Greenergy Inaugurates EUR 10 mln Solar Park

Green Energy

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Hungary's Greenergy inaugurated a EUR 10 million, 10MW solar park on the outskirts of Paks on Friday.

The solar park will generate 17 GWh of electricity in its first year, enough to power 5,500 homes, CEO László Levente Dajbukát said.

The investment was financed with the proceeds from a HUF 5.7 billion bond issued in the framework of the Bond Funding for Growth Scheme of the National Bank of Hungary.

Greenery plans "significant" capacity expansions in energy generation and storage, Dajbukát said. It will complete a 4MW solar park in Kiskunfélegyhaza in 2023, he added.

Dajbukát said Greenergy has a 20MW solar park among its plans, but declined to reveal the site of the investment.

Greenergy's gas-fueled power plants have a combined capacity of 50MW and generate about 200 GWh a year. Greenery centrally regulates and aggregates output of its power plants, establishing a presence on the market as a large virtual power plant operator.

The company, established in 2007, started investing in power plants with the support of a U.S. venture capital fund, inaugurating its first, 2MW wind farm in the west of Hungary in 2010. Hungary's KÉSZ group acquired a majority stake in Greenergy in 2020, putting the company under domestic ownership.

Greenergy had net revenue of HUF 10.5 bln last year. This year, management expects turnover to double on portfolio expansions and higher energy prices.

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