New ALTEO projects in the pipeline

The Hungarian energy services firm ALTEO could launch new projects in a total value of close to HUF ten billion (some EUR 32 million) as the company's Board of Directors decided on the implementation of three power plants utilizing a total of 18.1 MW of solar power, and approved the acquisition of a 2 MW wind power plant.

As the financial website portfolio.hu points out, the solar power plant developments can typically be found in the south of the country with a higher than average number of sunny hours. ALTEO signed an agreement to acquire Domaszék2MW Ltd. in February this year and by this move, it created the conditions for launching its first green field photovoltaic development.

ALTEO, listed in the Standard category on the Budapest Stock Exchange, focuses primarily on projects and investments in 2017, after considering it to be essential to ensure further growth. Alteo started to expand its depot-gas (one that accumulates in waste dumps) power plants this year to upgrade its natural gas fired thermal power generation capacities in Sopron, NW Hungary and to implement a research and development project focusing on energy storage in a state-subsidized project. These projects will increase ALTEO's investments this year by another HUF 1.5 billion (close to EUR five million).

As ALTEO CEO, Attila Chikán, Jr. commented, “in accordance with our promise to our shareholders, we are constantly looking for expansion opportunities and continuing our investments, this time in solar and wind power.”