June 12, 2024
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HomeUncategorizedHungary: Government to award 158 million euros for energy storage projects

Hungary: Government to award 158 million euros for energy storage projects

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The Hungarian government will allocate 62 billion HUF (158 million euros) for grid-scale energy storage projects in order to facilitate further deployment of renewable energy sources.

The Ministry of Energy said that around 50 grid-scale energy storage projects with a combined capacity of 440 MW have received subsidy support through a tender launched in February.

The procurement exercise is part of a broader subsidy program worth up to 200 billion HUF, launched in a bid to support households and businesses to produce and store green energy.

Last week, the government said that it had selected the winning bidders and allocated 62 billion HUF for energy storage projects.

The selected companies must complete the installation of projects by the end of April 2026.

With the successful implementation of the program, Hungarian energy storage capacity can increase by about 20 times within two years, the ministry said in the statement.

The subsidies are secured via the National Recovery and Resilience Plan and the state budget. They consist of non-refundable investment support and income compensation for the construction of energy storage facilities and their operation for at least ten years.

The operational support will be provided through two-way contracts for difference. The winners were selected based on the lowest cost principle and the lowest income compensation claim.

With funds obtained through a previous program, transmission network operator MAVIR is building the largest energy storage system in Hungary, a 20 MW project in Szolnok, the ministry added. Several projects with bigger capacity will be installed under the recently concluded tender.

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