First Solar Investment by Monaco Energies Renouvelables

The Principality's energy and climate policy aims to achieve carbon neutrality by 2050; to this end, reducing energy consumption and increasing the share of renewable energies are two key driving factors.

With regard to the latter objective, the Government is pursuing an active policy to develop solar energy in the Principality, with subsidies for installing photovoltaic and thermal solar panels and the online publication, in June 2017, of a solar survey, which enables property owners and tenants to identify the photovoltaic solar energy production capacity of their roofs (www.cadastresolaire.mc ).

Now, in order to be involved in energy transition beyond its borders, the Prince's Government and the Société Monégasque de l'Electricité et du Gaz (SMEG) have shared their skills, with the creation, in late 2017, of the Monaco Energies Renouvelables company (Monaco Renewable Energies) (M.E.R.). The Company's mission is to seek investment and development opportunities in renewable energy production projects abroad.

In line with this objective, Monaco Energies Renouvelables has just acquired eight photovoltaic parks, with a total production capacity of 39 MWpeak, located in seven Departments in the south of France.

"M.E.R. aims to make Monaco one of the first States to have 100% green electricity production capacity, equivalent to consumption in its territory," stated Marie-Pierre Gramaglia, Minister of Public Works, the Environment and Urban Development. She added, "at present, we are interested in developing photovoltaic power plants, but we are also considering the possibility of using hydropower, biogas and wind power to control our energy supply costs."

The sites that have been acquired represent total production of 46,000 MWh/year, or approximately 9% of the Principality of Monaco's electricity consumption. Thomas Battaglione, Director and Chief Executive Officer of the SMEG and Managing Director of M.E.R. stated that "The SMEG, as an energy company and operator, is working alongside the State of Monaco to offer its expertise in the renewable energy sector, identify the best development opportunities and ensure the best possible operating returns."