Solar farm to be built in Hungary
According to the NEST Communications agency, the private equity fund management company is primarily looking for capital investment opportunities that focus on the production and use of renewable energy sources and that can contribute to strengthening Hungary's energy independence.
In mid-December, Trustify invested in two 20-20 megawatt capacity RTB (ready-to-build) projects with grid connection permits.
The construction of these facilities, with a total capacity of 40 megawatts, is scheduled to start in January.
Trustify will also start developing storage capacity for the solar farm, expected to be available from the second quarter of 2025, which the fund manager believes is a critical factor for the financial return on any solar farm investment.
The Communication also reports that there has been a huge boost in green investment worldwide. At the COP28 climate conference in November 2023, more than 100 countries pledged to triple their renewable energy capacity by 2030. The International Energy Agency (IEA) predicts that between 2024 and 2030, a total of 5.5 terawatts of new renewable energy capacity could be installed worldwide, a significant increase from the previous 2 terawatts installed between 2017 and 2023.
They point out that China is expected to account for more than half of the increase, with 3.2 terawatts of capacity expected to be installed, while the United States and the European Union will each add around a tenth of the capacity. India alone is projected to install around 350 gigawatts, making it the world's second largest renewable energy market. UPDATE 31 December 2024: HVG has noticed that the Trustify Investment Fund Management Company is linked to Szilárd Nagy, the brother of Minister of National Economy Márton Nagy. The newspaper reports that a new asset management and consulting company called SP Property Ltd. was founded in the summer, and like the asset manager, the company's top official is Péter Fenyvesi, a former business associate of Szilárd Nagy. Until 2022, Fenyvesi was the CEO of Vincent Properties Ltd., which also owns Szilárd Nagy's villa in the 2nd district of Budapest.
Cover photo (for illustration purposes only): Shutterstock
