China’s Zhejiang Kaishan Compressor to build EUR 141.1m power plant in Hungary
China’s Zhejiang Kaishan Compressor has agreed to build a 45 billion forint (EUR 141.1m) geothermal power plant in Tura, not far from Budapest, Hungary’s foreign affairs and trade minister told MTI during a visit to Shanghai on Wednesday.
The 40MW power plant will supply heat to farms and residential buildings as well as generate electricity, Péter Szijjártó said, speaking by telephone.
Zhejiang Kaishan Compressor’s geothermal business will also set up a base in Budapest, he added.
Talks with China Eastern Air Holding on launching a direct flight between Shanghai and Budapest are in an advanced stage, Szijjártó said.
KS ORKA to continue with geothermal development in Hungary, next phase 40 MW in power and 100 MWth in heating capacity
During the official visit of the Foreign Minister of Hungary, Mr Péter Szijjártó, to Shanghai this week, KS ORKA´s majority shareholder Kaishan announced the intention to continue with the geothermal development in Hungary. The next phase in KS ORKA´s development plan is estimated to give 40 MW in power and approx. 100 MWth in heating capacity. The cost of the next phase is estimated to be EUR 140m.
KS ORKA is a Chinese – Icelandic joint venture and has already built the first geothermal power plant in Hungary that began operation in November 2017. The power plant is a combined heat and power plant producing 3 MW power and 7 MWth heating capacity.
KS ORKA is a project developer focused exclusively on the development of geothermal and waste heat projects. Orka’s experienced team has over 30 years of collective experience developing, managing and financing geothermal energy and power projects.
KS ORKA combines its geothermal and project development expertise with Kaishan’s power plant technology and manufacturing expertise to form Asia’s first vertically integrated geothermal and waste energy company. KS ORKA brings to its projects some of the most experienced geothermal experts and power project developers in the world. Members of the management team, the former management of ORKA Energy, have participated in some of the most significant geothermal energy projects project around the globe, including:
The KS ORKA team is currently involved in projects in the Indonesia, Hungary, Serbia and Turkey.