MET Group is building its second solar power plant in Hungary
MET Group has started construction on the largest element of its Hungarian renewables portfolio in the city of Kaba: the almost 70-hectare Kaba Solar Park, with an installed power capacity of 43 megawatts, is expected to start commercial production this year, and will provide electricity to more than 20 thousand households. The owner is using commercial bank project financing, as well as other sources, to implement the almost EUR 40 million investment project.
The investment project being carried out by the company MET Kabai Solar Park Kft., owned by MET Group, is being constructed on the commercial property that used to belong to the former Kaba sugar plant and which has laid dormant for years. The solar power plant will incorporate the latest technology and has an expected lifetime of at least 25 years. According to plans, the Kaba Solar Park, located on 70 hectares and using more than 97 thousand solar panels, will start commercial production at the end of 2020.
“We are very proud of the fact that barely a year after commissioning our first solar park, we have the opportunity to launch our next solar investment, which has a capacity that is more than two times greater. Meanwhile, we are continuously looking for areas that are not being utilized for other industrial activities and could be used to provide mutual value for the parties involved by way of an energy industry investment project. This area in Kaba meets the criteria perfectly,” said Gábor Molnár, Managing Director of the Kaba Solar Park and MET Asset Management’s Head of Renewables Business Development.
“Development is the most important target for all settlements. Kaba is proud to be home to MET Group’s newest renewable investment, which provides an immediate and dependable source of revenue to the city, contributing to the realization of further developments,” emphasized Emma Szegi, Mayor of Kaba.
In Hungary, the goal is to install solar parks with an approximate capacity in excess of 100 megawatts. The Danube Solar Park and the Kaba Solar Park already account for a capacity of more than 60 megawatts. MET Group has ambitious plans in renewable energy production in Central and Eastern European – in addition to which, in the interest of providing diversified sources of energy, it also considers traditional assets to be valuable investment targets.
MET Group is a Swiss-based energy company with activities in European natural gas, power and oil markets. By way of its subsidiaries, MET is present in 15 countries, 26 national gas markets and 22 international trading hubs. In 2018, MET Group’s consolidated sales revenue amounted to EUR 10.72 billion, the volume of natural gas traded was 42+ BCM.