ALTEO Buys Wind Power Generation Firm

Hungarian-owned energy service and trading company ALTEO Plc. has concluded a stock purchase agreement for the acquisition of Pannon Wind Power Generator Ltd. for HUF 1,153,000,000 from EIH Ltd.

The execution of the stock purchase agreement is the first step in the transaction. The ownership of the business interest in Pannon Ltd. will be transferred to ALTEO after the conditions specified in the contract have been fulfilled.

Pannon Wind Power Generator Ltd. owns and operates a wind power plant park consisting of seven units with a capacity of 15 MW electrical power in the vicinity of Bábolna, W Hungary. The produced electric energy is sold in the frame of the so-called feed-in system (also called Obligatory Takeover or KÁT). The KÁT license expires as of July 31, 2025. As a result of the acquisition, the volume of ALTEO’s wind portfolio will amount to 47.5 MW, and the total power generation capacity of ALTEO will be more than 122 MW.

The acquisition is closely aligned to ALTEO’s strategy comprising of operating power plants with renewable and high- efficiency energy production, as well as leveraging the synergies in the simultaneous operation of different power generation units.