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Pannonpower to build Ft 30 bln generator blocks

Pannonpower Rt, a Hungarian power producer controlled by Lehman Brothers Holdings Inc., will spend Ft 30 billion ($140 million) to build two generator blocks, daily Napi Gazdaság reported, citing a company executive. Pécs, Hungary-based Pannonpower plans to build two biomass-fueled generator blocks by 2009, said László Somosi, the company's chairman and chief executive, the newspaper reported. The company may also build power plants in Slovakia and Romania, he said, according to Napi. Pannonpower is controlled by Crossroads Group, a private equity firm owned by Lehman. Hungary's government is looking to attract investors to build new power plants and help reduce the country's dependence on foreign energy, Economy Minister János Kóka said in an April 25 interview.