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Meinl International Power buys 24% stake in Hungarian power plant

Austria’s Meinl International Power (MIP), Hungary’s Magyar Villamos Művek Zrt (MVM) and System Consulting jointly develop a 233 MW gas-fired power plant in Hungary.

Total project investment cost of approx. €140 million ($202 million). Meinl International Power will initially own 24% of the project, Hungary’s state-owned electricity wholesaler Magyar Villamos Művek Zrt holding 51% and System Consulting, a firm owned by Hungary’s former energy minister László Kapolyi, Meinl Power’s board member Hans Haider said today at a press conference in Vienna. Meinl Power has an option to buy System Consulting’s stake two years after the plant, based in the Hungarian city of Vásárosnamény (northeast Hungary, near the borders with Slovakia, the Ukraine and Romania), starts operating.

Meinl Power, based in the Channel Islands, raised €600 million ($867 million) in a public share sale (IPO) this summer, is investing in energy projects in Eastern Europe, where demand for energy is growing faster than in Western Europe. (press release