Hungary: Raiffeisen Energiaszolgáltató to sell Hungarowind

Telco

Raiffeisen Bank-owned Raiffeisen Energiaszolgáltató has published a two-round tender to sell its subsidiary Hungarowind, an energy company that operates a 23MWh wind farm near Sopron (northwest Hungary), Raiffeisen Energiaszolgáltató Managing Director Csaba Nagylaki told MTI on Tuesday.

Hungary’s transmission system operator Mavir is obliged to buy an annual 50,000MWh of electricity from the Hungarowind-operated wind farm until December 1, 2016 at a price calculated according to a fixed formula. Based on the current price of Ft 26.41 per kWh, the contract generates revenue of Ft 1.3 billion (€5.17 million) per year, Nagylaki said. The Ft 1.3 billion does not include possible fines of Ft 2.5-5 per kWh, that Mavir can impose if the wind farm fails to supply electricity according to schedule. Nagylaki declined to say how much the wind farm cost. (Experts put the cost of construction each megawatt of windmill capacity at around €1 million.)

Hungarowind completed the wind farm in February. The farm consists of 8 wind turbines purchased from Denmark’s Vestas. The farm’s first two turbines have begun operation. Raiffeisen Bank provided a loan for construction of the wind farm. Raiffeisen’s energy unit has been operating as a financial investor in alternative energy projects in Hungary since the end of 2006. (MTI-Econews)

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