'GreenSolar' Hungary - China collaboration

Beijing Sevenstar Electronics Co Ltd's GreenSolar equipment manufacturing company in Budapest, capital of Hungary, entered into operation on Aug 15.

This is the first photovoltaic power station funded by Chinese enterprises in Hungary. It covers an area of 3.6 hectares, and has an installed capacity of 1.8 megawatts. The total investment in the power station, whose design life is around 25 years, is €2 million ($2.34 million), and its annual energy output will be about 3 million kilowatts, saving 700 tons of carbon emissions.

Hungary's electricity mainly comes from nuclear and natural gas power plants. With the aging of the equipment, its electricity generating capacity has continually decreased, and the country has to import power to meet domestic demands.

According to EU's requirements, Hungry needs to increase the share of its new energy power to 13 percent of its power generation. It is believed the construction of the new energy power plant will become a new growth point in its cooperation with China.