Enlight Renewable Energy, a renewable energy company, announced that the Tapolca solar project has commenced operations.
Located in Hungary, the project has a production capacity of 60 megawatts (MW) and began its commercial sales of electricity in July this year.
Gilad Yavetz, CEO of Enlight: “We are happy to announce the grid connection and commencement of commercial operations at our fifth project in Hungary. 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.”
He added, “Enlight Europe is undergoing significant expansion, implementing our operating strategy in diverse markets which hedge and balance each other, accelerating the growth of our operating portfolio and the Company as whole.”
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The Tapolca solar project marks Enlight’s fifth project in the country, taking the total generating capacity of the renewable assets in Hungary to 144 MW.
According to the release, the solar project will sell electricity at merchant prices and will have the capacity to generate enough green energy to match the total annual consumption of approximately 30,000 Hungarian households.
The estimated cost of the project’s construction was $48 million. Revenues in its first full year of operation are expected to be approximately $6 million, and EBITDA is expected to be approximately $5 million.
The financing for the construction of the project was provided by Raiffeisen Bank, and the financial close occurred in March 2024. Enlight provided $21 million of long-term equity for the Project.