ALTEO signed the contract on buying Zugló-Therm’s majority shareholding

The natural gas service provider of Nemzeti Közművek and ALTEO Group have signed the sales contract for the majority shares of Zugló-Therm power plant. Following the fulfillment of the terms recorded in the contract, Sinergy – member of ALTEO Group – will be the sole owner of Zugló-Therm. The listed energy company group now owns 49 percent of the power plant and also manages its technical operation, while Zugló-Therm is also a member of ALTEO’s virtual power plant. The deal is to be closed after the necessary permits have been obtained, which is expected to take place in May 2018.

The heating power plant, which has 18 MW of electricity and 17 MW of heat capacity, covers more than 30 percent of the heat demand of the district heating system for which it provides thermal energy for according to the 15 years extent of the agreement.

“This transaction is fully in line with ALTEO’s small-scale power plant strategy, as the full potential of renewable energy sources can only be fully utilized in combination with the state-of-the-art high-efficiency natural gas power plants.” – said Mr. Attila Chikán Jr., who also added that the move does not endanger the heat supply currently provided by the power plant for the district heating network, the ALTEO Group continues to give priority to the highest level of service for its consumers.