Keppel MET Renewables (KMR), an equal joint venture between Swiss-based MET Group and Singapore-based Keppel, completed the purchase of a 100% stake in a photovoltaic project in southern Italy. With an installed capacity of 38 MWp and total energy production of approximately 63 GWh per year, once constructed, the solar plant will generate power to supply the equivalent of more than 20,000 Italian households.
The project is in an early stage of development, expected to reach ready-to-build status during 2025 and start commercial operations in 2026.
KMR is an established player in the Italian renewable energy market with an existing portfolio of more than 200 MWp of early to mid-stage solar projects across southern Italy that are expected to achieve commercial operations within the next few years.
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.”
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.”
KMR is developing and constructing a geographically and technologically diversified portfolio of operating and ready-to-build PV and onshore wind renewable energy assets, playing an active role in the European energy transition.
MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 14 countries through subsidiaries, 30 national gas markets, and 22 international trading hubs. MET has extensive experience in operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2022, MET Group’s consolidated sales revenue amounted to EUR 41.5 billion, the total traded volume of natural gas was 109 BCM including futures, total traded electricity 67 TWh including futures.
Keppel Corporation (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts, and has a total portfolio with more than $65 billion of assets under management.