Hungary, China build solar energy storage

May 3, 2024 CEN_com BRI, BRICS, & Global South~, Energy & Climate Change~, Geopolitics & Multipolarity~, Main, Politics & Economy~ 0

By 2030, Hungary will have the fourth largest capacity in the world for storing green energy after China, the United States and Germany.

Forest-Vill, the Hungarian company behind the storage facility says construction is underway for the EUR 21 million, 20 MW storage facility, located near Szolnok. Chinese company Huawei will provide the equipment for 60 MWh capacity project, which is expected to be completed in the first half of 2025.

The project will be Central and Eastern Europe’s largest solar energy storage facility. The aim is to double Hungary’s energy storage capacity and boost the role of green energy. Hungary’s current industrial energy storage capacity of 20-30 megawatts could increase twenty-fold by spring 2026.

Hungarian Government Commissioner László György said that the green economy is a market that is growing by 30 percent per year, directly providing hundreds of thousands of families and indirectly millions of families with a livelihood and well-paying jobs for decades to come. This economic sector that was worth USD 1,300 billion in 2020, six and a half times Hungary’s GDP, is expected to grow to USD 10.3 billion by 2050, he added.

Hungary’s Climate and Nature-Protection Action Plan 2020, set the goal of generating 90 percent of electricity in Hungary from green, carbon-neutral sources by 2030.

György said “We are now at the point where the solar capacity targets for 2030 have been met in 2024.” The government commissioner said that a number of programs have been launched to increase energy storage capacity and promote the green transition. The Solar Energy Plus program to support homes and families has been announced with a budget of HUF 75 billion (EUR 190.7 million), the program to support the purchase of electric cars by businesses has been launched with a budget of HUF 30 billion (EUR 76 million), and the cabinet is also giving priority to greening transport in settlements with a population of over 25,000.

Sources: