Singaporean firm KS Orka’s 3 MW/7 MWth Turawell plant, located near Budapest, is planned to come online in November.
The plant is slated to provide power as well as heat for nearby businesses and a planned 100,000 square metre greenhouse which is expected to produce over 6000 tonnes of tomatoes per year.
Total costs for the project are estimated at $19m for the plant plus $16m for the greenhouse.
KS Orka, a joint venture between Iceland’s Hugar Orka ehf and China’s Zhejiang Kaishan Compressor Co Ltd, acquired a 51 per cent stake in the Turawell project in May 2016 from Hungarian owner and project developer Miszori László.
Eirikur Bragason, KS ORKA’s CEO, said the firm “aims to be the leading global developer and operator of geothermal projects”.
The company has prioritized investments in Asia and Europe and aims to develop 500 MW of geothermal power generation capacity over the next five years.
“The Turawell Project is an important first step in Hungary towards achieving this goal and the first phase of 3 MW in planned to be operational within a year,” Bragason said.