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Alteo doubles sustainable energy capacity with acquisition

Listed alternative energy concern Alteo Group has announced the conclusion of its acquisition of Euro Green Energy Kft., nearly doubling its sustainable energy production capacity, says a press release sent to the Budapest Business Journal.

As a result of the deal, Alteo now owns a 25 MW wind energy park with 13 towers producing energy in Bőny, Győr-Moson-Sopron County. The energy produced by the park will be sold though the mandatory off-take regime (KÁT) until the permits run out. Afterwards, the group will operate the park with stable EBITDA production as part of its portfolio with the help of its own regulation center.

The total sustainable energy production of Alteo reaches 55 MW with the new acquisition. Adding in 50 MW natural gas plant capacity, the total electricity production of the group now stands at 105 MW.

The acquisition was financed with the help of a HUF 2 billion capital increase, concluded on March 25. Alteo says that with the help of the money from the capital increase, it will get involved in other sustainable energy projects and investments including acquisitions, green and brownfield projects.

"The wind energy park in Bőny perfectly fits Alteoʼs strategy and portfolio, which attributes special importance to power plants running on renewable energy sources, alongside highly efficient natural gas-based plants," said Alteo CEO Attila Chikán Jr. "With the acquisition, our portfolio using renewable resources has doubled. "