Hungarian state-owned power utility MVM announced that it plans to build 28 solar power plants with the capacity of 0.5 MW each.
The plan is in line with MVM’s mid-term strategy which aims to accelerate the development of renewable energy projects in Hungary in accordance with the 2050 climate goals and the country’s green transition.
The estimated cost of the investment amounts to some 17.3 million euros. The project will receive 5.4 million euros of financial support under the EU’s Environmental and Energy Efficiency Operative Program, while the rest is financed by MVM’s own resources. It is expected that the solar power plants will be put in operation next year.
Solar energy saw a significant increase in Hungary in recent years and it will have a crucial role in achieving the country’s climate goals. Hungary passed the target to become climate neutral by 2050 into law and the Government’s strategy to achieve this mostly relies on nuclear and increased solar capacity.
Besides the commissioning of the two new reactors at nuclear power plant Paks, Hungary expects solar capacities to rise to over 6 GW by 2030, with solar capacity surpassing the 3 GW mark this April.
