China investors would build two Paks-sized solar power plants in Hungary
- QT Advisory
- Mar 5, 2024
- 1 min read
Chinese battery and car manufacturers settling in Hungary can build about 2-2.5 gigawatts of solar power plant capacity.
The government's updated energy strategy calculates a total of 6 gigawatts of additional capacity by 2030 to meet the needs of the energy-green transition. The Chinese companies building battery and electric car factories in Hungary realised that the Orbán government was unable to find solutions to cover their energy needs, so they took matters into their own hands and they built solar power plants," a well-connected business source told Vsquare. According to the source, the total value of Chinese solar investments will be at least 2.5 billion dollars (about HUF 900 billion).
Hungary currently has 6 gigawatts of installed solar capacity, including large solar power plants, small – usually residential – systems, and household-sized small power plants (hmke).
A capacity of 2-2.5 gigawatts is quite a lot, for comparison: the capacity of the operating Paks nuclear power plant is one gigawatts, and that of Paks II - if built - will be 1.4 gigawatts. (Of course, in the lucky case, nuclear power plants produce at full capacity for most of their operating time, while solar power plants are nowhere near that.)
The government's effective energy strategy set this target for 2030. The updated version of the energy strategy submitted to the European Commission last year already counts on 12 gigawatts of installed solar capacity by 2030.
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