Eurogreen managing director Jim Galvin said the company was keen to complete deals with other wind farm developers in Hungary who had secured planning permission for sites and is also looking at new greenfield sites.

"We'd be looking at doubling where we are now over the next three to four years, " he added. A number of developers have already secured planning for potential new wind farms in Hungary, but Galvin said that Eurogreen was only interested in "projects of scale." SWS is also examining the potential of investing in the biomass energy sector in Hungary.

Eurogreen is currently installing 36 turbines at Bakony that will generate enough electricity for about 80,000 homes. Construction of the wind farm should be completed by the end of next year and Eurogreeen is currently in talks with the Hungarian national grid in relation to a power supply agreement for the development.

Galvin said this investment was effectively a pilot project for the company, which plans to partner with local Hungarian investors at most of its new projects.

"It's very important to partner with local people who've got good local knowledge."

In Ireland SWS has several wind farms in operation that collectively produce about 75MW of electricity.