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The state-owned Hungarian Electricity Works (MVM) and Mátra Power Plant on Tuesday signed an agreement on a joint venture set up to build a Ft 200 billion (about $1.18 billion), 400MW lignite-fueled block at the plant.
The plant is expected to be completed in 2015. MVM holds a 74.9% stake in the project company and the Mátra Power Plant owns a 25.1% stake. MVM owns a 25%-plus-one-vote stake in the Mátra Power Plant.
German utilities giant RWE owns 51% and Energie Baden-Wurttenberg (EnBW) holds 21%. (MTI-Econews)