MET Group has purchased a 100% shareholding in Comax France, an owner, operator and developer of combined heat and power (CHP) and battery energy storage systems (BESS). The acquisition, MET Group’s first investment in French energy infrastructure, expands its flexible assets portfolio in Western Europe and addresses the increasing need of balancing technologies to support the energy transition.
Founded in 2003, Comax operates a 170 MW portfolio of small-scale thermal assets and 29 MW of BESS across France providing flexible power generation, storage and balancing services. In addition, Comax is developing further BESS projects to support the continued growth of flexible energy solutions in France. The company’s project pipeline consists of several hundred MW of BESS projects in various stages of development. MET Group intends to support the construction of the company’s ready-to-build projects to be operational by mid-2026.
The production and storage of flexible energy and the provision of balancing services play crucial roles in the European energy transition in support of the continued integration of weather-dependent renewable energy sources. MET Group’s Flexibility Assets Division aims to acquire, operate and build assets which can provide this system flexibility.
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.”
MET Group
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 15 countries through subsidiaries, 30 national gas markets, and 39 international trading hubs. The company's 1,000+ employees represent close to 60 nationalities. MET has extensive experience operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2023, MET Group’s consolidated sales revenue amounted to EUR 24.5 billion, with a total traded volume of natural gas amounting to 88 BCM and total traded electricity of 68 TWh.
About MET Group’s activities in France
MET Group has been present on the French market for many years with its wholesale and trading activities. MET Group launched its gas and electricity sales activities in 2023 via MET France, which are mainly aimed at small and medium-sized companies. In addition, under the lead of CEO Giovanni Caporale, MET France recently started origination services that leverage the Group’s trading expertise to support industrial key accounts and energy market players, including utilities and independent energy producers. These areas offer promising synergy potential with the activities of MET Group’s Flexibility Assets Division.