(Bloomberg) -- Hungarian energy provider Alteo Nyrt. plans to expand into Slovakia, Croatia and Serbia as it seeks to massively scale up its renewable portfolio.
The company aims to build a “green platform” of as much as 2,000 megawatts by 2030, according to its five-year strategy, released Thursday. It’s also considering expanding into other nations including Romania and the Czech Republic.
“It is possible that in one of the target countries we would announce a transaction as soon as this year,” Chief Executive Officer Attila Chikan, Jr. said in an interview, without providing specifics. “We expect to carry out a capital raise, but it all depends on the actual financing need.”
Alteo is backed by refiner Mol Nyrt, which holds a 24.6% stake, and two Hungarian private equity funds that also have a minority ownership, Chikan said. It managed almost 100 megawatts of renewable capacity including wind, solar and hydropower as of November, its most recent earnings release showed.
The goal is to “develop a regional renewable portfolio and market presence, taking on a prominent role in the realization of the medium-term goals of the majority owners,” the company said in its strategic plan.
Alteo’s shares have jumped by more than 13% since the start of the year, making it the best performer on the Budapest stock exchange this month.
“We would like to build further our Hungarian bourse story, boost liquidity, and on the longer run potentially appear on another stock exchange,” Chikan said.
--With assistance from Marton Kasnyik.
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