Hungarian oil and gas company MOL is advancing the development of a major renewable energy project in Algyo, located in southern Hungary. The initiative involves the construction of a solar power plant with a capacity of 37.4 megawatts, paired with a battery storage system capable of storing 40 megawatt-hours of energy.
The project is receiving substantial financial support, including a grant of approximately 6.7 million euros from the European Union’s Recovery and Resilience Facility (RRF). According to Peter Archibald Schubert, head of Hungarian Exploration and Production at MOL, the Algyo project is particularly significant as it combines the region’s long-standing industrial heritage with modern, forward-looking energy solutions. The goal is to strengthen energy security at the Algyo site while contributing to Hungary’s broader objectives of enhancing sustainability, energy independence, and national competitiveness.
Construction of the solar power facility is being carried out by Alteo. MOL’s renewable energy portfolio continues to expand, with the company currently operating seven solar power plants in Hungary and two in Croatia, totaling 111 megawatts of installed solar capacity. With the addition of the Algyo project, MOL remains on course to increase its total renewable capacity to around 200 megawatts by the end of 2026, in line with its long-term green energy strategy.