ALTEO to double its solar power plant portfolio

ALTEO will build a new solar power plant in Nógrád County, with its own investment and construction, following the approval of the Board of Directors. The development, worth more than EUR 17 million and capable of meeting the electricity needs of more than 10,000 households per year, will double the size of the company’s own solar power plant portfolio, which is listed in the premium category of the Budapest Stock Exchange (BSE).

Following the completion of the construction, which is expected to start in September, ALTEO’s 20 MWe solar power plant in Tereske, Nógrád County, is scheduled to start generating electricity in the second half of 2024. ALTEO acquired the solar power plant development project of Edelyn Solar Ltd. in 2022. In May 2023, the company informed investors that it had achieved a ready-to-build status, and now ALTEO’s board has approved the construction plans. The self-financed development will be able to produce 31 GWh of electricity per year, equivalent to the annual electricity consumption of more than 10,000 households.

The project is also of particular importance from a sustainability point of view, as energy will be generated entirely from solar radiation, as opposed to fossil fuels, so there will be no emissions of pollutants, unlike other power plants, and no need for drinking water during the plant’s planned lifetime of 25-30 years” said Attila Chikán Jr., CEO of ALTEO. The reversible design of the plant also serves sustainability: at the end of its total lifecycle, the entire infrastructure can be removed and the land occupied can be reused for agriculture.

The investment will naturally be integrated into ALTEO’s Renewable Regulation Centre, launched in May, 2023. “We also plan to integrate the new solar power plant in Tereske into ALTEO’s Renewable Regulation Centre, which will allow it to consolidate several smaller stand-alone generation units into one large power plant in the electricity and system services market. This will optimise generation alongside other weather-dependent power generators” the CEO added.