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MVM buys out partner's stake in Bakonyi power plant

The state-owned Hungarian Electricity Works (MVM) on Tuesday said it completed the buyout of its partner's stake in power Bakonyi Villamos Művek Termelő (BVMT).

MVM bought the 49.5% stake from Euroinvest, owned by construction magnate Sándor Demján. MVM did not reveal the price of the transaction but said it was established on the basis of an assessment by independent international experts.

MVM's and Euroinvest's joint venture took out a €63m loan to build the plant, Econews reported earlier. The loan covered about 80% of the cost of the plant with two 58MW blocks.