MET Group, a Switzerland-based integrated energy company, announced the acquisition of 100% shareholding in Comax France, a combined heat and power and battery storage project developer. The financial terms of the transaction remained undisclosed. With this acquisition, the company has expanded its assets portfolio in Western Europe.
Comax currently operates a 170 MW portfolio of small-scale thermal projects and 29 MW of battery energy storage projects across France. In addition, Comax said it has several hundred MW of battery storage projects in various stages of development in its pipeline.
MET Group will support the construction of Comax’s ready-to-build projects that are expected to be operational by mid-2026.
In 2022, MET Group also acquired a 100% stake in a 60 MW greenfield photovoltaic development project from TOREN Spolka Aksyjna, a Polish renewable project developer.
Johannes Niemetz, Chairman of the Flexibility Assets Division, said, “Flexibility assets are an essential part of MET Group’s integrated strategy to support the energy transition. Our investment profile is fully aligned with the green transition priorities. We are excited to enter the French market for flexible power generation and balancing services as we expand our asset portfolio in Western Europe.”
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, in 9M 2024, 18 Energy Storage M&A transactions were announced in 9M 2024, up from 11 M&A transactions in 9M 2023.
Earlier this month, S4 Energy, a Dutch-based grid-scale energy storage developer, acquired LC Energy Grid Service (LCEGS), a high-voltage battery storage platform and subsidiary of LC Energy. With this acquisition, S4 Energy will be able to continue developing its existing portfolio of projects, which includes four 10 MW medium-voltage, 4-hour duration systems in the Netherlands, all of which are scheduled to become operational in 2025.
