Serbia’s endeavor to bolster its solar energy infrastructure with 1 gigawatt (GW) of new capacity coupled with storage has garnered support from prominent financial institutions including the Export–Import Bank of the United States (US EXIM), the Multilateral Investment Guarantee Agency (MIGA), and the Swedish Export Credit Corporation.
Deputy Prime Minister and Minister of Finance, Sinisa Mali, disclosed plans for the commencement of construction works on the new solar power sites in 2024 following discussions with project financiers, as conveyed by the government’s press office.
The project blueprint outlines the development of five clean power facilities collectively boasting a capacity of 1.2 GWp, in conjunction with a minimum of 200 MW of energy storage. Completion of the sites is anticipated by 2028.
These solar farms are slated for construction under the auspices of Serbia’s state-owned power utility, Elektroprivreda Srbije (EPS). The utility previously designated a consortium comprising Hyundai Engineering, Hyundai ENG America, and UGT Renewables as strategic partners for the project.
Recent reports indicate ongoing negotiations with Hyundai Engineering Co Ltd. Additionally, in a significant development last month, China’s Shanghai Fengling Renewable Co Ltd pledged approximately EUR 2 billion (USD 2.14bn) towards erecting 2 GW of wind and solar photovoltaic (PV) parks, alongside a green hydrogen production facility in Serbia.
The collaboration between Serbia and its financial backers underscores a shared commitment to advancing renewable energy initiatives, signaling a pivotal step towards achieving sustainable energy goals in the Balkan region.
