February 2025 – Kinstellar Budapest is proud to have advised the Hungarian MVM Group on the project to build a major new 500 MW combined-cycle gas turbine (CCGT) power plant in North-East Hungary—a key milestone in Hungary’s transition towards a more sustainable energy system. The new state-of-the-art CCGT power plant will replace low-efficiency and high-emission aged lignite-fired power plant assets, and support thereby the further deployment of renewable energy sources in Hungary.
Kinstellar Budapest advised the MVM Group from the initial stages of structuring the project, through the drafting and negotiation with several potential bidders of the Engineering Procurement Construction (EPC) contract, as well as the Long-Term Service Agreement for the power plant. The winning international consortium of Elsewedy, West Hungaria Bau and Status KPRIA has been selected through a public procurement procedure. The importance of this project for the entire Hungarian economy, for the MVM Group and for the Consortium was demonstrated by the fact that Mr. Csaba Lantos, Minister responsible for the energy sector and Mr. Károly Mátrai, CEO of MVM were also present at the signing ceremony.
The Mátra CCGT power plant development was the first public procurement tender in Hungary for such kind of power generation facility.
Advising on this landmark energy transition / power plant development project clearly demonstrates our commitment to energy sector projects for the future and confirms the cutting edge expertise of Kinstellar’s energy team in complex energy infrastructure development projects in CEE. We are proud of our client’s decision to develop Hungary’s energy sector through replacing aged inefficient and high-emissions power plant assets by state-of-the-art new and highly efficient power plants, which will also strengthen the reliability of the domestic electricity system and its ability to accommodate more renewable power generation assets. I would also like to say a special thanks to László Bujáki, senior associate who played a pivotal role in the legal advisory team.
Balázs Sepsey, Budapest Office Managing Partner and head of the local Energy & Natural Resources Service Line