Are you sure?

Solar panel makers mulling €3 bln investments in Hungary

Seven leading international solar panel makers have expressed interest in investing in Hungary, with projects totaling €3 billion, Hungary's Economy Minister János Kóka announced late Thursday in Washington D.C, without naming the potential investors.

"Investment and Trade Development Hungary (ITDH) [a state-run organization responsible for attracting foreign investment] is currently negotiating with seven top solar panel makers on investments worth a combined €3 billion that would create a total of 5,000 new jobs," according to a statement on the ministry's website.

Solar panel production projects need special technologies, therefore they cannot easily be moved to other countries and are likely to remain in Hungary for the longer term, Kóka said. Investments in the solar panel segment could boost the performance of other players of the Hungarian economy, such as companies involved in the glass industry, who could become the suppliers of the solar panel factories, Kóka said.

Research and development activities are also expected to be enhanced by significant investments in the field. The minister's announcement comes after Hungarian alternative energy investment firm Genesis Energy announced that it was granted a Ft 2 billion non-refundable government subsidy, as well as further significant tax breaks by the Hungarian government to support a planned €100 million solar panel factory in Hungary. (