Serbia's energy ministry and state-owned energy producer Elektroprivreda Srbije (EPS) on Wednesday signed a contract with a consortium of Hyundai Engineering and UGT Renewables for the construction of self-balanced solar power plants with 1 GW in total connection capacity and 1.2 GW in total peak capacity, the government said.
The project also includes the development of adjacent battery energy storage systems of at least 200 MW in operating power and a minimum of 400 MWh in accumulation capacity, the government said in a press release.
The financial terms of the deal were not disclosed. South Korean media reported recently the project is expected to be valued at 2 trillion won ($1.5 billion/ 1.4 billion euro).
The spatial plan for the project includes six solar power plants with battery systems to be built in the cities of Zajecar, Leskovac, Bujanovac, Lebane, Negotin and Odzaci.
In July last year, Serbia announced a public call for the selection of a strategic partner for the project, with a consortium of Hyundai Engineering, Hyundai ENG America and UGT Renewables selected as the winning bidders in November.
Works on the project, which is expected to be completed by 2028, are planned to start this year.
The project will be supported by global companies, financial institutions, and agencies such as US Exim, MIGA, and the Swedish Export Credit Corporation, Serbia's finance minister Sinisa Mali has said.
(SeeNews, October 16, 2024)-
