MOL Quadruples its Photovoltaic Portfolio

The Hungarian oil and gas company MOL Plc. entered into a sale and purchase agreement this Thursday to acquire Polsolar Ltd., holding five fully operational solar farms near Mezőcsát in Eastern Hungary, MOL said in a statement on the website of the Budapest Stock Exchange.

The five solar farms have a combined capacity of 304 MWp and altogether generate sufficient electricity to supply approximately 170,000 Hungarian households. The assets are operated under the “KÁT” feed-in tariff system in Hungary, with KÁT licenses in place until 2048. The project has already proven its ability to generate ca. USD 38 million EBITDA per annum.

Dr. György Bacsa, Group Chief Strategic Officer at MOL Plc. commented assaying that “the acquisition of the photovoltaic park in Mezőcsát almost quadruples the Group’s solar capacity and thus represents an important milestone in our ambition to grow our footprint in renewables. It is well-aligned with MOL’s strategic ‘smart transition’ approach as it supports our low-carbon agenda while it is also value accretive for our shareholders from day one.”

The Enterprise Value of the transaction amounts to ca. HUF 118 billion (USD 355 million). Net debt and other adjustments result in HUF 64 billion (USD 193 million) cash payment to the seller (for the shares and shareholder loan of Polsolar Ltd. combined), assuming year-end closing. MOL estimates an internal rate of return of ca. 10% for the acquisition.

The transaction is expected to close in the first quarter of 2026, subject to regulatory approval.