Enlight Renewable Energy Ltd. has started commercial operations at a 60-megawatt PV plant near Tapolca, ahead of schedule. This new solar plant increases the company's total installed capacity in Hungary to 144 megawatts, enough to power 30,000 households annually.
Enlight’s Fifth PV Plant in Hungary
Enlight Renewable Energy Ltd. has commenced commercial operations at a 60-megawatt solar PV plant in Hungary. This marks the company's fifth project in the country. The solar plant which is located near the municipality of Tapolca in the Veszprem region, started selling electricity commercially on July 31. This was ahead of the scheduled date.
The Tapolca solar plant is approximately 160 kilometers southwest of Budapest. Its connection to the grid has increased Enlight's total installed power generation capacity in Hungary to 144 megawatts. The PV plant is expected to generate enough electricity to supply around 30,000 local households annually. The electricity produced will be sold at market prices, contributing to Hungary's renewable energy supply.
The project was realized with an investment of about USD 48 million (EUR 43.6 million). Raiffeisen Bank provided the debt financing, while Enlight contributed USD 21 million in equity. Enlight expects the solar plant to generate approximately USD 6 million in revenue during its first year of operation. Additionally, the company anticipates the plant will contribute around USD 5 million to its earnings before interest, tax, depreciation, and amortization (EBITDA).
Enlight's Expanding Renewable Energy in Europe
The Tapolca PV plant represents another step in Enlight's expansion in Europe. The company has been actively involved in the development of renewable energy projects on several continents. Gilad Yavetz, CEO of Enlight Renewable Energy expressed his satisfaction with the successful launch of the Tapolca project. "The continued development and operation of new European projects such as Tapolca is another example of Enlight’s broad international execution capabilities on a number of different continents," Yavetz said.
Enlight's Tapolca PV plant boosts Hungary's renewable energy efforts and supports its climate goals.
Enlight has been focusing on expanding its presence in the European renewable energy market. The company has already completed several projects in Hungary and is planning further developments in the region. Hungary has been actively promoting renewable energy to reduce its reliance on fossil fuels and meet its climate goals. The country aims to increase the share of renewable energy in its electricity generation mix to 21% by 2030.
The Tapolca solar plant is part of Hungary's efforts to diversify its energy sources and increase the share of renewables in its energy mix. The country's government has been supporting the development of renewable energy projects through various incentives and subsidies. The Hungarian government has also been working to improve the regulatory framework for renewable energy, making it easier for companies like Enlight to invest in the sector.
Looking Ahead
The successful launch of the Tapolca solar plant demonstrates Enlight's ability to deliver projects on time and within budget. The company has been able to leverage its experience and expertise to successfully navigate the challenges of developing renewable energy projects in different regions. Enlight's strong track record has made it a trusted partner for financial institutions, which have been willing to provide the necessary financing for its projects.
Looking ahead, Enlight Renewable Energy plans to continue its expansion in the renewable energy sector. The company is exploring new opportunities in Europe and other regions where there is a growing demand for clean energy. Enlight is committed to contributing to the global transition to renewable energy and helping countries achieve their climate goals.
The commencement of commercial operations at the Tapolca solar plant marks a significant milestone for Enlight Renewable Energy. The project not only increases Hungary's renewable energy capacity but also reinforces Enlight's position as a leading player in the global renewable energy market. As the world continues to shift towards cleaner energy sources, companies like Enlight will play a crucial role in shaping the future of energy.