Hungarian company acquires a massive German project

The Hungarian-owned MET Group has acquired a 100 percent stake in a project launched by Emeren Germany. The solar power project has a peak capacity of 11.5 megawatts, generating 13 gigawatt-hours of energy per year.

Hungarian company buys German project

The Kentzlin photovoltaic solar power plant project developed by Emeren Germany has been acquired by the Hungarian-owned MET Group. This special solar power plant will have an installed capacity of 11.5 megawatt peak (MWp) and an annual energy production of 13 gigawatt hours (GWh), which corresponds to the average annual consumption of 3,600 households in Germany.

The project, located in Mecklenburg-Western Pomerania, reached construction completion in mid-July. Commercial production is scheduled to start in the second half of 2024.

According to the announcement, the entry into the renewables market has further expanded the scope of the energy company’s activities in Germany. MET Group was already an active player in the German gas and electricity markets. In recent years, it has acquired 3.4 terawatt hours (TWh) of natural gas storage, concluded LNG regasification capacity, established a local subsidiary and is increasingly supplying energy to municipal utilities, industrial and commercial customers and now also to residential customers.

Christian Hürlimann, MET Group CEO for Renewable Energies, said the Kentzlin project fits well into MET’s strategic plans.

MET Group

The Swiss-based MET Group is a European integrated energy company active in the natural gas and electricity markets, as well as in the development and operation of energy assets. Through its subsidiaries, it is present in 14 countries, active in the gas markets of 30 countries and 22 international trading points, including Hungary.

MET Hungary Lys started operations in 2007. It initially focused on the wholesale and retail natural gas sector. In 2013, the group also entered the energy and oil segments, for example, a year later it acquired Dunamenti Power Plant in Hungary, telex.hu reports.

State support for high revenues

MET has made a fortune on natural gas in Hungary since 2011. The Hungarian government and the state-owned MVM have provided ample amount of help.

The Switzerland-based MET Holding, which is partly owned by the state of Singapore, is a Hungarian company. The chairman of the board until last December was Csaba Lantos, who has since become Hungary’s energy minister.