Keppel MET Renewables (KMR), a renewable energy investment firm, acquired a 100% stake in a 38 MW solar project in southern Italy. The project is currently in an early stage of development, expected to reach ready-to-build status in 2025 and start commercial operations in 2026.
With an installed capacity of 38 MW and total energy production of approximately 63 GWh per year, once constructed, the solar project is expected to generate enough power to supply the equivalent of more than 20,000 Italian households.
Benjamin Lakatos, Chairman and CEO of MET Group, said: “This is one more step towards MET Group’s determined goal of achieving a 2 GW installed capacity renewable portfolio by 2026, and we expect many more to come. We are targeting further growth of wind and solar projects across the European Union, acquiring assets along the whole value chain: greenfield investments, ready-to-build projects, as well as brownfield investments.”
KMR is an equal joint venture between Swiss-based MET Group and Singapore-based Keppel. The company has a portfolio of more than 200 MW of early to mid-stage solar projects across southern Italy that are expected to achieve commercial operations within the next few years.
Tan Boon Leng, Managing Director, Projects, Supply Chain & HSSE, Infrastructure Division, Keppel and a member of the Board of Directors of KMR, stated: “Keppel is pleased that KMR is expanding its geographical presence in Europe, accelerating the growth of its renewable energy portfolio, and contributing towards advancing Europe’s energy transition. The completion of KMR’s latest acquisition is another step forward in expanding its presence in Western Europe’s burgeoning renewables sector, which includes other interesting markets such as France, Germany, Portugal and Spain.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Through its wholly-owned subsidiary, Greenbacker Renewable Energy Company, an investment manager and independent power producer, recently acquired three solar power projects totaling 12 MW in Colorado from One Energy, a solar and energy storage project developer.