Alteo preparing to double solar power plant capacity

Green Energy

Alternative energy company Alteo agreed to acquire Edelyn Solar, which is set to develop a new, 20 MW solar plant in the vicinity of Tereske (52 km north of Budapest), according to a press release sent to the Budapest Business Journal.

After the completion of the post-transaction permitting process, Alteo will own a ready-to-build solar power project. The last of the permits needed to start the solar project is expected to be obtained in the first half of next year.

The new power plant is set to double the company's solar capacity.
 
"This acquisition fits perfectly into ALTEO's updated strategy until 2026 to expand our renewable energy portfolio," said Attila Chikán Jr., CEO of Alteo, who added that the new development would be another important step towards implementing the growth plans set out in the company's strategy revised earlier this year.
 
Chikán also noted that the development is expected to be completed by early 2024. Once completed, the Alteo Group will have a wide range of options for selling the energy generated: it could be a long-term power purchase agreement with corporate customers for green electricity, capacity and generation could be sold to the Alteo Regulatory Center, as well as market sales.

The CEO also did not rule out the possibility of a METÁR tender once the licenses have been obtained, or that some viable combination of the above options would be pursued.

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