Investment bank Berenberg is financing a 65MW solar project in Hungary.
Greencells Group is developing the 65.2MW Szügy solar project using finance from the Berenberg Green Energy Junior Debt Fund III, which is providing junior debt financing for the construction and commissioning phase.
Berenberg acts as investment advisor to the fund.
Szügy is already under construction and is expected to start its operations in October 2022.
The park benefits from a government guaranteed feed-in-tariff (FIT) over 25 years starting at operations.
The solar park will be built with 121,000 photovoltaic modules.
Szügy is Greencells‘ largest investment in the Hungarian photovoltaic market with more projects to come in the future.
Andreas Hoffmann, Greencells CEO, stated: “Hungary, like many other Eastern and Central European countries, has rapidly developed into a highly attractive market for solar energy.
“Greencells is already the market leader by installed capacity in Hungary and will continue to expand its position there.
“In Hungary as well, solar energy has become the most cost-efficient form of environmentally friendly energy generation and is highly economically viable independent of government subsidies.”