Swiss-based MET Group has acquired a 100 per cent stake in ‘Puerto Real 3’, a 50 MW photovoltaic project situated in the Andalusia region of Spain.
The construction of the ‘Puerto Real 3’ project in the Cadiz region of Andalusia has started with a ground-breaking ceremony. The construction will cover an area of almost 130 hectares in which more than 88.000 solar panels will be installed. MET’s first solar project in Spain is scheduled to start commercial operations in the third quarter 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 one gigawatts of 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 six 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. It will be connected to the electricity grid through an existing high-voltage substation, with the plant having 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.”