New Era in Solar Power Plant Market: ASTRASUN Solar and IK Metál Agreement

ASTRASUN Solar Plc., listed on the Budapest Stock Exchange, Műszertechnika-Holding Plc., a company under the same ownership as IKARUS bus manufacturer, and IK Metál Ltd., part of the latter group, has concluded a tripartite cooperation agreement. The companies, which have significant experience and unique expertise in their field of operation, will jointly manufacture and sell specialized frame structures necessary for the installation of solar parks under the key partnership agreement. The parties expect that the partnership, unique in the solar power market, will enable them to serve the entire European market with solar mounting structures. Their aim is to become one of the leading European manufacturers of metal frame structures for solar panels.

The two companies have entered into a key partnership with the aim of collaborating in the production of special frame structures for the installation of solar parks. The long-term cooperation, which is divided into three phases, is based on the idea that, in case the predefined milestones are met, the companies – key players in their respective fields of operation with considerable experience – will conduct their common business through a joint venture established by Műszertechnika-Holding Ltd. and ASTRASUN Solar Ltd. Subsequently, they intend to gradually start up the independent production activities of the jointly owned company, thus becoming one of the most important manufacturers of metal frame structures for solar panels in Europe.

As the first phase of the agreement, IK Metál and ASTRASUN Solar have concluded a framework contract under which IK Metál will manufacture and sell to ASTRASUN Solar frame structures required for the installation of solar parks on the basis of individual orders. According to the agreement, IK Metál also agreed to provide sufficient production capacity to meet the current purchasing needs of ASTRASUN Solar and ASTRASUN Solar will purchase the frame structures required for the installation of solar parks primarily from IK Metál. The parties have also agreed to grant each other mutual exclusivity.

As a second step of the partnership, the two companies will establish a joint venture. In the third phase of the agreement, the parties will aim to ensure that their joint venture will be able to enter the market independently and fulfill orders from other independent operators. This is subject to the condition that the company’s commercial turnover exceeds HUF 1 billion.

The current agreement is also of particular importance and unique in the market of solar panel production since it brings together market players with specific expertise and extensive experience in their respective fields. IK Metál has decades of experience in the field of metalworking, which it has also exploited for many years in the bus manufacturing market. Today, the company’s core activities include the complete production of special vehicle bodies, welded metal structures and customized heavy-duty containers, from component production to finished products, from small series to large series. This expertise is complemented by ASTRASUN Solar’s deep market experience in the design and construction of solar power plants.

“ASTRASUN Solar’s explicit goal is to become Europe’s number one manufacturer of metal frame structures for solar panels thanks to the cooperation and joint venture that we have just entered into. ASTRASUN’s extensive international network and our established market position as one of the region’s emerging energy companies will play a key role in this. IK Metál has decades of experience in the field of metalworking, which the company has long used in the production of buses through its partnership with the IKARUS Group. IK Metál not only has decades of experience, but also unique technology in the field of metalworking. This is a competitive advantage in terms of experience and knowledge, which is extremely unique in the market of solar panel production. I believe that the union of the two companies and the quality service we will provide could be the beginning of a new era in the solar power plant market,” said dr. Attila Keresztes, President and CEO of ASTRASUN Solar.


About ASTRASUN Solar

ASTRASUN Solar Plc. is one of the leading players in the solar power plant development market, with its core activities in solar power plant design, construction, operation and maintenance, investment as well as development. ASTRASUN Solar currently owns a total of 37 solar power plants in Hungary, including solar power plant capacity in Bicske, Csurgó, Vásárosdombó, Katádfa and Nagyatád.

The company aims to further increase its portfolio in line with the transformation of the energy market, to further diversify its activities both geographically and technologically, and to become a major market player in the EU countries, while making appropriate use of renewable energy sources.

In December 2022, the company listed its ordinary shares on BSE Xtend, the Budapest Stock Exchange’s market for medium-sized companies.

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