Just months after the Hungarian company Lugos Renewables withdrew from its majority stake in the Trebinje 1 solar power plant project, another Hungarian company, Mayer NRG, took over the 70 percent share in the 50 million euro venture. The remaining 30 percent is still held by the state-owned power utility ERS. In January, the Government of the Republic of Srpska officially approved the transfer of shares to Mayer NRG. This decision was later published in the Official Gazette and registered with the Trebinje District Court.
However, data from Hungary’s business registry indicates that Mayer NRG has no employees, generates almost no revenue, and holds assets worth only around 2,500 euros. Before this acquisition, the company had no recorded sales or operational activity.
Despite its lack of prior experience, Mayer NRG launched a website in December 2024, claiming to have a team of renewable-energy experts with over ten years of experience. Hungarian investigative journalists found that the company’s listed address was located in a residential building. Mayer NRG has several shareholders, including the local company Sun Direction and PVC Middle East Power Generation Facilities Operation based in Dubai.
Since the concession deadline expired in October 2022, no construction work has been initiated. A previous case study by Transparency International warned that granting concessions under opaque conditions puts public interest at risk. With similar disputes emerging in both the Republic of Srpska and the Federation of Bosnia and Herzegovina, concerns are rising that government institutions could end up compensating investors who lack the capacity or expertise to build the promised infrastructure.
