Renewables

Alteo seeking acquisitions in Croatia, Serbia for its 2 GW green platform

Alteo acquisitions Croatia Serbia 2 GW green platform

Photo: Alteo

Published

January 14, 2025

Country

Comments

comments icon

0

Share

Published:

January 14, 2025

Country:

Comments:

comments icon

0

Share

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 Chikan 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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Power exchanges test cross border day ahead trading 15 minute intervals

Power exchanges to test cross-border day-ahead trading in 15-minute intervals

02 April 2025 - NEMOs in Europe are starting joint member testing on April 7 for cutting the cross-zonal day-ahead power trading interval to 15 minutes

heliup startup solarpower europe award stykon panels

Heliup wins European Solar Startup Award 2025 with solar panels 60% lighter than conventional ones

01 April 2025 - Heliup said it is committed to revolutionizing solar energy with lightweight solutions manufactured in Europe

Bulgaria IBEX registration market guarantees of origin electricity

Bulgaria’s IBEX opens registration for market of guarantees of origin of electricity

01 April 2025 - The Independent Bulgarian Energy Exchange (IBEX) is registering entities interested in participating in a market for guarantees of origin

hybrid solar projects LCOE batteries BESS wind solarpower europe

Hybrid solar cuts levelized cost of electricity 10% compared to standalone projects

31 March 2025 - Hybrid solar supports system flexibility, improves the cost-effectiveness of an asset, and makes energy generation more reliable