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Hungary’s MOL Group to expand its renewables portfolio

Hungary’s integrated oil and gas company MOL Group signed the necessary agreements to acquire a majority stake and joint control in Alteo, a Hungarian-owned energy service and trading company focusing on sustainable energy supply.

Alteo is a publicly listed Hungarian company with a diverse portfolio of 69 megawatts (MW) of renewable energy generation capacity composed of mainly wind and solar power plants, in addition, conventional power and heat production is also a significant contributor to Alteo’s business mix. Furthermore, Alteo provides operation and maintenance services for industrial power plants, it is active in energy trading, waste management and e-mobility.

MOL says that the acquisition would allow the company to increase its footprint in green power generation and trading in line with its 2030 strategy ambitions. By 2025, MOL pledged to spend 1 billion US dollars on sustainability investments. In recent years MOL has already taken some steps to support the circular economy and green energy transition.

MOL’s first solar power plants were put into operation in 2019, and today it operates a portfolio with a capacity of 30 MW in Hungary. The company’s rubber bitumen plant in Zalaegerszeg, Hungary recycles about half a million used tires every year and in the past 11 years, more than three million litres of used cooking oil were collected at MOL’s petrol stations which are recycled into biofuel, informs MOL.

MOL is currently building one of Europe’s largest-capacity green hydrogen production plants in Százhalombatta together with the American Plug Power. By producing 1,600 tons of green hydrogen per year, the plant will cut MOL’s carbon emissions by 25,000 tons.

The completion of the next steps of the acquisition of Alteo is subject to obtaining approvals from the National Bank of Hungary in relation to the mandatory public offer and the Hungarian Energy and Public Utility Regulatory Authority as well as the Competition Authority.

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