Hungarian $35m Turawell project to provide power and heating for greenhouse project
The Turawell project in Hungary will develop a geothermal power plant and provide heating for a greenhouse project nearby. The total investment volume is expected at $19 million for the power plant and another $16 million for the greenhouse to be built.
Following news of the acquisition of the Turawell project in Hungary, by Singapore-based KS Orka earlier this month, now details emerge on the financial aspects.
According to Budapest Business Journal, the project will cost an approximate HUF 10 bilion ($35 million), including a power plant and the construction of a greenhouse operations.
KS Orka which bought a 51% stake in the Turawell project, will be building the plant at an estimated cost of HUF 3.4 billion ($11.9 million), with an additional preparation cost of HUF 2.1 billion ($7.3 million).
It is planned to build a 2.7 MW geothermal power plant that could provide electricity, sufficient for about 800 households by already next year.
The construction of greenhouse operations by a consortium of Bauforg, Forrásker-Tész and Venlo Plus will then build the HUF 4.5 bln greenhouse ($15.7 million), The greenhouse is expected to turn out an annual 6,300 tons of tomatoes, generating revenue of HUF 6-7 bln ($21-24.7 million), according to the developer.
Source: Budapest Business Journal