The US company UGT Renewables and Hyundai Engineering have signed an agreement with the Serbian Government to build six solar power plants in Serbia with a total peak capacity of 1.2 GW, along with battery electricity storage systems (BESS) of up to 200 MW/400 MWh. The projects will require an investment of €1.6bn, financed with loans to Serbia’s state power utility Elektroprivreda Srbije (EPS), guaranteed by the government. Once completed in 2028, the power plants will be handed over to EPS.

In July 2024, Serbia adopted its Integrated National Energy and Climate Plan (NECP) for the period until 2030 with projections until 2050. The country aims to invest in renewable energy sources and to add around 3.5 GW of new solar and wind power capacity by 2030, in order to generate nearly half (45%) of its power from clean sources. Renewables should reach 33.6% of the gross final energy consumption by 2030.