Hungarian state-owned power utility MVM announced that its subsidiary MVM ESCO Urban has completed its first solar power plant project. MVM ESCO Urban has completed two solar power plants at the plants of panels manufacturer Kingspan in Ujhartyan and Felsolajos near Budapest.
The company covered the cost of the investment which Kingspan will repay from its energy cost savings over a period of 15 years. Kingspan will have an option to purchase the solar power plants at the end of this period.
MVM added that its subsidiary has a number of orders for solar power plants, and its projects are progressing as planned.