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Hungary: New investor in Genesis Energy

Recycling

Listed alternative energy company Genesis Energy has signed an agreement with US-based private equity group GEM Global Yield Fund on investing €40 million (about $57.5 million), Genesis announced.

The specifics of the arrangement will be published at the Genesis EGM scheduled for late January, the daily Napi Gazdaság quoted president and CEO Gábor Rényi as saying. Genesis, harboring plans to build solar panel manufacturing facilities in Hungary, Spain and Singapore over the next two years is to utilize the newly available funds to finance its projects. Construction of the Spanish plant is scheduled to kick off in Q2 of 2008 for an investment of €154 million ($221 million) plus grants from the Spanish government, to start operating in 2009. (NG)

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