Alteo doubles sustainable energy capacity with acquisition

Green Energy

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. "

Number of Thefts in Capital Edges Higher in 2023 Figures

Number of Thefts in Capital Edges Higher in 2023

Magyar Drops Audio Suggesting Gov't Meddling in Corruption C... Government

Magyar Drops Audio Suggesting Gov't Meddling in Corruption C...

Wizz Air Using VR for Pilot Training Innovation

Wizz Air Using VR for Pilot Training

2024 Edition of Budapest Ritmo Approaching In Budapest

2024 Edition of Budapest Ritmo Approaching

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.