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Hungary's Genesis announces major plant plans

Genesis Energy Investment Nyrt will build a solar panel factory about €100 million ($134.5 million) investment, making use of the tax rebate granted by the government, announced the company on Friday.

The solar plant will build near Környe, township in Komárom-Esztergom county, 5 km from Tatabánya. The factory will start production in spring in 2009, at the earliest, said CEO Gábor Rényi at a press conference on Monday. Genesis will build factories of similar capacity in Spain and Singapore as well, he added. The investments will be covered by the firm's own capital - issuance of new shares is probable -, subsidies and banking loans. The ratio of own-capital has to be 25%-30% so for the company to be able to get state subsidies. The solar panels produced in the three factories by 2010 will have an annual total capacity of 250-300 mW – 8% of the solar panel market of the time. The shares of Genesis Energy Investment Nyrt (formerly called Novotrade) are being traded in Category 'B' at the Budapest Stock Exchange (BÉT) but the company aspires to become a significant, Category 'A' player. (Gazdasági Rádió)