Why Greenvolt's €64.2M Kira Sale to PPC Shows What Contracted Hungarian Solar Is Worth

Greenvolt Power has agreed to sell the Kira solar PV park, a 57.47 MWp operational project in Királyegyháza in southern Hungary, to Greece's PPC Group for a total consideration of €64.2 million. The project has run since July 2024 under a 25-year feed-in-tariff through Hungary's KÁT scheme and is backed by a €35.5 million project finance facility. PPC Group also holds an option to acquire a co-located 49.1 MW / 196.2 MWh battery storage project once it reaches ready-to-build status. Closing is expected by the end of 2026. The disclosed price makes this one of the clearest reads on contracted Hungarian solar value the market has produced.

How much did PPC pay for the Kira solar project?

PPC Group agreed to pay €64.2 million for 100 percent of the 57.47 MWp Kira solar park, which implies roughly €1.12 million per MWp, or approximately $1.24 million per MW at current exchange rates. That is a full price for a solar asset, and the reason is the revenue structure rather than the sunshine. Kira carries a 25-year feed-in-tariff under Hungary's KÁT support scheme, which fixes its offtake price for the life of the contract and removes the merchant power-price risk that discounts uncontracted solar. A buyer is paying for two decades of visible, state-backed cash flow, and the price reflects it. The €35.5 million project finance facility already in place, described as carrying attractive margin conditions, further de-risks the equity a buyer must commit.

What is the Kira solar project?

Kira is a 57.47 MWp ground-mounted solar PV park in Királyegyháza, southern Hungary, roughly 180 km from Budapest. The project reached commercial operation in July 2024 and sells its output under Hungary's KÁT feed-in-tariff for 25 years. Alongside the operating solar plant, the site has a co-located battery storage project of 49.1 MW / 196.2 MWh in development, which PPC can acquire under an option once the battery reaches ready-to-build status. The structure lets PPC buy the de-risked operating asset now and take the storage upside separately, only after the development risk on the battery has been cleared.

Why is PPC Group buying operational solar in Central and Eastern Europe?

PPC Group is buying contracted generation to build scale across a region it has targeted for three years. PPC is Greece's largest power generation company, its sole electricity distributor and its largest power supplier, and it has been expanding aggressively across the Balkans and Central and Southeastern Europe. Acquiring an operating, tariff-backed solar park gives PPC immediate contracted output rather than development risk, and the co-located battery option gives it a controlled route into storage in the same market. For a utility assembling a regional portfolio, an asset that pairs 25-year contracted solar revenue with an optional flexibility layer is close to an ideal building block.

Enerdatics' data shows why the Kira price sits where it does. Operational solar assets in Central and Eastern Europe have transacted at a median implied enterprise value of approximately $0.98 million per MW since the start of 2024, with an interquartile range of $0.92 million to $1.08 million, across a market that has seen roughly $2 billion of disclosed solar deal value. The Kira consideration of about $1.24 million per MW sits above that band, and the premium is coherent rather than surprising: a long-dated KÁT feed-in-tariff delivers exactly the revenue certainty that commands the top of the operational range, and the embedded low-margin debt facility lifts the equity value further. Contracted CEE solar is a scarce, priced product, and this deal marks where the ceiling sits.

What does the deal signal for the Hungarian and CEE solar market?

The deal signals that international utilities now see Central and Eastern European solar as core portfolio infrastructure, not opportunistic exposure. Enerdatics' data records around 190 renewable transactions across the CEE region since the start of 2024, and the most active buyers are regional and strategic utilities and platforms including Premier Energy, ENGIE, GoldenPeaks Capital, OMV Petrom, Orlen Group and Latvenergo, rather than short-hold financial investors. PPC's entry into Kira fits that pattern precisely: a large utility acquiring de-risked, contracted assets to establish and grow a regional footprint. For developers like Greenvolt, the read-through is that operating, tariff-backed CEE assets have a deep and well-capitalised buyer pool, which is what makes the build-and-sell model bankable in the first place.

For Greenvolt, the sale is also a validation of its Hungarian platform at a moment of visible momentum. The transaction comes only weeks after the company inaugurated the Buj BESS, described as Hungary's largest standalone battery storage system in operation at 99.8 MW / 288.6 MWh. Selling a mature solar asset to fund and prove the next phase of activity, while retaining a development role on the co-located battery until it is de-risked, is the capital-recycling model that lets a developer keep building without holding every asset to term.

Key takeaways

• Greenvolt Power agreed to sell the 57.47 MWp Kira solar park in Hungary to PPC Group for €64.2 million, with closing expected by the end of 2026.
• The implied price is roughly €1.12 million per MWp, about $1.24 million per MW, above the CEE operational solar median as the 25-year KÁT feed-in-tariff commands a premium.
• Kira has operated since July 2024 and is backed by a €35.5 million project finance facility.
• PPC holds an option to acquire a co-located 49.1 MW / 196.2 MWh battery once it reaches ready-to-build status, separating operating value from development risk.
• Enerdatics data shows around 190 CEE renewable deals since 2024, led by strategic utilities and platforms, confirming the region as core infrastructure for international buyers.

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