Met Group, based in Switzerland and listed in Singapore, announces the acquisition of Comax, an independent electricity producer
Met Group, based in Switzerland, announces the acquisition of Comax, an independent electricity producer which, after investing in cogeneration, turned to battery energy storage systems (BESS). The operation, the amount of which has not been communicated, is indicative of an underlying trend in the sector. Small players in the energy transition change hands, through mergers and acquisitions or through acquisitions by infrastructure funds.
Met Group, already present in France through its trading activities, is making its first acquisition of assets in the country. This strengthens its European portfolio. The group, present in 15 countries, claims a turnover of 24.5 billion euros in 2023. With Comax, it adds 170 megawatts of capacity of small cogeneration electricity production units and 29 MW of capacity of storage. “ Above all, Comax has several hundred MWh of projects in development. With this acquisition, we provide the capital necessary for their realization “, explains Benjamin Lakatos, CEO of Met Group, convinced that the energy storage market offers significant growth potential.
The development of renewable energies, in France and in Europe, indeed implies the implementation of systems to compensate for their intermittency. “ When there is no wind or sun, consumers still need electricity. The first subject is security of supply », adds Benjamin Lakatos. Several solutions exist: nuclear production, hydroelectricity, gas-fired thermal power plants and battery storage. “ European regulators are pushing producers to get out of gas. Batteries will replace gas in the long term, but it is important to emphasize that gas will remain an essential fuel for the energy transition“, he believes.
Paid flexibility
The BESS have a bright future ahead of them. To secure electricity supplies, while renewables are developing, and also to bring flexibility to the market. Met Group is also banking on this double remuneration opportunity. On the one hand, batteries allow electricity to be stored for resale when spot prices are more attractive and on the other hand, they can be remunerated for the flexibility provided to the network. “ The problem with the energy transition is that many players are waiting for decisions from the regulator, from Europe, from public financial support… We prefer to focus on small assets, like BESS, which can make the difference », Adds Benjamin Lakatos, convinced that we must trust entrepreneurs. “ We are not going to solve France's problems alone, but we can help provide solutions. ».
France
