Recurrent Energy Secures Funding for 119 MW Horus Solar Project

Emeren, a solar project developer, announced the sale of a 53.6 MW solar project portfolio in Hungary to Kronospan / Douglas Renewables, a manufacturer of wood-based panels. The portfolio encompasses six projects at various stages of advanced development. Four of them are already operational. One more power plant is scheduled to commence operations at the end of Q4 2023, with the final project expected to come online by mid-2024.

All the projects are located in the municipalities of Törökszentmiklós, Békésszentandrás, Mezőtúr, Szolnok, in the eastern part of Hungary. Combined, the power plants will provide energy to about 9,500 households. The transaction was completed by the end of November after securing the final government approval. Pontes Budapest was chosen as Emeren’s legal counsel.

Yumin Liu, CEO of Emeren Group, commented, “These six new projects represent a substantial contribution to the growing photovoltaics capacity in Hungary. We are glad that the operation has been successfully closed. We are equally excited to have partnered up with such a renowned player as Kronospan / Douglas Renewables. Their vision of sustainable energy production strategically aligns with our mission to strengthen the solar energy infrastructure.”

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.

Germany-based independent power producer Encavis recently acquired 30 MW of ready-to-build Pozzolo solar project in Italy. The value of the transaction and the vendor’s name were not disclosed. The solar project generates an average of around 42 GWh of electricity per year and will be connected to the grid in the second quarter of 2025. The revenue from the project will be secured by a long-term power purchase agreement (PPA) with a pay-as-produced structure for ten years based on 75% of the solar park’s generation capacity.


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