The Ministry for Innovation and Technology (ITM) revealed that the China National Machinery Import & Export Corporation (CMC) is soon to start working on building an almost 100 MW solar power plant in Kaposvár, South-West Hungary. It will be the biggest investment of this nature in entire Central Europe.
According to Index, the company already secured all necessary permits and signed the contract of buying the assigned piece of land for the investment. At the moment, they are preparing to execute the plans. In total, the investment costs 32 billion Hungarian forints (99,168,000 EUR).
In the past few years, CMC and its subsidiary company realised numerous investments worth several billion dollars on an international level, with special attention to the energy sector.
According to the ITM, it is possible the company will make investments in Hungary from their own resources of about one billion euros in the future.
The contract was signed by Hungarian Minister for Innovation and Technology László Palkovics and Ruan Guang, the company’s CEO, on 25th April 2019, in Beijing.
The company plans to set up their regional office in Hungary, from where they want to oversee the preparation and managerial tasks of projects they are planning to realise in 16 Central and Eastern European countries.
At the end of 2018, built-in solar power capacity was around 700 MW. The Hungarian government plans to increase this to 2-3000 MW within a five-year period.