Construction of State-Owned Solar Power Plants with 1 GW in Total to Begin This Year: “Largest Investment in RES in Europe”

The project of the construction of self-balanced solar power plants with a capacity of one 1 GW with battery systems for storing electricity will start this year, announced the minister of finance of Serbia, Sinisa Mali. He pointed out that it was the largest investment in renewable energy sources in Europe in 2024.

– The world's best companies, financial institutions and agencies such as US EXIM, MIGA, the Swedish Export Credit Corporation and others are included in this project – Mali said at the Ministry of Finance after a meeting with financiers of the project, which was also attended by the Swedish ambassador to Serbia, Annika Ben David.

As he said, the realization of the project is expected to provide the additional gigawatt of electricity from RES, with an annual production of 1.2 TWh. The construction is expected to be completed in 2028.

Let us remind that the group of bidders which consists of Hyundai Engineering Co.LTD, Hyundai Eng. America Inc. and UGT Renewables LLC. will be the strategic partner of the Republic of Serbia on the construction of solar power plants of large capacities.

This is the previously announced project of construction without management and maintenance of self-balancing solar power plants of large capacities with battery systems for the storage of electrical energy in Serbia.

The future power plants will have a total installed power of 1 GW, and the plan is for the construction of solar power plants to be completed by June 1, 2028.

As said in the invitation, the project will be developed, built and handed over to the ownership of EPS as a turnkey project. That means that the strategic partners, in addition to building the solar power plants and battery system, will be obliged to build all the other infrastructure as well.

The project consists of two components: solar power plants and battery systems for the storage of electrical energy.

The solar power plants will have a total installed power of 1,000 MWac (that is, 1,200 MWdc), and in order to secure the optimal evenness of the production of electrical energy, the total installed power has to be distributed across five or more independent solar power plants.

The locations in which the solar power plants will be located, as well as the number and the installed power of each individual solar power plant, will be proposed by the strategic partner.

The battery systems for the storage of electrical energy, with a total installed power of at least 200 MW and a capacity of the accumulation of at least 400 MWh of electrical energy, will be distributed across several strategically important locations within the electrical energy system of Serbia.

The locations in which the battery systems for the storage of electrical energy will be located will also be proposed by the strategic partner.

Ministarstvo finansija Republike Srbije

Ambasada Kraljevine Švedske Beograd

Ministry of Finance

US EXIM

MIGA

Swedish Export Credit Corporation

Hyundai Engineering Co LTD

Hyundai Eng America Inc

UGT Renewables LLC

Embassy of Sweden in Serbia

Annika Ben David

Siniša Mali

selection of strategic partner for realization of project of construction of self balanced solar power plants of large capacity

battery systems for storage of electrical energy in Serbia

construction of state owned solar power plants

strategic partner for construction of solar power plants

solar power plants of large capacity

Law on the Use of Renewable Energy Sources

battery systems