The Hungarian government is launching two tenders on Monday, with a combined allocation of HUF 29 billion, to support businesses' geothermal energy investments, the Energy Ministry said in a statement on Monday.
The government is providing HUF 19 billion of interest-free credit for investments in geothermal heat and electricity generation. Loan amounts are between HUF 1 billion to HUF 6 billion for projects involving deep drilling and HUF 100 million to HUF 1 billion for others.
Only investments outside Budapest are eligible for support and payments under the programme can be made no later than November 2029.
In a separate HUF 10 billion tender some 10 to 20 projects in the countryside can receive HUF 40 million to HUF 1 billion of funding. Support will cover up to 10% of total costs if drilling is successful and as much as 50% if unsuccessful. The deadline for physical completion is two years from the entry into force of the grant agreement, but no later than the end of 2028.
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