Monaco makes solar investment with Monaco Energies Renouvelables

As part of the Principality’s aim to achieve carbon neutrality by 2050, the Government is pursuing an active solar development policy. Subsidies have been announced for the installation of photovoltaic and thermal solar panels.

Photovoltaic Park © DR
Photovoltaic Park © DR

The Monaco Government and the Monegasque Electricity and Gas Company (SMEG) combined their skills with the creation, at the end of 2017, of Monaco Energies Renouvelables (MER). The Company’s mission is to seek investment and development opportunities in renewable energy projects abroad.

In line with this objective, Monaco Energies Renewables has just acquired eight photovoltaic parks totalling a production capacity of 39 MWpec, distributed in seven departments in the south of France.

“MER has the goal that Monaco will become one of the first states to have 100% green electricity production capacity, equivalent to the consumption of its territory,” said Marie-Pierre Gramaglia, Government Counselor-Minister of Equipment, Environment and Urbanism. She adds: “If we are interested today in the development of photovoltaic plants, we are also thinking about the possibility of integrating hydropower, biogas and wind to control our energy supply costs.”

These acquired sites totaled 46,000 MWh / year, or about 9% of the electricity consumption of the Principality of Monaco. Thomas Battaglione, Managing Director of SMEG and Managing Director of MER, says: “SMEG, as an energy expert and operator, is working with the State of Monaco to bring its expertise in the renewable energy sector, identify better development opportunities and ensure the best possible operating efficiencies.”