The agreement for the implementation of the Project for the construction of self-balancing solar power plants in Serbia, which will provide 1 GW of newly installed power through solar panels, was signed today with the consortium of companies "Hyundai Engineering" and "UGT Renewables", in the presence of the President of Serbia, Aleksandar Vučić.
Agreement Signed for the Construction of Self-Balancing Solar Power Plants with a Capacity of 1 GW: An Important Step in the Energy Transition
16 October 2024
The agreement for the implementation of the Project for the construction and maintenance of large-capacity self-balancing solar power plants, with a total installed capacity of 1 GW and battery systems for storing electricity with a total installed capacity of 200 MW, was signed by the Minister of Mining and Energy, Dubravka Djedović Handanović, and the General Director of EPS, Dušan Živković.
Solar power plants will be built at six locations in Serbia, with the largest single solar power plant planned in the territories of Negotin and Zaječar, featuring a capacity of 460 MW, as well as another in Bošnjace, located in the municipality of Lebane, with a capacity of 302 MW.
Six self-balancing solar power plants will produce an average of 1,600 GWh annually, ensuring a stable supply of electricity to households throughout Serbia, as all 6 solar power plants will be connected to a single transmission network.
Serbia currently obtains more than 60 percent of its electricity from fossil fuels. Large-capacity solar power plants are the most optimal solution for quickly achieving substantial capacities from green sources, without burdening or endangering the stability of the transmission network, while also providing the economy with green energy necessary for continued production and export from Serbia without additional costs.
President and CEO of Hyndai Engineering Hyeon-Sung Hong, the Strategic Manager of Hyndai Engineering Belgrade branch, Sang Min-Park, and the CEO of UGT Renewables Adam Cortese, all signed the agreement on behalf of the consortium.
The signing ceremony, held at the Presidency of Serbia, was attended by the US Ambassador to Serbia, Christopher Hill, and the Chargé d'Affaires of the Republic of Korea in Serbia, Jaewoong Lee.
The first capacities are expected to be online by 2027, and the entire project, including the largest solar power plants, will be completed by mid-2028. The construction work is set to begin in one year, and by then, the spatial plan, technical documentation, environmental protection studies, and studies on the protection of immovable cultural assets need to be adopted.
