With a number of power and transport projects built in recent years, the Belt and Road Initiative is playing a positive role in Europe, providing clean power and high-quality infrastructure to locals, China National Machinery Import & Export Corp, or CMC, and Bank of China's Hungary branch recently signed a financing agreement via an online signing ceremony to build and run a 100MW photovoltaic power station in Kaposvar, Hungary.
Constructed by CMC, the Kaposvar 100 megawatt photovoltaic power plant is Hungary's largest solar power station with a total investment of around 100 million euros.
CMC invested equity capital while Bank of China provided financing. The project's funds were raised from the market. CMC's investment will be amortized with electricity sales in the future. After the project is connected to the grid, its annual power generating capacity is able meet the demand of 180,000 people for power consumption, bringing huge environmental and social benefits to the local area.
The successful implementation of this financing deal has laid a solid foundation for the company's subsequent development and implementation in the Europe's photovoltaic market, and contributed to the common prosperity in the countries and regions participating in the tangible growth of the Belt and Road Initiative.