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Hungary’s MVM builds 28 new solar power plants

Hungary’s state-owned MVM Group’s renewables branch announced to build 28 new solar power plants with 0,5 MW capacity each. The 17,3 million euros investment is party supported by EU funds. The new plants are expected to start commercial operation next year.

The project complies with MVM’s mid-term strategy which aims to accelerate the uptake of renewable energy sources in Hungary in line with the 2050 climate goals and the country’s green transition.

The solar plants will be built in ten settlements across Hungary and produce around 69 000 GJ of electricity per year, sufficient to cover the annual electricity consumption of more than 8000 Hungarian households and reduce CO2 emissions by nearly 19000 tons a year.

The planned total cost of the investment amounts to 6,704 billion forints (17,3 million euros). The project receives 2,098 billion forints (5,4 million euros) financial support under the EU’s Environmental and Energy Efficiency Operative Program, the rest is financed by own resources.

Solar energy has seen a significant increase in Hungary and it will have a crucial role in achieving the country’s climate goals. Hungary passed the target to become climate neutral by 2050 into law and the government’s strategy to achieve this mostly relies on nuclear and increased solar capacity. Besides the commissioning of the 2.4 GW Paks 2 nuclear power plant, Hungary expects solar capacities to rise to over 6 GW by 2030 which surpassed 3 GW this April. Experts forecast that next year could bring the biggest capacity expansion ever due to the unprecedented demand for green energy in an unpredictable market environement.

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