Serbia's state-owned utility, Elektroprivreda Srbije (EPS), has taken a significant step towards bolstering its renewable energy portfolio by signing an off-take contract and other key agreements for a planned 300 MW wind farm located approximately 40 kilometers from the capital city, Belgrade.
The power purchase agreement (PPA), an electricity balancing contract, and an agreement on the market premium were inked between EPS and Vetrozelena, a Belgrade-based wind energy developer. These agreements stem from the wind farm's success in Serbia's inaugural renewable energy auction, conducted in August 2023.
Notably, the wind farm, also named Vetrozelena, clinched a record-low price of around EUR 64 (USD 68.8) per megawatt-hour (MWh), making it the most cost-competitive project in the auction, according to the Serbian mining and energy ministry.
The Vetrozelena wind project will feature 48 turbines situated in the municipality of Pancevo and is expected to commence operation in the fourth quarter of 2025.
Vetrozelena is an entity under CWP Europe, a collaborative venture between global renewables developer CWP and Mercuria Energy Trading. In a significant move earlier this year, CWP Europe forged an agreement enabling PowerChina Resources Ltd to invest in the Vetrozelena wind project, further solidifying the development and realization of this landmark renewable energy initiative.