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Renewable has signed a conditional agreement for the acquisition of rights in a solar project in Hungary amounting to MWdc60 which is in advanced stages of development. Depending on the projected production capacity of the project, the company estimates that revenue from electricity receipts is expected to stand at around € 3.5-4.5 million per year for the life of the project, which will be spread over 35 years.
The Tapolca project is the fifth in a series of the company’s ground solar farms in Hungary, as part of a collaboration with local developers. In this context, the company has so far established three projects with a capacity of 57MWdc and operated them commercially in 2020, a fourth project with a capacity of 25MWdc, which was acquired in 2021, recently completed the construction permits and its construction is scheduled to begin in 2022.
The Tapolca project is located next to some of the previous solar farms established by the company in Hungary. As implemented, the project will increase the company’s backlog in Hungary to approximately 142MWdc, while at the same time the company continues to examine additional projects under the existing cooperation agreement with the sellers for the development of solar projects amounting to an additional 200MWdc.
The project has completed most of the development stages, including obtaining the rights in the land, completing the zoning change procedures and entering into a connection agreement for the electricity grid and is in the process of obtaining the required building permits.
According to the existing regulation in Hungary for large projects, the electricity that will be produced in the project is intended to be sold under the conditions of the free market (Merchant Market) in Hungary (HUPX). In this context, the company is expected to examine options for entering into commercial power sale agreements (PPAs) for some of the electricity produced. Electricity prices in the free market in Hungary are historically higher on average than prices in neighboring countries. The company estimates that the sale of electricity in a commercial format, which includes a combination of a long-term commercial PPA agreement together with a sale component under market conditions, is expected to produce a stable and high-quality revenue structure for the project.
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