Solamon's Yeo to open office in Hungary; set eyes on North Africa and Libya

Released on: November 01, 2013, 1:00 pm
Industry: Energy

Budapest, -- /EPR NETWORK/ -- A year ago, upon appointing Andras Toth as SVP for Hungary, Solamon Energy Corp began to explore a visionary plan to provide conjoined solar farms across The Great Plain and now the company is pleased to announce it intends to establish an office in Budapest from which its sales and marketing teams, as well as administrators, can access both European markets and those being developed in North Africa. Recently, Solamon's CEO Graeme Boyce and President Jay Yeo visited the nation's capital, enjoying numerous meetings with potential partners and clients.

Since joining the European Union, Hungary has encouraged and supported foreign investment, achieving an unprecedented level of success and is recognized and ranked highly as a renewable energy market by the global finance community, receiving in excess of 2200 hours of sunlight annually. The federal government estimates that Hungary's photovoltaic potential is about 480 billion kWh, based on potentially installable solar modules,  and the National Development Plan has earmarked EUR 280 million to support renewable energy and energy efficiency-related investments.

"Although things have not worked out as well in Romania over the same period," explains Solamon CEO Graeme Boyce, "our team in Hungary led by Andras have exceeded our expectations, having taken the time to meet with electrical engineers and land owners to determine feasibility and move beyond an elemental implementation phase of development." The extensive opportunity to invest in solar PV systems on a commercial level, such as Solamon's ground mount plan for The Great Plain, is supported by all levels of government in Hungary, as well as smaller rooftop and parking lot installations.

According to Toth, a new feed in tariff system (METÁR) is set to be implemented, which will certainly stimulate the spread of solar energy as it has in other forward-thinking nations. In fact, fully supporting utility-scale solar projects, the government is encouraging the development, construction and commissioning of solar power plants with capacities over 50 MW, whereby Solamon and private investors can benefit from incentive packages which in some cases may exceed 50% of the total value of the investment.

Solamon Energy typically offers a ground-mounted solar array of integrated cells over a package of land called the Apollo Acre. The company also develops custom solutions with local partners to provide roof-mounted and parking lot systems that are easily augmented by micro wind turbine technology and other innovative features to supply renewable energy locally.

About Solamon:  Solamon Energy Corp. sells integrated arrays of ground-mounted and rooftop photovoltaic cells. These solar power plants are connected by cable to varied transmission equipment, including converters, inverters and batteries, utilizing 5 acres of land per unit; each unit is called an Apollo Acre. Additionally, it is expected the company's business activities will spin-off many jobs locally, given engineering requirements, construction, unit commissioning and subsequent maintenance.

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