Swiss energy company MET Group has increased its solar portfolio by over 250MW by acquiring projects in Spain and Italy.
MET has acquired a 100% stake in five greenfield solar power projects in Italy with an expected installed capacity of 213MW and a 50MW ready-to-build solar power project in Spain, increasing its total portfolio to 714MW.
On 9 February and 2 March 2022, MET signed share purchase agreements with Italian developers to acquire 100% stakes in five greenfield photovoltaic development projects in central and southern Italy.
The projects are expected to achieve ready-to-build stage in 2024.
On 7 April, MET acquired a 100% stake in the Puerto Real 3 project in situated in the Andalucia region of Spain, which should start commercial operations in the summer of 2023.
Within MET Group, a dedicated green assets division provides all the necessary expertise and support to the renewable expansion strategy, with an ambitious target of reaching a 1GW renewables portfolio by 2026.
The integrated energy company aims for a 500MW portfolio to be in operation by 2023, and an additional 500MW by 2026.
MET is targeting further growth of wind and solar installations across the European Union, seeking to play an active role in the energy transition.
MET Group renewables CEO Christian Hurlimann said: “Our goal is to build a geographically diversified 1GW pure-play renewables portfolio in Europe, and with these transactions we have now also entered the Italian and Spanish renewables markets.”