Project Finance Brief Sonnedix Completes Acquisition of 118 MW Solar Projects

MET Group, an integrated European energy company, acquired a 100% stake in 60 MW of greenfield photovoltaic development project from TOREN Spolka Aksyjna, a polish renewable project developer in Poland. With this acquisition, MET Group is growing its European renewables portfolio by expanding into the Polish market.

The solar project is expected to achieve ready-to-build status in 2023. The financial details of the acquisition were not disclosed.

Christian Hürlimann, Renewables CEO of MET Group, said: “We already have solar and wind park projects in Hungary, Bulgaria, Italy, Spain, and now in Poland. As we aim to build a geographically diversified renewables portfolio, MET also targets Romania, Croatia, and Germany, where the investment environment for renewable energy is improving, and interesting investment opportunities can be developed. From a business model perspective, our project portfolio is relying on both support mechanisms and market-based revenues (PPAs). Our objective is to acquire ready-to-build assets as well as to develop greenfield and brownfield sites.”

Encavis, an independent power producer, recently acquired three solar projects of 48 MW in the Netherlands from BayWa r.e., a renewable service provider, energy developer, and distributor.

According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022. Cypress Creek Renewables, a project developer and an independent power producer, acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer. The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026.

Also, in July, Gresham House, an asset manager, acquired the 20 MW Beavor Grange Solar project from Anesco, UK-based energy efficiency and renewable energy firm, as part of a three-year development and construction partnership of 200 MW solar projects. The Beavor Grange solar project, located near Axminster, Devon, is the fourth site to transact under the 200 MW ground mount solar partnership.