MVM Zöld Generáció [Green Generation] Ltd. has built a 23.97 megawatt (MW) peak capacity solar power plant with an investment of HUF 9.4 billion in the outskirts of Szeged with EU support.
The company's business project director, Péter Bilinszky said presenting the investment that EU and domestic subsidies covered HUF 3.575 billion of the investment costs.
The photovoltaic power plant was built by Energy Hungary Plc. in the northern part of Szeged, between Lake Fehér and the fish ponds. The power plant has a rated capacity of 19.98 MW and will produce 28.5 gigawatt hours (GWh) of electricity per year, avoiding 27.3 thousand tons of carbon dioxide emissions. The plant, which has a 25-year planned lifetime, will be connected to the public grid via the Mavir Plc. substation in Sándorfalva, Hungary.
The project was completed earlier than the planned May deadline, the power plant was commissioned on March 8 and since then a successful trial run has been completed, Péter Bilinszky said.
The director said that MVM Zöld Generáció, MVM Group's renewable energy company, was founded in 2002 as Hungarowind Ltd. Since 2015-2016, the company has been developing photovoltaic power plants on its own investment and has also made acquisitions on the market.
The installed capacity of the power plants operated by the company exceeds 320 MW, of which 260 MW is provided by photovoltaic sources, complemented by wind and hydro power plants. MVM Green Generation Ltd.'s share of the Hungarian solar power market was 7.7% last year, with electricity production exceeding 430 GWh, which is expected to increase one and a half times next year.
The company would increase its capacity to 800 MW by 2025 and expand its portfolio to include geothermal, biogas, biomass and, if legislation allows, wind power in addition to the current ones, the director said.
According to publicly available company data, the company's net sales revenue was HUF 3.918 billion in 2020 and HUF 2.102 billion in 2021. In 2020, MVM Zöld Generáció Ltd. posted a profit after tax of HUF 485 million, compared to a loss of HUF 418 million last year.
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