China’s State Power Investment Corporation is considering acquiring solar assets in Hungary, two sources told Infralogic.

The state-owned company is looking at a potential purchase of a close to 50 MW utility-scale solar portfolio in the east European country from a local energy company. It may comprise two solar plants located in western and eastern Hungary.

The deliberations are in the early stages, according to the sources. The talks between the potential buyers and the seller may not be exclusive yet, a third source said.

The Beijing-based company is among a group of Chinese power giants that have set their sights on Europe’s renewable energy markets.

In April 2024, Norinco said it will invest EUR 29m (USD 31m) to set up a subsidiary in Hungary through which it would target the renewables sector in central and eastern Europe. Chinese waste management company Cevia Enviro is also evaluating a potential investment in Hungary.

In October last year, Shanghai Electric Power Company – also owned by SPIC – completed its purchase of a development-stage 129 MW solar farm in Romania.

The state-owned power group bought the Prime Solar Farm from Istanbul-headquartered clean energy group Defic Globe Enerji.

In September 2023, Shanghai Electric Power Company announced the acquisition of 51% of a 150 MW development-stage onshore wind project in Serbia.

Prior to this, it concluded a deal in April 2023 to buy a 132 MW development-stage solar portfolio in Hungary.

SPIC did not reply to a request for comment.