, and the expansion of the portfolio in Europe, especially Western Europe," said Christian Hürlimann, Managing Director for Renewable Energy MET Group.
MET Group's renewable energy expansion strategy involves expanding the current portfolio reaching an installed capacity of 2 GW by 2026, thus playing an active role in the European energy transition. In 2022, MET entered the renewable energy market in four new countries, through acquisitions in Spain, Italy, Poland and Romania.
In Romania, MET signed an agreement for the acquisition of a company that owns the rights in a 52 MWp photovoltaic project. The project can reach an energy production of 82 GWh per year - equivalent to the annual consumption of 50,000 households. The photovoltaic park will be located in southern Romania, near Bucharest, and will become operational in 2024.
MET Group is an integrated European energy company headquartered in Switzerland with operations and assets in the natural gas and electricity markets. MET is present through subsidiaries in 14 countries and 30 national natural gas markets and in 22 international trading centers. MET has proven extensive experience in operating green (based on renewable sources) or flexible (from conventional sources) energy assets, offering the widest range of support for the energy transition. The consolidated revenues of the MET Group amounted to 41.5 billion euros in 2022, the total volume of natural gas traded being 109 BCM, including futures contracts, and that of electricity at 67 TWh, including futures contracts.