The government is supporting the investment, which will create 500 jobs, with HUF 2.3 billion, Minister of Foreign Affairs and Trade Péter Szijjártó said.
The plant is expected to start operating in 2024.
Schneider Electric's VP for power systems and services Frederic Godemel said Hungary has a "distinguished role" in the business strategy Schneider Electric is implementing.
The company earlier said that it picked the site for the plant because of its proximity to the M8 motorway and the company's regional logistics base in Szigetszentmiklós, on the outskirts of the capital.
Schneider Electric employs around 2,000 people at four plants, a logistics base, and two shared service centers in Hungary.
Szijjártó noted that French businesses form the sixth-largest group of foreign investors in Hungary. Bilateral trade between Hungary and France reached a record EUR 10 bln last year, with Hungarian exports accounting for EUR 6 bln, he added.
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