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PannErgy purchases methane-powered electricity plant

PannErgy Geothermal Power, a unit of Hungarian geothermal company PannErgy, on Tuesday purchased a 100% stake in the Berekfürdő Energy Production and Service, which generates electricity from methane gas extracted from thermal water, PannErgy announced on Wednesday.

PannErgy Geothermal Power's new plant, which has capacity to generate 320kW of electricity, will have EBITDA of between HUF 55 million-HUF 65 million annually, the company estimated. The plant in east-central Hungary sells electricity transmission-system operator MAVIR under the feed-in tariff system, selling both power and heat to local consumers.

The company has signed an agreement to sell 4,600 GJ of heat annually and talks are underway regarding the sale of an additional 6,600 GJ per year. (MTI-Econews)