Greenergy inaugurated a €10mn solar park with a built-in capacity of 10 MW on the outskirts of Paks that will generate 17 GWh of electricity in its first year, enough to power 5,500 homes.

At the inauguration ceremony, CEO Laszlo Levente Dajbukat said that 21,000 photovoltaic (PV) modules and 44 inverters have been installed in the 20-hectare facility, which will produce 17 GWh of electricity in the first year.

The investment was financed from proceeds of the HUF5.7bn (13.5mn) bond issued under the framework of the National Bank’s corporate bond purchase scheme, the company’s first bond subscription.

Greenergy plans "significant" expansions in energy generation and storage, Dajbukat said. It will complete a 4-MW solar park in south-eastern Hungary in 2023 and has a 20-MW project among its plans.

Greenergy, established in 2007, started investing in power plants with the support of a US venture capital fund, inaugurating its first, 2-MW wind farm in the west of Hungary in 2010. Regulation made the setup of wind farms impossible after a 2011 government decree.

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