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Innovation & Technology

Energy developments worth EUR 100 million launched in Hungary

Magyar Villamos Művek Zrt. (MVM) has signed the largest recent credit facility agreement with International Investment Bank (NBB).

According to the terms of the transaction, the NBB will provide a loan of EUR 100 million for 15 years. The aim of the investment is to support the large-scale modernization and further development of the Hungarian energy supply network and infrastructure, including: 

  • Renewal of the 29,158-kilometer-long pipeline network of the natural gas distribution system belonging to MVM
  • Improving the quality of service,
  • Installation of smart meters to install a data management system
  • Implementing smart city projects.

We are pleased that NBB has voted in favor of MVM Group even in the current challenging economic environment and supports the achievement of our strategic objectives, said János Sum, Deputy Chief Financial Officer of MVM Group.

MVM Group operates in the energy market of five NBB shareholders, offering up an important long-term integration effect to this transaction, which is one of the priorities of NBB’s investment policy, Georgy Potapov, NBB’s Vice President of Lending and Investment, added.

Source
www.vg.hu
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