MOL, an integrated Central-Eastern European oil and gas company headquartered in Hungary, entered into a sale and purchase agreement to acquire Polsolar Kft, holding a portfolio of solar projects with a total capacity of 304 MW in Hungary.
The portfolio, located near Mezőcsát in Eastern Hungary, comprises five fully operational solar projects. These projects operate under the KÁT feed-in tariff system in Hungary, with KÁT licenses in place until 2048.
The enterprise value of the transaction amounts to HUF 118 billion (~$355 million). Net debt and other adjustments result in a HUF 64 billion (~$193 million) cash payment to the seller (for the shares and shareholder loan of Polsolar Kft. combined), assuming year-end closing. The company estimates an internal rate of return of 10% for the acquisition.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approval.
Dr. György Bacsa, Group Chief Strategic Officer, commented, “The acquisition of the photovoltaic park in Mezőcsát almost quadruples the Group’s solar capacity and thus represents an important milestone in our ambition to grow our footprint in renewables. It is well-aligned with MOL’s strategic ‘smart transition’ approach as it supports our low-carbon agenda while it is also value accretive for our shareholders from day one.”
Previously, in December 2024, MOL acquired 100% of Naperőmű Farm Kft, which includes a 66 MWp solar project, from Optimum Vogt, a subsidiary of ib vogt. Naperőmű Farm Kft will oversee the construction of the project, located in Ballószög, Hungary.
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&A report.
In November 2025, Capital Dynamics, a private asset management firm, acquired a portfolio of two solar projects totaling an installed capacity of at least 121 MW in the U.K. from BayWa r.e. and Grune Energien.
