Polish photovoltaic company Toren acquired by Swiss firm MET

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Polish greenfield solar power project Toren Spolka Akcyjna agreed a 100% share purchase agreement with the Swiss-based energy company MET Group on Friday. The solar power plant is expected to achieve ready-to-build status in 2023.

Toren Spolka Akcyjna is planning to start a 60MWp photovoltaic project close to the German border in western Poland next year. Construction of the project is expected to begin in 2023.

MET has a presence in 13 countries, 27 national gas markets, and 22 international trading hubs, including Central and Eastern Europe (CEE) countries Hungary, Bulgaria, and now Poland. The integrated European energy company is also targeting Romania and Croatia.

Christian Hurlimann, Renewables CEO of MET Group, said “from a business model perspective, our project portfolio is relying on both support mechanisms and market-based revenues. Our objective is to acquire ready-to-build assets as well as to develop greenfield and brownfield sites.”

“We already have solar and wind park projects in Hungary, Bulgaria, Italy, Spain, and now in Poland. As we aim to build a geographically diversified renewables portfolio, MET also targets Romania, Croatia, and Germany where the investment environment for renewable energy is improving, and interesting investment opportunities can be developed,” he added.

MET Group’s consolidated sales revenue climbed from EUR 11.2bn to EUR 18.1bn in 2021, when its traded electricity was over 50 terawatt hours, and its volume of traded natural gas 55 billion cubic metres.

Dan Nolan