Swiss-based energy company MET Group has acquired a 100% stake in COGEN Energía España, an integrated operator and service provider in Spain’s CHP (combined heat and power) industry, from Norwegian Arendals Fossekompani listed in Oslo.
On 28 July 2021, MET Group signed a share purchase agreement with Arendals Fossekompani (AFK ASA), a Norwegian holding company listed in Oslo, on the 100% acquisition of COGEN Energia España S.L.U and its subsidiaries. COGEN is an integrated owner, operator and service provider in Spain’s CHP industry with 30 years of market expertise.
COGEN Energia España has three main business lines: 1: Operation of own assets – five CHP plants with a total installed capacity of 75 MW; 2: Leased assets and operation & maintenance services for third parties; 3: Provision of electricity market services. The CHP assets are regulated and produce 600 GWh of electricity per year, with an additional 400 GWh of heat production.
Balancing and flexible energy production have become particularly important in the European power markets, as the increasing amount of intermittent renewable energy supply being fed into the grid makes matching power supply and demand ever more difficult. Technologies like CHP (combined heat and power) or CCGT (combined cycle gas turbine) plants are flexible and efficient solutions that help to balance the power grid.
With this transaction, MET Group will make its first sizeable investment in Spain’s CHP industry. MET’s competences in natural gas and gas-based power production allows the company to better lead the energy transition from fossil-fuels based to zero-carbon world.