July 14, 2025

by AEA in News

Visual Fan to install BESS facility of 65 MWh for Renovatio Trading

Visual Fan will install a 65 MWh energy storage for Renovatio Trading in Toplița in Romania’s Harghita county.

The batteries market in Romania is very active these days.

The battery energy storage system (BESS) will be built by Allview Energy, Visual Fan’s division specialized in the development of large-scale photovoltaic parks, including storage capacities.

It is the first major contract for the implementation of a power storage system, Allview said.

The contract is valued at EUR 9.2 million. It is set to be implemented in association with partners Enersec Technology and TQM Services.

The implementation period for the contract is seven months

The project includes state-of-the-art technologies in terms of batteries and energy flow control, according to Allview.

The implementation period is seven months. The deal includes all stages of the project – engineering, procurement and execution, full integration into the energy system and the successful completion and testing.

The goal is to help balance the national grid and accelerate the integration of green energy into daily consumption, Allview added.

“The signing of this contract marks a defining moment in Visual Fan’s development journey, reflecting the company’s strategic maturity and the market’s growing confidence in our skills. Since the end of 2024 and the beginning of 2025, the company has entered a new stage of consolidation and expansion, by attracting major projects, which validate the management’s strategic vision, the team’s expertise and the ability to implement complex solutions on a large scale,” said Christina Munteanu, Economic Director of Visual Fan.

Peticilă: Thec ontract is a confirmation of the active role that Visual Fan has in Romania’s energy future

According to Visual Fan CEO Lucian Peticilă, the signing of the contract is a confirmation of the company’s strategic vision and the active role it has in Romania’s energy future.

Visual Fan is happy to build this path together with Renovatio Trading, guided by the same vision: a clean, balanced and sustainable energy future for Romania, he added.

Of note, a few days ago the National Energy Regulatory Authority of Romania (ANRE) approved a regulation eliminating double taxation of energy storage, to accelerate the deployment of solutions for storing electricity.

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June 18, 2025

by AEA in News

64 MW Stolac Solarni Park PV plant in BiH begins power generation

The 64 MW solar power plant Stolac Solarni Park, located near the city of Stolac in the Herzegovina region of Bosnia and Herzegovina, has been connected to the grid and has begun generating electricity. No further details have been disclosed, but the facility appears to be an extension of Hodovo, the largest photovoltaic plant in the country.

“We are proud to announce the successful grid connection of the Stolac Solarni Park photovoltaic plant in Bosnia and Herzegovina,” China-based solar technology company AIKO said in a statement. Developed by Tibra Pacific, the project has entered full operation and is now supplying clean solar power to the regional grid, according to the statement.

The company hailed Stolac Solarni Park as a major milestone, as AIKO and Tibra Pacific completed the grid connection of Europe’s first utility-scale solar project based on Back Contact technology. AIKO claims to have invented N-Type ABC (All Back Contact) technology.

AIKO disclosed few additional details about the project.

Stolac Solarni Park forms a key part of the largest grid-connected ground-mounted PV installation in BiH to date

With an installed capacity of 64 MW using AIKO modules, Stolac Solarni Park forms a key part of the largest grid-connected ground-mounted PV installation in BiH to date, AIKO noted. Originally launched in 2024, the project adopted AIKO’s innovative Stellar 1N+ ABC modules. The system is built on a fixed-tilt structure with an optimized layout to maximize land use.

According to Robert Brajković, Chairman of Tibra Pacific, the project marks a milestone for renewable energy in BiH.

Brajković: We needed technology that performs not just in labs, but on-site as well

“As the country’s largest operational ground-mounted PV plant, we needed technology that performs not just in labs, but on-site as well. AIKO’s modules delivered 12% more energy output and helped reduce electricity costs by 3% in the first phase, compared to the TOPCon setup. As a result, we transitioned the entire second phase to ABC. Their No.1 efficiency and consistency in real-world conditions set a new benchmark for us,” he said.

AIKO noted that Stolac Solarni Park represents more than a utility-scale project – it is a symbol of regional commitment to clean energy. “By deploying advanced PV technology at scale, the project supports BiH’s energy diversification goals,” the company said.

The two firms did not provide any additional information on the projects.

The largest photovoltaic plant in BiH is Hodovo, with a capacity of 92.5 MW, according to the Independent System Operator in Bosnia and Herzegovina. It is operated by Eco-Wat, a local firm owned by Tibra-Pacific. In December 2021, Eco-Wat said it intended to install a 150 MW solar park near Stolac. It appears the project has now reached its planned capacity.

In the same municipality in May, construction was launched on another solar project, with a capacity of 125 MW.

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June 13, 2025

by AEA in News

Krško 2 nuclear project not profitable for private investors but state could find motive – study

Slovenian non-governmental organization Mladi za Podnebno Pravičnost (Youth for Climate Justice) has conducted what it claims to be the first independent economic study on the construction of a second unit of the Krško nuclear power plant.

The economic study on the Krško 2 project (JEK2) showed that the project would not be profitable for a private investor but could be viable for the Government of Slovenia. The authors recommended that, before making a final decision, studies should be produced under two nationwide scenarios: 100% renewable energy or a combination of renewable energy and Krško 2.

Youth for Climate Justice said the largest project in Slovenia’s history requires at least one independent, detailed economic study. It needs to set aside both the potential investors’ aspirations and the opposition to the construction of the second nuclear power plant, the NGO stressed.

The referendum fiasco opened the way for a different approach to the project, but politicians demonstrated no interest, so the organization took the initiative. The study and proposal for a comprehensive project management framework took over a year.

The organization presented four main findings from the study.

The state can go through with the project if it doesn’t count on a profit margin

First, the project is not economically viable for a private company, the authors said and added such a scenario is therefore unlikely. Under a common economic logic, the state would also decide against the endeavor as it wouldn’t be able to achieve the desired return on investment.

However, due to the project’s strategic importance, the state could opt for a version without a profit margin and define the price of electricity generated in Krško 2 at a breakeven level, the study reads.

In that case, there is a chance the project could be profitable after all, as such a price would still be a bit lower than the one that the operator would achieve in the market.

The state could also secure other benefits such as low-carbon, stable energy with minimal impact on biodiversity, the organization noted.

Two important recommendations

The study’s authors suggested establishing a new management framework, giving the project a chance of success and to avoid repeating the issues seen with the TEŠ 6 project, for the sixth unit of the Šoštanj coal-fired power plant.

Of note, there was much controversy over the decision to build it. TEŠ 6 began operating in 2016, but now it is facing closure. The construction cost exceeded the budget, raising suspicions of corruption.

There are two scenarios for the development of Slovenia’s power system

Finally, the NGO recommended reviewing two scenarios for the development of Slovenia’s power system before making a final decision: 100% renewable energy and renewable energy combined with Krško 2.

“Based on that, we will know whether it makes sense for the state to waive financial gains and build JEK 2 or if there are better alternatives for the development of the system,” Youth for Climate Justice underlined.

The study has been presented to the public, but stakeholders will have another opportunity to discuss it on Wednesday, June 18, in Ljubljana.

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May 27, 2025

by AEA in News

North Macedonia in talks on project to build two hydropower plants

North Macedonia is negotiating a strategic project to build two hydropower plants, Čebren and Galište, in an investment estimated at EUR 1.2 to 1.3 billion, according to Prime Minister Hristijan Mickoski. A tender for building the Čebren pumped storage hydropower plant was annulled by the previous government in early 2024.

The country intends to finance the construction of the two hydropower plants with a loan from the United Kingdom, the prime minister said. He indicated that funding has been secured for several government projects, partly through loans and partly through private investments, according to a statement by the Government of North Macedonia.

The Čebren and Galište project could be financed from a British loan

In the previous tender, the Čebren hydroelectric project was planned to have a capacity of 333 MW, with an option for another unit and 458 MW in total.

In early 2024, the former government annulled the tender, in which Greece-based Public Power Corp. (PPC) and Archirodon were selected for the Čebren project. The authorities said at the time that they would analyze whether it would be more profitable to build Čebren with the state’s own funds or with the help of strategic investors.

A few months ago, Minister of Energy, Mining and Minerals Sanja Božinovska said projects were under development for battery energy storage systems (BESS) and pumped storage hydropower plants.

The project will last several decades, Mickoski says

Addressing the parliament today, Mickoski described the project as strategic, adding that it would not be completed during this government’s term of office. “This is a project that will last several decades,” he said. The funding will be provided through low-interest loans as a state investment, and the rest under market terms and through direct private investment, according to Mickoski.

The prime minister is also confident that the two proposed reservoirs could provide additional water for irrigation amid future climate change impacts and help boost tourism development in the area.

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April 14, 2025

by AEA in News

Belgrade Energy Forum 2025 – 50 speakers at eight panels to track pace of SEE energy transition

The agenda of the third Belgrade Energy Forum, taking place on May 14-15, has been finalized with the addition of further prominent energy experts and companies. The conference, organized by Southeast Europe’s leading energy news portal, Balkan Green Energy News, will feature eight panels covering key topics in the energy sector, with an impressive lineup of speakers. Make sure you register on time via this link.

The Belgrade Energy Forum will once again be a meeting place for representatives of regional and international institutions and organizations, as well as the business community from across the region, Europe, and the world.

Eight panels featuring more than 50 speakers will offer an overview of the current challenges in the energy sector. Conference participants will hear in-depth analyses of the current situation, but also projections for the future. The thread that connects everything at this year’s BEF is digitalization – it permeates energy production, consumption, and storage and allows enough flexibility for the stable functioning of the energy systems of the future, where renewable energy will dominate.

Chikán: Electricity knows no borders

One of the key speakers at the conference, Alteo Group CEO Chikán Attila, will lead the company’s high-level delegation. Alteo has recently launched a regional expansion drive, aiming to establish a green platform of up to 2 GW in energy production, including operation, software, maintenance, storage, and waste management.

The Hungarian company primarily targets its home market, Slovakia, Croatia, and Serbia.

“Electricity knows no borders, therefore partnerships and collaborations among energy market players are essential, even at the regional level. Such cooperation is vital to ensuring the security and reliability of electricity supply, facilitating the integration of renewable energy sources, and providing essential digital solutions, supported by expertise and professional know-how,” Chikán stressed.

Decarbonization strategies for power generation in Southeast Europe 2040/2050

Dejan Paravan, CEO, GEN Energija
Dušan Živković, CEO, EPS
Eric Scotto, CEO, AKUO
Milutin Đukanović, Chairman, EPCG Board of Directors
Neda Lazendić, Country Manager, WV-International

Although at the heart of national energy systems, state-owned power utilities are faced with an environment that has changed and continues to change rapidly. The key shift is the entry of private capital into electricity production through the construction of solar power plants and wind farms.

The energy transition, at this stage, requires cooperation between state power utilities and private companies. With decarbonization as the main objective, the key challenge lies in choosing appropriate strategies and electricity generation technologies.

Moderating the panel will be Dražen Jakšić, Director of the Energy Institute Hrvoje Požar (EIHP).

“The transition to a low-carbon energy system is a key challenge for our region, demanding innovation, investment, and cooperation. As a sponsor of the Belgrade Energy Forum, EIHP is committed to fostering dialogue and driving sustainable energy solutions. I look forward to an insightful discussion,” he stressed.

Jakšić: The transition to a low-carbon energy system is a key challenge for our region, demanding innovation, investment, and cooperation

In recent years, nuclear energy has emerged as a possible alternative. There is hardly a better interlocutor on this topic in the region than Dejan Paravan, the top man of GEN Energija, the Slovenian company developing the Krško 2 nuclear power plant project.

Dušan Živković, CEO of Elektroprivreda Srbije (EPS), will tell us about the Serbian power utility’s plans when it comes to nuclear energy.

Živković: Without decarbonization, the region’s energy sector has no future

“Without decarbonization, there is no future for the region’s energy sector, and that is the biggest challenge ahead of us. It is essential to accelerate decisions and ensure sustainable project financing mechanisms that will provide energy security for every country and power utility in the decades to come. By investing in existing capacities and new renewable energy projects, EPS, as the biggest utility in the region, will make its own contribution to energy security. That’s why we have initiated a transformation process – because we need to be more profitable, more efficient, and fully prepared to tackle any challenge,” Živković pointed out.

The energy transition, in his words, is the path EPS has chosen, and all its plans will align with that goal, based on the belief that the diversification of energy sources and new technologies are essential for achieving it. “These are just some of the key messages I will share with the participants of this year’s BEF,” said Živković.

Eric Scotto, co-founder and CEO of French company Akuo, will share the latest information on the energy transition from across the globe.

The company’s portfolio consists of 1.9 GW of power plants in operation and under construction, with a further 12 GW in the pipeline in more than 20 countries around the world, including a number of countries in the Southeast Europe region.

Integration of Western Balkans electricity markets into internal European market through market coupling

Anže Predovnik, Director, ADEX Group
Ivan Asanović, Executive Director, CGES
Marko Bislimoski, President, Energy, Water Services and Municipal Waste Management Services Regulatory Commission of the Republic of North Macedonia
Zoran Vujasinović, Policy Officer, ACER

The integration of the Western Balkans’ electricity markets with the European Union (EU) markets is a process that deserves much greater public attention than it currently receives. It is safe to say that its true importance will become evident only once it is completed.

Full integration will unlock significant synergies, maximizing the benefits of a unified market by enhancing supply security, accelerating the integration of renewable energy sources, and fostering greater competition and transparency.

Moderator Dejan Stojčevski, CTO of the SEEPEX power exchange, says the panel seeks to encourage dialogue on the importance of cross-border collaboration and market efficiency in bolstering energy security and sustainability in the region.

Bislimoski: The time for inspiring speeches is over. Geopolitical developments demand action – now!

Since market integration is largely the job of regulators, the challenges they face will be analyzed by Marko Bislimoski, president of North Macedonia’s Energy and Water Services Regulatory Commission (RKE).

He says that three things are essential for the regional integration of electricity markets into a single European market: investment, investment, and nothing but investment. In his words, the energy crisis demonstrated that limitations become a reality when governments fail to prioritize the implementation of key energy infrastructure capacities in their budgets.

“This past winter, the region faced the highest electricity prices compared to the rest of Europe. Why? Because the implementation of energy investments is not just a ribbon-cutting ceremony. Today, more than ever before, the countries of the former Yugoslavia must demonstrate maturity. These are the years when energy independence will be built through action. The time for inspiring speeches is over. Geopolitical developments demand action – now!” he stressed.

Energy revolution underway – uniting efforts to deliver green, intelligent and sustainable energy solutions

Aleš Prešern, VP, Head of Southeast Europe, Siemens Energy
Maja Turković, SVP, CWP Europe
Ann-Catherine de Tourtier, Managing Director Mediterranean, Nordex Group

As much as contesting the energy transition may be futile, there are still those who find such a view meaningful, especially in light of certain global political developments. That’s why it is important to give the floor to some of the transition leaders and let them testify that an energy revolution is indeed underway in the region.

The panel’s moderator Mirza Kušljugić – professor, energy expert, and one of the founders of Bosnia and Herzegovina’s Centre for Sustainable Energy Transition Centre (RESET) – goes one step further to show that change is not only happening but also accelerating.

“The key words are a new energy paradigm driven by the four Ds – decarbonization, digitalization, decentralization, and democratization. But now we also have another D: disruption, or radical change in the industry and market caused by technological innovation. Of course, we must focus the discussion – from global processes (China, the US, the EU, the Global South) to where the region stands in all of this,” Kušljugić points out, providing a perfect introduction to the panel.

Turković: It’s more important than ever to have open discussions about real solutions

Aleš Prešern, Vice President and Head of Southeast Europe at Siemens Energy, has worked in the energy sector for more than 20 years. He recalls that digitalization is key, along with grid resilience and electricity transmission.

With nearly 100,000 employees in more than 90 countries, Siemens Energy develops the energy systems of the future, ensuring that the growing energy demand of the global community is met reliably and sustainably. The technologies created in the company’s research departments and factories drive the energy transition and provide the base for one sixth of the world’s electricity generation.

As a leader in renewable energy development, CWP is actively working on several large-scale projects across the SEE region with a total capacity exceeding 7 GW, positioning the company at the forefront of the region’s energy transition. Given its global expertise and insights into the regional energy market, CWP’s contribution to this year’s conference will be invaluable.

Maja Turković, Executive Vice President of CWP Europe, says that BEF 2025 is a key gathering of leading experts driving the energy transition in Southeast Europe.

“As this shift gains momentum, it’s more important than ever to have open, action-driven discussions about real solutions to the challenges and opportunities ahead,” says Turković.

PPAs as a key to renewable energy growth in SEE

Nikola Gazdov, Chairman, Association for production, storage and trading of electricity – APSTE
Natalija Ljubić, Manager PPA & BESS Transactions, Pexapark
Ivana Đurović, Category Manager Renewable Energy, Knauf Group

Power Purchase Agreements (PPAs) are, like flexibility, a tool for fixing the imperfections of renewable energy sources, and they are recognized as a key mechanism within the new electricity market design. They ensure price stability, attract new investment, and accelerate the decarbonization of industry.

Is the region ready for PPAs? What are the dominant models? What is the current market practice? How are PPAs viewed by financial institutions? What do they offer to end consumers and what to investors in new power plants? Answers to these questions will be sought at the panel moderated by Mislav Slade-Šilović, Energy, Utilities & Resources Consulting Leader for Southeast Europe and member of the core PPA team at consultancy PwC.

Experience with PPAs for more than 500 GWh of electricity

Slade-Šilović’s experience in concluding PPAs for the production and consumption of over 500 GWh of electricity per year in the SEE region will certainly be of help.

Nikola Gazdov, Chairman of Bulgaria’s association for electricity production, storage, and trading (APSTE) and member of the Board of Directors of the European solar industry association SolarPower Europe, has no shortage of experience either. As CEO of three companies – Enery Element GmbH, Element Power Group, and Renergy – he is involved in the development of a large number of projects.

Pexapark, a company that provides logistics to businesses in the renewable energy market, is synonymous with PPAs in Europe. Natalija Ljubić is the Manager for PPA and BESS Transactions at Pexapark, which has helped conclude contracts for facilities with a combined capacity exceeding 35 GW.

The views of electricity buyers – without whom there would be no PPAs – will be conveyed by Ivana Đurović, Category Manager for Renewable Energy at Knauf Group.

Market flexibility: the backbone of a resilient energy system

Roman Bernard, CEO, NGEN
Luka Renko, COO, KOER
Alteo Group representative
Nikolaj Candellari, Project Manager and Market Intelligence, CyberGrid
Marko Zarić, EMS

Moderating the panel will be Elena Boškov Kovač, co-founder and CEO of Blueprint Energy Solutions, and a leading voice on market flexibility in Europe.

She will host representatives of the sector’s leading companies: NGEN, Alteo, KOER, CyberGrid, as well as Serbia’s transmission system operator Elektromreža Srbije (EMS).

“Excited to moderate a high-impact panel on ‘Market Flexibility: The Backbone of a Resilient Energy System’ at the Belgrade Energy Forum 2025,” says Boškov Kovač, whose work has shaped smart grid strategies and digitalization innovation agendas across the EU and under ETIP SNET.

As Europe accelerates its shift to renewables, market flexibility is emerging as the cornerstone of reliable, affordable, and decarbonized energy systems. With the European flexibility market promising to unlock over EUR 20 billion in savings, this session will explore how digital tools, flexible assets, and new market designs are unlocking value and resilience across the grid.

Slovenia’s NGEN is the technology sponsor of BEF 2025

Slovenian energy company NGEN, the technology sponsor of the conference, has managed to establish itself as a significant player in European markets in just five years of operation and is now ready to enter the Western Balkans’ markets.

Specializing in premium battery storage systems and smart energy solutions, the company is developing systems with a total capacity of 1.6 GWh in European countries. Its founder, Roman Bernard, will be speaking at the panel.

Also taking part in the panel will be Luka Renko, COO of KOER, a pioneer in virtual power plants in the region.

Rounding off the lineup of exceptional panelists will be Nikolaj Candellari, who is responsible for project management at CyberGrid. The software company was acquired a few years ago by Austria’s EVN, one of the first to demonstrate that greater integration of renewable energy sources, battery storage, and prosumers is not possible without digitalization and software solutions.

In a nutshell, this innovative company stands for the digitalization of the energy sector, with a focus on virtual power plants.

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April 6, 2025

by AEA in News

Serbia’s first-ever tokenization in energy sector: Saraorci solar project yields 6% interest

The first tokenization in Serbia’s energy sector has been completed, with AVR Solar Park selling 80% of AVR Solar Tokens, worth EUR 600,300, out of EUR 725,000 on offer. The company emphasized that this innovative financing model has the potential to address the issue of unfavorable financing conditions in the Serbian market.

The recepits from the sale of AVR tokens will finance the expansion of the Saraorci solar power plant. The facility, with a capacity of 9,856 MW, was built by Power China and commissioned in May last year. Until a few days ago, along with the DeLasol plant, it was the largest photovoltaic plant in Serbia.

Marko Đurić, who is in charge of finance at AVR Solar Park, told Balkan Green Energy News that even during the construction of Saraorci power plant, there was an idea to expand it and increase production by 10-12%. The annual output would rise from 15.1 GWh to 16.8 GWh, with the capacity remaining at 9.856 MW.

Đurić: The investors are struggling to meet financing requirements

“Our company had already invested significant funds in the preparatory works for the expansion. Among other things, we had already secured a building permit. With tokenization, we tried to raise the rest of the funding needed for the expansion,” he said, noting that the expansion has been completed.

According to Đurić, the construction of solar power plants in Serbia has slowed considerably. The demanding financing requirements, which investors find difficult to meet, are among the main contributors. In most cases, companies are required to have ten-year power purchase agreements (PPAs) at a fixed price.

However, PPAs on the Serbian market are signed for a maximum of five years, he noted.

In his words, a fixed price can be achieved through auctions, but this implies fixed income over 15 years, and there is no progress. Also, financial institutions cannot back a project unless the investors secure 60% of the cost from their own funds, which very few can do, according to Đurić.

Token buyers receive 6% interest

AVR Solar Park offered 7,250 tokens with a nominal value of EUR 100 apiece, payable in RSD. The initial offering of AVR Solar Tokens started on November 22, 2024, and ended on February 19.

Buyers of the token acquired the right to receive 10% of the principal at the end of each year and a fixed 6% interest. The minimum investment amount per investor was EUR 3,000. The tokenization was approved by the Securities Commission. The table below shows an example of an investment in 100 AVR Solar Tokens.

Digital tokens make it possible to bypass the bank as the chief intermediary in financing, and AVR Solar Park sees this as a benefit, especially for those who want to invest their money in a specific project – institutional investors or individual, small investors.

Đurić: the opportunity to be part of the green transition

The company has opted for tokenization as a way of financing, primarily because it enables transparency. “By purchasing AVR Solar Tokens, you not only ensure a stable financial return, but you also get the opportunity to be part of the green transition in the energy sector and thereby contribute to reducing pollution in our country and on our planet,” Đurić stressed.

Compared to other investment opportunities, investors in tokens could benefit from the fact that tokens are denominated in euros.

Also, the 6% interest is more than what any bank or bond offers, especially for such a long period, Đurić asserted. Another benefit for investors is the simplicity of investing in tokens as it can be done “from the comfort of one’s bed.”

How are token buyers protected?

Solar power plant Saraorci (photo: AVR Solar Park)

Đurić said there are various measures to reduce the risk for investors. First and foremost, the solar plant is fully operational, generating income.

“The return for investors is guaranteed based on a 10-year PPA signed with a licensed electricity trader. It could be annexed to add the output from the expanded facility. This contract is the biggest guarantee for the interest payments, enabling steady income,” Đurić pointed out.

In addition, the project also includes additional security measures. For example, if production is lower than projected, the contractor Boffetti Balcan, a subsidiary of Italy-based Boffetti SPA, is required to compensate for the difference. The project is also fully insured.

The construction of a new solar power plant is underway

AVR Solar Park said tokenization was a pilot project to test the market. The company also sees it as a crucial step toward the broader use of tokenization in Serbia and the region.

According to Đurić, the company aims to finance much larger projects in the future. Anyone who invested in this pilot project will have an advantage in investing in the next ones, he added.

The firm is currently building the Zvečka solar power plant, with a capacity of 9.95 MW, in the municipality of Obrenovac. The plan is to put it into operation by June 2026.

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