Enlight grows Hungarian fleet with 60-MW solar park

Israel’s Enlight Renewable Energy Ltd (TLV:ENLT) has launched commercial operations at a 60-MW solar photovoltaic (PV) plant in Hungary, its fifth project in the country.

The Tapolca plant started selling electricity on a commercial basis on July 31, ahead of the original schedule, the Israeli renewables company said on Friday. Its grid-connection has expanded Enlight’s installed power generation capacity in Hungary to 144 MW.

Located close to the municipality of Tapolca in the Veszprem region of Hungary, the PV farm is expected to generate electricity to meet the demand of about 30,000 local homes annually. Its output will be sold at merchant prices.

The project was realised at an investment of about USD 48 million (EUR 43.6m), backed by debt extended by Raiffeisen Bank and USD 21 million in equity provided by Enlight. The Israeli firm expects the PV park to bring about USD 6 million in revenues during its first year of operation and add roughly USD 5 million to the company’s earnings before interest, tax, depreciation and amortisation (EBITDA).

"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,” said CEO Gilad Yavetz.

(USD 1.0 = EUR 0.907)

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