Despite the war still impacting the Hungarian market, there are also opportunities in the green economy and energy, as well as the Hungarian start-up scene, according to Bird & Bird Head of Energy & Utilities and Competition & EU Daniel Aranyi.
Legislative Changes In The Field of Renewable Energy Sources
On 24 January 2023, a new law called LEX OZE I. (Act No. 19/2023 Coll.) entered into force. The goal of this law is to remove obstacles and speed up the construction of renewable energy sources ("RES").
Green Finance in Hungary 2023
The Central Bank of Hungary (MNB) is encouraging the banking sector to increase the level of green loans. To this end, significantly reduced capital requirements have been put in place when applying for loans, and green company bonds were introduced in summer 2020 as part of the MNB bond funding for growth scheme. The Hungarian government is now ready to intervene to achieve climate neutrality.
RTPR, Walless, and PwC Legal Advise on GreenGroup and Abris Acquisition of Zalvaris
Radu Taracila Padurari Retevoescu and Walless, working with Allen & Overy, have advised the GreenGroup on its acquisition of Zalvaris from Koncernas Consus. PwC Legal advised Consus on the deal.
Cobalt Advises Pakrineeme Sadama on Sale of LNG Quay to Estonian State
Cobalt has advised Pakrineeme Sadama on selling its liquefied natural gas loading quay in Paldiski – together with the related infrastructure and port property – to the Estonian Stockpiling Agency for a total transaction value of EUR 31.5 million.
Rymarz Zdort Maruta Advises Projekt-Solartechnik on Private Debt Financing
Rymarz Zdort Maruta has advised Projekt-Solartechnik and its subsidiaries on their private debt financing agreement with the Eiffel Investment Group for Polish solar power plants. Dentons reportedly advised the lender.
Schoenherr Advises Shanghai Electric Power on Acquisition of 100-Megawatt PV Project from Greencells Group
Schoenherr has advised the China-based Shanghai Electric Power Co. Ltd. on its full acquisition of two project companies developing a PV project portfolio with a total capacity of 100 megawatts in Inarcs, near Budapest, from a Greencells Group subsidiary. Erdos Katona reportedly advised the sellers.