Solar panel makers mulling €3 bln investments in Hungary
Seven leading international solar panel makers have expressed interest in investing in Hungary, with projects totaling €3 billion, Hungary's Economy Minister János Kóka announced late Thursday in Washington D.C, without naming the potential investors.
"Investment and Trade Development Hungary (ITDH) [a state-run organization responsible for attracting foreign investment] is currently negotiating with seven top solar panel makers on investments worth a combined €3 billion that would create a total of 5,000 new jobs," according to a statement on the ministry's website.
Solar panel production projects need special technologies, therefore they cannot easily be moved to other countries and are likely to remain in Hungary for the longer term, Kóka said. Investments in the solar panel segment could boost the performance of other players of the Hungarian economy, such as companies involved in the glass industry, who could become the suppliers of the solar panel factories, Kóka said.
Research and development activities are also expected to be enhanced by significant investments in the field. The minister's announcement comes after Hungarian alternative energy investment firm Genesis Energy announced that it was granted a Ft 2 billion non-refundable government subsidy, as well as further significant tax breaks by the Hungarian government to support a planned €100 million solar panel factory in Hungary. (biznes.onet.pl)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.