US EXIM, MIGA among backers of Serbia’s 1-GW solar project

The Export–Import Bank of the United States (US EXIM), the Multilateral Investment Guarantee Agency (MIGA) and the Swedish Export Credit Corporation are among the financial backers of Serbia’s project to build 1 GW of new solar capacity coupled with storage.

The construction works on the new solar power generating sites are set to start in 2024, Deputy Prime Minister and Minister of Finance Sinisa Mali said after a meeting with the project’s financers, as quoted by the government’s press office on Tuesday.

The plan envisages the construction of five clean power facilities with a combined capacity of 1.2 GWp, coupled with at least 200 MW of energy storage, according to earlier statements. The sites are expected to be finalised in 2028.

The new solar farms will be built for state-owned power utility Elektroprivreda Srbije (EPS) which last year selected a consortium of Hyundai Engineering, Hyundai ENG America and UGT Renewables as a strategic partner for the construction of new solar capacities in the country.

Last month, a Serbian official said that talks with Hyundai Engineering Co Ltd were already underway.

At the end of January, it was also announced that China’s Shanghai Fengling Renewable Co Ltd has committed to pouring some EUR 2 billion (USD 2.14bn) into the construction of 2 GW of wind and solar photovoltaic (PV) parks and a green hydrogen production plant in the Balkan country.

(EUR 1 = USD 1.075)

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