Keppel MET Renewables has bought two small solar projects in northern Italy from ReFeel New Energy. Together they come to 20 MWp, a rounding error next to the platform's existing pipeline. What sets them apart is their stage. They are ready to build. The question is how quickly ready-to-build turns into running.
Key takeaways
- Keppel MET Renewables, an equal joint venture between MET Group and Keppel Infrastructure Trust, announced on 24 July 2024 that it had acquired a 20 MWp solar portfolio in Italy from ReFeel New Energy for an undisclosed price.
- The Keppel MET portfolio comprises two 10 MW ready-to-build solar projects, one in Lombardy and one in Piedmont, expected to produce about 30 GWh of electricity a year once operational.
- Keppel MET said commercial operations at the ReFeel projects were set to start in 2025, while Enerdatics' project-level estimates put commercial operation for each plant at June 2027.
- Enerdatics calculates the investment for each ReFeel solar project at $11 million, or $1.10 million per MW, about $22 million for the 20 MW portfolio.
- Of 23 Italian solar M&A transactions that Enerdatics records for 2024, only two carry a disclosed value, and the two imply prices of about $0.13 million and $3.28 million per MW.
What does ready-to-build actually mean?
It means the paperwork is done but the construction is not. A ready-to-build project has its permits, its grid connection terms and its land rights in place. What remains is procurement, financing and the build itself. For a buyer, that stage removes most of the risk that a project never happens while leaving most of the value creation still to come.
That is the contrast with what Keppel MET already holds in Italy. The platform had 277 MWp of solar projects at the early to mid stage before this deal. Early-stage projects can still fail on permits or grid access. Two ready-to-build plants of 10 MW each are small, but they move faster and carry less of that uncertainty. The acquisition lifts the Italian portfolio to 297 MWp, with the ReFeel projects making up just under 7 percent of it.
Keppel MET is not new to buying near-construction assets in Italy. Enerdatics recorded its acquisition of a 38 MWp solar plant in the country in September 2023, also a project still under development.
Why might the plants arrive later than announced?
Because ready-to-build is a stage, not a start date. When the deal was announced, Keppel MET said the two plants were set to begin commercial operation in 2025. Enerdatics' project records for the same assets estimate commercial operation in June 2027. They also estimate that the owner will have secured construction financing by March 2027, based on reported development timelines for Italian solar projects of this scale.
Those are Enerdatics estimates, not company statements, and the gap between them is the point worth noticing. The estimate ties the start of operation to the point at which construction finance is in place, and for a pair of 10 MW plants that step is not automatic.
For Keppel MET, a two-year slip would change the return profile more than the headline price would. Each year a ready-to-build project sits idle is a year of capital committed without revenue.
What will the two plants cost to build and produce?
Enerdatics calculates the investment for each plant at $11 million, or $1.10 million per MW, in line with reported figures for Italian solar projects of this size. For the pair, that is about $22 million of construction capital still to come on top of whatever Keppel MET paid ReFeel.
On output, each plant is expected to produce about 15 GWh a year, for 30 GWh in total. That works out at roughly 1,500 MWh per MW of capacity, or a capacity factor of about 17 percent. A capacity factor is the share of the year's maximum possible output a plant actually delivers.
Enerdatics records 23 Italian solar M&A transactions announced in 2024. Only two carry a disclosed value. Verdian, backed by Nuveen Infrastructure, agreed to pay $20.6 million for a 153 MW development portfolio from Greenvolt, about $0.13 million per MW. Bluefield Solar paid about $32.8 million for the 10 MW Brindisi repowering project, about $3.28 million per MW. The two prices sit roughly 24 times apart, and the Keppel MET deal is among the 21 that disclose nothing. Sixteen of the 23 involved assets still under development, and nine were for 20 MW or less.
What does the deal signal for Italian solar M&A?
It signals that much of Italy's solar deal flow is small, early and unpriced. The headline transactions of 2024 were joint ventures and platform deals measured in gigawatts. Underneath them sits a steady stream of 10 MW to 20 MW project sales between developers and long-term owners, almost none of which disclose a price.
It also signals that the real pricing variable for small ready-to-build projects is time. A buyer can pay a premium for a project that will run next year and still do well. The same price looks very different if commercial operation slips by two years.
Route to market is the other open question, and MET Group brings some experience there. Enerdatics records a five-year PPA between MET Energia Italia and the Milan Internet Exchange for the Mirto solar park, announced in November 2023. Italian solar contracts vary widely in length, from REDEN's 18-month agreement with Renantis to GreenGo's ten-year contract with Sasol. No offtaker has yet been recorded for the ReFeel plants.
Frequently asked questions
Who owns Keppel MET Renewables? Keppel MET Renewables is an equal joint venture between MET Group and Keppel Infrastructure Trust. It acquires, develops, operates and manages utility-scale solar assets across Europe.
Where are the ReFeel solar projects located? The portfolio has two solar projects of about 10 MW each, one in Lombardy and one in Piedmont, in northern Italy.
When will the Keppel MET projects start operating? Keppel MET said commercial operation was set to begin in 2025. Enerdatics' project estimates put commercial operation for each plant at June 2027.
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