EIB backs Hungarian power project

MVM will use €150mn loan to extend electricity transmission network.

The European Investment Bank (EIB) has lent €150mn to Hungarian power company MVM to extend a high-voltage transmission network that should improve the security and diversification of the country’s electricity supply.

The EIB loan will co-finance the project until 2015, specifically the upgrading of the 109 km-long Martonvásár-Bicske-Györ transmission corridor that links the capital Budapest with the North West of the country. The project also includes the construction or extension of six substations across the country.