Swiss-based MET Group acquired a 100% stake in the Spanish 50 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.
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 European energy transition.
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 investment will cover an area of almost 130 hectares in which more than 88.000 solar panels will be installed.
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.
Christian Hürlimann, Renewables CEO of MET Group said, “We consider Spain as one of the key growth markets for our renewables business, so several additional projects are under consideration. 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.
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. From a business model perspective, our power plant portfolio with renewable energy sources is relying on both support mechanisms and market-based revenues (PPAs). Our objective is to acquire ready-to-build assets, to develop greenfield and brownfield sites, as well as to establish PPA cooperations with companies.”