METLEN has signed sale and purchase agreements (SPAs) with Nala Renewables for the sale of a portfolio of solar projects in the United Kingdom, with a total capacity of about 119 MW.
The portfolio comprises four large-scale solar parks in Norfolk, Somerset and East Sussex. The projects are either ready to build (RtB) or under construction.
Construction and delivery are scheduled to take place in stages during 2027–2028. Once complete, their annual clean energy output will meet electricity needs equivalent to those of 52,320 households.
Revenue structure
Once the projects are handed over, Nala’s revenues will be supported by a combination of contracts, including a bilateral power purchase agreement (PPA) and Contracts for Difference (CfDs). Handover of each project will be completed upon issuance of the corresponding Provisional Acceptance Certificate (PAC).
The agreements mark Nala Renewables’ expansion into the UK renewable energy market and lay the foundations for a long-term strategic partnership between the two companies. This partnership could support the delivery of further renewable energy and energy storage projects across Europe.
The transaction advances METLEN’s strategy of developing and selling energy projects (asset rotation). Under this strategy, the Company develops, builds and sells renewable energy projects, reinvesting the capital in its growing portfolio of projects under development internationally.
Nikos Papapetrou, Chief Executive Director of the M Energy Transition Platform, said: ‘This sale confirms METLEN’s steady momentum in project development and our ability to identify opportunities, bring projects to maturity and deliver high-quality renewable energy projects to long-term investors.
The United Kingdom is a market of strategic importance to METLEN. Our presence in the country, with projects there for more than a decade, provides a strong foundation for our continued contribution to its energy transition. METLEN, which covers every stage of project development and delivery, has completed more than 70 renewable energy and energy storage projects in the United Kingdom to date, on time and on budget, while more than 20 further projects are currently under way, both for third parties and for its own portfolio’.
These projects include solar parks with a total installed capacity of about 2.5 GW, battery energy storage systems with a total capacity of about 1.5 GWh, and hybrid projects combining solar power with BESS, with a total capacity of 137 MW and storage capacity of 391 MWh. This scale demonstrates METLEN’s strong project delivery capabilities in the UK market.