MET Group, an integrated European energy company, has signed share purchase agreements with Italian developers to acquire a 100% stake in five greenfield solar PV development projects in Central and Southern Italy with a total capacity of 213 MW.

The projects are expected to achieve the ready-to-build stage in 2024.

The company also acquired a 100% stake in the 50 MW Puerto Real 3 solar project at ready-to-build status in Spain. The project is in the Andalucia region of Spain and is expected to reach commercial operations in 2023.

With the acquisition, the company accelerates its European renewables portfolio by expanding into the Italian and Spanish markets, increasing its total portfolio to 714 MW.

The company plans for a 500 MW portfolio to operate by 2023 and an additional 500 MW by 2026.

Christian Hurlimann, Renewables CEO of MET Group, said: “Our goal is to build a geographically diversified 1 GW pure-play renewables portfolio in Europe, and with these transactions, we have now also entered the Italian and Spanish renewables markets. MET’s expansion strategy focuses on European markets where we already have a local presence, building on our existing operations across the Group. MET’s sales subsidiaries already offer green power and services to their customers, and the percentage of partners adopting renewable energy products is constantly increasing. MET Group is dedicated to supporting a sustainable energy future for Europe.”

In March 2021, MET Group acquired a 77 MW solar project in Hungary from local company Opus Global Nyrt.

According to Mercom’s recently published Q1 2022 solar funding and M&A report, 23 GW of large-scale solar projects were acquired in Q1 2022 compared to 13.1 GW in Q4 2021.