Hungary’s oil and gas provider MOL enters solar business

Share

Hungarian oil and gas provider, MOL Group has announced its intention to enter the solar energy business. In a press release, the company said it will initially construct three PV plants with a combined capacity of 18.3 MW on unused areas at three of its main industrial sites in Hungary.

All of the projects, MOL stressed, are scheduled to come online by the end of 2018 and will meet parts of the energy needs of its own operations. They will also provide an opportunity to acquire expertise in the solar technology field and seize future opportunities in the PV market.

One project will be developed at the company’s petrochemical plant in Tiszaújváros, while the other two plants will be installed at its Danube refinery in Százhalombatta, and at the Füzesgyarmat facility. All of the solar plants will be connected to the group’s local internal medium voltage distribution networks.

“The project is a true reflection of our ambition to become one of the leading innovators in the region, envisioned in the 2030 strategy,” said the company’s COO Sándor Fasimon.

“At MOL we recognized that solar power will play an important role in the future energy systems, and thus we started to build our industrial capabilities by tapping into this dynamically growing business. The photovoltaic plants are for us also an excellent way of utilizing the potential of unused areas of our sites, while supporting our commitment to decrease the environmental footprint by reducing carbon emissions from our operations.”

The company has not said, however, if the projects will be developed under Hungary’s current incentive scheme for solar and renewables.

MOL’s largest shareholder is the Hungarian government, which owns a 25.2% stake in the company. MOL Plc and Mol Investment Kft are the second largest shareholders, with an interest of 9.3%, followed by OmanOil Budapest, with a share of 7.1%.