Chinese companies Shanghai Fengling Renewables and Zijin Mining Group (SHA:601899) are reportedly exploring a substantial investment in a groundbreaking renewable energy project in eastern Serbia, as announced by the Serbian Ministry of Mining and Energy on Friday.
The proposed mega-complex, potentially expanding to 2,000 MW, would integrate wind and solar technologies to generate green hydrogen near the city of Bor, coinciding with Zijin's existing copper-gold project in the region. The initiative aims to facilitate cost reduction for Zijin through the utilization of renewables for electricity production, with surplus energy earmarked for hydrogen conversion, boasting a projected annual capacity of 30,000 tonnes.
The envisioned investments for the development and construction of the hybrid power generation and hydrogen production facilities are estimated to reach approximately EUR 2 billion (USD 2.14bn). Additionally, plans include a EUR 10 million investment for the establishment of an industrial park dedicated to the production of wind towers, according to Minister Dubravka Djedovic Hadnanovic.
In a strategic move, Shanghai Fengling Renewables has already registered a company named Odrzivi vetar doo in Serbia's capital, Belgrade, focusing on electrical equipment installation. The ministry reported that the company is actively recruiting employees for the project.
In a separate development, Zijin Mining Group inked a memorandum of understanding with the ministry in September 2023, signaling their involvement in a 300-MW solar project in Serbia.