Portuguese renewables company Greenvolt – Energias Renovaveis has secured a 36 million euro project finance for implementing a 57 MW photovoltaic solar power plant in Hungary.

Greenvolt Power, a local subsidiary for utility-scale renewable energy projects, signed a deal with UniCredit Bank Hungary. Greenvolt plans to construct, operate, and maintain the photovoltaic farm.

The company said it has already broken ground on the renewable energy asset and with this disbursement it estimates the PV plant will be launched in the first half of 2024.

Once completed, the solar park should be able to generate 87 GWh of green electricity annually.

Its output will be sold under the feed-in-tariff regime with an agreement to connect the solar park to the electricity grid already in place.