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Heliograd goes under liquidation

Heliograd Magyarország Napelemgyártó, a company that earlier planned to build a HUF 16.5 billion solar panel plant in Salgótarján (NE Hungary), has gone under liquidation, bailiff Miklós Balázs told MTI on Thursday.

Former Economy Minister János Kóka announced plans to build the plant in March 2007. The investment was to have created 800 new workplaces and generated an annual HUF 20 billion-25 billion of revenue.

Heliograd had planned to build four production lines, but had completed only one when it went under liquidation on June 8. All 36 of the plant's workers are being laid off, Balázs said.

According to 2007 information the project was financed 60% by Hungarian and 40% by Swiss and American investors. (MTI-ECONEWS)