Serbian government signed MoU with the US-based UGT Renewables on the construction of solar PV plants with a total installed capacity of 1 GW. According to Serbian President Aleksandar Vučić, the signing of the MoU marks the start of a new era and a major step forward for the energy security of Serbia.
The project envisages the development of SPPs that would spread over a total of 2,000ha in nearly 10 locations throughout Serbia and would offset 1.9 million tonnes of carbon dioxide (CO2) emissions annually. The construction will take nearly two years after signing the contract with the developer. The Export-Import Bank of the United States (EXIM) offered a 20-year financing package for 85% of the value of a potential deal.
The project will also help the country to balance electricity and avoid paying a CO2 tax and will make up about 3% of the current electricity generation in Serbia.