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A Hungarian-Japanese joint venture will start building a Ft 12 billion (€43.5 million) biomass power plant in Szakoly, northeast Hungary in November, the firm said on Tuesday.
The plant, to be completed in the second half of 2008 in a joint investment with Japan's Tohoku Electric Power Co. Ltd., will have capacity to produce 20 MW of electricity in addition to steam and hot water, said István Polgári, head of the Hungarian partner, Liget Bioenergia Művek Kft. It is expected to generate annual revenue of Ft 3 billion.
The project, codenamed Dél-Nyírségi Bioenergia Projekt, has drawn loans from the Hungarian Development Bank Rt (MFB) and commercial banks as well as EU and national subsidies, Polgári said.