Legal Support by Wolf Theiss for CEE's Biggest Solar Plant
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Wolf Theiss acted as lead legal counsel for a group of investors active in the Hungarian renewables sector represented by PolSolar Kft. The mandate encompassed the engineering, procurement, and construction (EPC) of the largest solar power plant in Hungary and the entire CEE region with other corresponding matters.
The solar power plant, realized via an investment worth HUF 90 million, boasts an installed rated capacity of 250 MW and was officially handed over on June 6 in Mezőcsát, Hungary, marking a significant milestone in the country's transition towards clean energy.
The Wolf Theiss team was led by László Kenyeres, head of the projects & energy team, and Ádám Lukonits, associate at the firm's Budapest office.
According to a press release sent to the Budapest Business Journal, the team facilitated the tender process for the selection of the EPC contractors, drafted and negotiated the EPC contracts, established the necessary collateral structure, and coordinated the client's product procurement, including the largest ever single panel purchase in Hungary.
Furthermore, the team also handled transportation issues, resolved contractor disputes with EPC contractors, settled insurance claims, and conducted the tender, negotiation, and signing of the operation and maintenance (O&M) contracts.
This new solar power plant has already undergone rigorous production tests and has been integrated into the Hungarian electricity grid. Consequently, solar power generation and electricity export figures have already experienced a notable boost, the press release notes.
The Mezőcsát solar power plant accounts for 8% of the total electricity generated by solar power plants in Hungary. The new plant spans a vast area of 440 hectares, featuring an astounding 466,000 solar panels, 80 medium-voltage transformer stations, and a network of 1,000 kilometers of cables. The power plant can produce 372 gigawatt hours (GWh) of electricity annually; which amounts to enough clean energy to meet the energy needs of the nearby city of Debrecen, home to a population of 200,000, for half a year.
Hungarian Energy Minister Csaba Lantos, Parliamentary State Secretary of the Ministry of Finance and Member of Parliament for the region, András Tállai, as well as the CEO of the Hungarian electricity system operator (Mavir), András Biczók, attended the handover event.
The expected lifespan of the investment is projected to be a minimum of 15 years.
Wolf Theiss has also been entrusted by the same group of investors to oversee the development of additional solar power plants across other regions in Hungary, with the aim of securing a further 150 MW in generation capacity.
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