Meistro Energie to install 250 MWp of solar in Germany

German energy service provider Meistro Energie GmbH will invest EUR 175 million (USD 178.48m) to build its own portfolio of ground-mounted solar plants in the country.

A new subsidiary, dubbed Meistro R.E., has been formed to install 250 MWp of solar capacity by 2026, Meistro Energie said on Thursday.

The first solar project is set to come into operation in the middle of 2023 and generate about 40 million kWh of clean power. The electricity produced will be supplied directly to Meistro Energie's customers via a long-term power purchase agreement (PPA).

The Ingolstadt-based company currently distributes electricity to more than 7,000 mid-size businesses, the so-called Mittelstand which is often described as the backbone of the German economy.

Apart from the first project, the company's pipeline includes initiatives for a further 200 MWp of solar capacity to be deployed by 2026.

The investment in own solar power plants will make Meistro Energie independent from the wholesale market for electricity and will support the energy transition of Germany's Mittelstand businesses, according to the company's chief Mike Frank.

(EUR 1 = USD 1.020)

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