Photo: Alteo
Alteo, in which MOL has a minority stake, is setting off on a regional expansion. It aims to establish a green platform of up to 2 GW in energy production including operation, software, maintenance and storage as well as waste management. The Hungarian company primarily targets its home market, Slovakia, Croatia and Serbia.
Alteo Energy Services, listed on the Budapest Stock Exchange in Hungary since 2010, earmarked as much as EUR 2.5 billion for capital expenditure. It marked the beginning of an expansion, through organic development and purchases, in its home market and Central and Southeastern Europe.
“Our new vision is for Alteo to become a regional sustainability champion by 2030,” Chief Executive Officer Attila Chikán said. Hungarian MOL Group owns a minority stake and controls the company with two private equity funds.
The aim is to establish a green platform of 1.5 GW to 2 GW in capacity, according to the latest presentation. Alteo intends to build a diverse portfolio that would include assets that it would manage for third parties.
The primary investment destinations abroad are Slovakia, Croatia and Serbia. Alteo revealed it is interested in Romania, the Czech Republic, other former Yugoslav republics and Poland, too.
Alteo to add electricity storage, boilers, gas engines for flexibility
Alteo added it would pursue significant capital increases over the next few years. The company’s new goal is to reach EUR 300 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2030.
Alteo develops software and artificial intelligence solutions for the operation of energy facilities.
The diverse and flexible portfolio will consist of electricity storage, boilers, gas engines and renewables, alongside investments in energy services and circular economy services, namely waste management, the document shows. The company develops software and artificial intelligence solutions for the operation of energy facilities.
Renewable electricity plants reached 116 MW in total capacity
According to the results for the third quarter of last year, Alteo Group owns or just operates 35 power and heating plants and other facilities. The electricity capacity totaled 313 MW including 91.6 MW in renewables, 19 MW in electricity storage capability and 110 MW in gas engines. Heat production made up 899 MW while three electric boilers consumed up to 17 MW overall.
Non-renewables electricity capacity in ownership was 65.8 MW against 91.6 MW in renewables, plus a recently acquired wind power plant of 24 MW. Heat capacity amounted to 188 MW at the end of September.
There is also a virtual power plant in portfolio. The first of five photovoltaic systems came online in 2017. Alteo has two small hydropower plants. The company is also active in renewable gas and biogas segments and retail energy trade.
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