EU-FIRE presents EUR-116m geothermal project in Hungary

Dec 3, 2014 - Hungary-based EU-FIRE Ltd on Tuesday showcased its plans to build a 12-MW geothermal power plant in the southeastern part of the country for a total cost of about EUR 116 million (USD 143m).

The particular power station will also have an annual heat generation capacity of 60 MW. The plan is to complete it by the end of 2018, officials said as cited by the Budapest Business Journal.

EU-FIRE owns 95% of the company that develops the scheme, while the remaining 5% are held by project partner -- Icelandic consultancy Mannvit.

The National Development Ministry and the National Economy Ministry are supporting the project. It also received a EUR-39.3-million grant from the European Union in late 2012 under the NER300 green energy support programme.

NER300 provides financing for innovative low-carbon energy demonstration projects. Under its first call in December 2012, the European Commission made funding awards of EUR 1.1 billion for 20 renewable energy projects.

(EUR 1.0 = USD 1.233)

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