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MET Group adds its first solar project in Spain to its growing renewables portfolio

Swiss-based MET Group’s Puerto Real 3 project will cover an area of almost 130 hectares with more than 88,000 solar panels installed. The project is scheduled to start commercial operations in the third quarter of 2023, the company announced.

MET Group acquired a 100 per cent stake in the Spanish 50 megawatt-peaks (MWp) photovoltaic project at a ready-to-build status in April 2022. The Puerto Real 3 project is situated in the Andalusia region of Spain, known for its high solar irradiation levels.

“We consider Spain as one of the key growth markets for our renewables business, so several additional projects are under consideration,” said Christian Hürlimann, Renewables CEO of MET Group adding that the Spanish market combines favourable wind and solar irradiation conditions with a mature corporate ecosystem, robust power system, as well as strong institutional and legislative background, making it very attractive for further investments.

MET Group has already been long-established in Spain for over 6 years with its local subsidiary, MET Energía España, delivering natural gas and power to Spanish end-customers. In 2021, MET Group has also acquired COGEN Energía España, an integrated operator and service provider in Spain’s CHP (combined heat and power) industry.

The construction of the Puerto Real 3 solar power plant will be completed in partnership with CMC Europe, which is responsible for engineering, procurement and construction.

The solar park will be connected to the electricity grid through an existing high-voltage substation. The power plant incorporates the latest technology and has an expected lifetime of at least 30 years.

“Our expansion strategy focuses on European markets where we already have a local presence, building on our existing operations across MET Group. Some of our sales subsidiaries already offer green power and services to their customers, and the percentage of partners adopting renewable energy products is constantly increasing,” underlined Mr Hürlimann.

From a business model perspective, the power plant portfolio of MET Group with renewable energy sources is relying on both support mechanisms and market-based revenues (PPAs), noted Mr Hürlimann highlighting that the company aims to acquire ready-to-build assets, to develop greenfield and brownfield sites, as well as to establish PPA cooperations with companies.

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 installed capacity renewables portfolio by 2026, thus playing an active role in the European energy transition.

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