June 16, 2025
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Svetlana Cerović: Serbia should consider the role of batteries in next renewables auction

Serbia is expected to finish drafting its energy storage regulations by the end of the year, completing its already strong regulatory framework for renewables, according to Svetlana Cerović, Head of Specialized Lending at UniCredit Bank Serbia. In the next auction for market premiums, Serbia should consider recognizing the contribution of projects involving energy storage, she said at Belgrade Energy Forum 2025.

The two renewable energy auctions Serbia has held so far have shown that its regulatory framework is exceptionally good, Svetlana Cerović said on the sidelines of BEF 2025, adding that it is very important for a third auction to take place to ensure the development of additional renewable energy capacities.

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Initiating and financing investments in renewable energy requires a stable, predictable, and transparent regulatory framework, she stressed.

When it comes to regulations covering energy storage, Cerović said she was encouraged to hear that they were being drafted quickly and could be finalized before the end of this year.

“When we talk about renewable energy sources, we talk about long-term financing. Most of these projects are financed through project financing without the right of recourse, and in this sense, the regulatory framework and the predictability of cash flows are very important,” she reiterated.

UniCredit, as a pioneer in the field of renewable energy financing, offers various types of services and has already supported several projects that have been awarded market premiums and guarantees, according to Cerović. “We continue to actively finance these projects and remain open to dialogue,” she said.

UniCredit has financed several projects that have won market premiums

Speaking at a panel on energy storage in Southeast Europe, Cerović said that Serbia should consider involving energy storage in the next auction for market premiums and facilitate flexibility services, adding that the first renewables projects in Serbia that are required to include energy storage are already negotiating financing.

Cerović: The state should subsidize batteries for prosumers and back smaller renewables projects

She also recommended subsidizing battery storage for prosumers as an energy efficiency measure and allocating part of the auction quota for smaller renewables projects, which find it difficult to secure long-term power purchase agreements (PPA).

Talking about BEF 2025, she said the forum had demonstrated its exceptional significance and relevance by bringing together key players in the financing and development of energy projects. The conference was extremely useful for UniCredit, allowing it to make important contacts and initiate potential partnerships, according to her.

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June 7, 2025
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Maja Turković: Technology is our strongest card

The technological solutions needed to increase the share of renewable sources in Southeast Europe are already available and accessible, according to Maja Turković, Senior Vice President of CWP Europe. Countries in the region now need to adopt regulations to boost the deployment of battery storage and hybrid power plants, she said on the sidelines of Belgrade Energy Forum 2025.

“I believe that technology is our strongest card,” said Maja Turković, adding that its cost is decreasing, as are financing costs. Speaking at the panel on the ongoing energy revolution, she suggested that more financial resources are available than there are eligible projects.

The cost of technologies is decreasing, as are financing costs

Prices of solar panels have dropped 60% over the last two years, while battery costs fell by 40% by the end of 2024 and by a further 5% this year, to under EUR 100,000 per MWh, Turković pointed out at the panel, titled Energy revolution underway – uniting efforts to deliver green, intelligent and sustainable energy solutions.

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She said that integrating batteries with solar power plants is the latest trend, but that transmission system operators in the region still do not allow it. However, in some countries, a grid connection approved for solar can also be used for batteries, she noted.

Integrating solar with batteries is the latest trend

Turković expressed the hope that regulations in the region will follow the technological evolution. “We hope to improve the preparedness of countries in the region to adopt appropriate regulations and to increase the capacity of battery storage and hybrid power plants in general, which are far more desirable for the system itself,” she stressed.

Talking about CWP Europe, Turković recalled that the company is developing projects for wind power plants, solar power plants, and battery storage in nine countries, and that it has also begun diversifying into hybrid power plants. She added that the company is also developing its own battery management software for short-term power markets.

CWP Europe recently signed the largest single power purchase agreement (PPA) for a solar project with Serbia’s state-owned power utility Elektroprivreda Srbije (EPS), marking a major milestone in the country’s energy transition. The PPA was signed for the 150 MW Solarina photovoltaic park that CWP Europe is developing in eastern Serbia.

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May 28, 2025
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Kosovo* receives four applications for wind power auction

German, Kosovar, French and Turkish companies submitted documentation to qualify for the first wind power auction in Kosovo*. The plan is for the government to have a share of up to 49% in selected projects.

The Ministry of Economy of Kosovo* has publicly opened the applications within the qualifications call for the first wind power auction. The quota is 50 MW to 100 MW and the plan is to support 150 MW in total in two rounds. Participants will bid for 15-year power purchase agreements (PPAs) and contracts for difference (CfDs).

One applicant is a consortium of Notus Energy, based in Germany, and Stublla Energy from Kosovo*. The ministry also received documentation from Akuo Energy from France and a consortium led by Güri̇ş, headquartered in Turkey. Both companies participated in the first solar power auction as well, held last year.

The fourth one is the Kosovar consortium One Era. However, its application came half an hour after the deadline passed.

“The experience from the first 100 MW solar auction has taught us that only when we offer an opportunity for fair and transparent competition for the private sector, we not only evoke interest from serious and prestigious global companies, but also ensure favorable prices for citizens,” Minister of Economy Artane Rizvanolli said. She expressed commitment to high transparency and competition procedures.

Ministry planning to open final bids in August

The members of the auction commission are from the Ministry of Economy, Ministry of Environment, Spatial Planning and Infrastructure, Energy Regulatory Office (ERO) and Transmission, System and Market Operator (KOSTT). They are responsible for evaluating the applications concerning the financial, legal and technical requirements.

Next in the schedule is a request for proposals, due in March, after the completion of the qualifications phase. The participants can send their technical and financial proposals. The final bids would be opened in August. The maximum price is EUR 80.2 per MWh excluding value-added tax.

Curtailment is subject to financial compensation

The ministry plans to launch the second round by the end of the year. The winners will be obligated to design, build, operate, maintain and decommission wind parks. According to one brochure, the accepted price will be adjusted every 12 months, It will depend on the inflation rate for the sector.

Balancing responsibility is limited to imbalance volumes greater than 10%. Curtailment is subject to financial compensation.

Wind projects would be run by special purpose vehicles (SPVs), firms where the government would have a share of up to 49%. The Ministry of Economy intends to use the funds from the International Monetary Fund’s Resilience and Sustainability Facility (RSF) in the development of the 150 MW. The purpose of the public-private partnership scheme is to reduce risk for private investors.

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* This designation is without prejudice to positions onstatus and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
May 26, 2025
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Battery storage market in SEE emerging, Western Balkans lagging behind with positive prospects

The deployment of battery energy storage systems (BESS) across Southeast Europe is progressing at an uneven pace. State subsidies and financing mechanisms have enabled the rapid implementation of BESS solutions in Greece, Romania and Bulgaria, while markets in the Western Balkans are lagging behind. However, the outlook remains positive, as experiences from neighboring markets and best practices from other parts of the European Union can help overcome initial challenges and streamline the deployment process. This was highlighted by participants of the panel dedicated to BESS at the Belgrade Energy Forum.

Among the technologies required for the energy transition, battery energy storage systems (BESS) stand out as a key factor for integrating electricity from intermittent renewable sources – wind and solar power – into the grid. There are few such facilities in Southeastern Europe and the segment is yet to even be fully regulated in the narrower Western Balkans region. The panelists at a session called Energy storage system market in SEE: trends and forecasts, at Belgrade Energy Forum (BEF 2025), outlined the trends in the budding market.

There are more and more cases of low and negative hourly prices in the wholesale electricity market in the region, providing a clear business case for BESS investments. In addition, the grid is often overloaded on weekends and holidays when solar and wind power production is high, given the weak demand.

Managing Director of Go2Power Consulting Goran Vukojević, who moderated the discussion, warned that negative prices may jeopardize system stability as well, if operators of power plants disconnect them from the grid at the same time, to avoid costs.

He highlighted the preparations in Serbia’s transmission system operator Elektromreža Srbije (EMS) for auctions for ancillary services and praised the company for transparency in regulating the competitive process. The other option for battery operators is to participate in the open market.

Managing Director of Go2Power Consulting Goran Vukojević moderated the panel discussion

Region seen with 9 GW of BESS operating power in 2030

Ioanna Barouni from Aurora Energy Research said a total of 40 GW of solar and wind power is expected to be online at the end of 2025 in the SEE region, comprising 12 countries, including Hungary. In 2030, the level is expected to reach 70 GW, which is expected to be doubled to 145 GW by mid-century. As for BESS, projections stand at 9 GW in 2030 and 25 GW in 2050.

Barouni: We miss flexibility and ancillary services for transmission and distribution system operators

The countries of the region are retiring power plants that use fossil fuels, a firm capacity, in Barouni’s words, while adding renewables. “It’s not very easy to predict how the generation profile is going to be during the day, so we miss flexibility and we miss ancillary services for TSOs and DSOs,” she said.

The gap between power prices for midday and the evening is gradually increasing. Barouni explained that batteries “create some artificial demand and absorb these low prices.” At peak demand and with less renewables, a battery can replace expensive fossil fuels, lowering the price.

Ioanna Barouni from Aurora Energy Research (pictured left) and Head of Specialized Lending at UniCredit Bank Serbia Svetlana Cerović

Serbia preparing auctions for ancillary services

Division Manager of transmission system operator (TSO) EMS Nikola Tošić acknowledged that Serbia is preparing auctions for ancillary services. He revealed that there would probably be one auction for 70% of the needed reserve in the first year. The next rounds would be more frequent, shifting toward daily auctions for balancing capacity.

In the verification process, EMS’s System Operation Department will first test the battery, Tošić added. State-owned power utility Elektroprivreda Srbije (EPS) already provides ancillary services to the TSO, so it won’t require tests, he asserted.

Serbian law defines ancillary services the same as European Union does

EMS drafted the new grid code, and it will publish the draft balancing market code for public discussion soon, according to Tošić. He said the domestic law defines ancillary services in the same way as the EU defines them in its legislation. One part is balancing services: frequency containment reserve (FCR, primary), automatic frequency restoration reserve (aFRR, secondary) and manual frequency restoration reserve (mFRR, tertiary). The other part are non-frequency services – energy.

“We think that it would be good to incentivize the periods of the year or periods of day when the needed amount of reserve is more attractive or more in demand,” Tošić said.

Market Division Manager of EMS Nikola Tošić

Fortis Energy moving ahead with battery investments regardless of government support schemes

Fortis Energy’s Chief Executive Officer for Eastern Europe Nikola Oklobdžija considers the lack of regulation to be the biggest challenge for developers. An investor can currently only focus on charging the batteries when the prices are low and sell when they are high, he underscored.

The Turkey-based company develops photovoltaic, wind power and BESS projects in the region. The first bigger investments in renewable electricity plants with energy storage are the ones that will break the ice, in Oklobdžija’s opinion.

“Of course, it helps if you have a CfD contract, so the banks will look at it more favorably,” he stated. Oklobdžija added that companies need to be able to present revenue to the lenders and what the fees are for renting the capacity or providing different services.

Bankability depends on state support and PPA contracts, cash flow models and insurance

In the meantime, Fortis is examining the experiences in Bulgaria and Greece, which have already held auctions for standalone batteries. Financing a project is easier with a CfD – contract for difference, but the company is determined to push ahead anyway, Oklobdžija stressed.

In North Macedonia it commissioned a solar power plant in Oslomej and recently contracted a BESS to be added to the facility. Oklobdžija said it wasn’t a requirement but that Fortis opted for energy storage because of market pressure with prices and occasional curtailments, like during Easter last month.

The introduction of ancillary services would facilitate the development for standalone battery systems, he explained.

Fortis Energy’s CEO for Eastern Europe Nikola Oklobdžija

Cerović: First there will be more projects for colocated BESS units than for standalone facilities

Head of Specialized Lending at UniCredit Bank Serbia Svetlana Cerović highlighted the intensive activity in Germany and Italy, for instance, but also in neighboring Romania. UniCredit is present in those markets and is analyzing the development of the battery storage market, she pointed out, arguing that the best practices in the EU are the best way for building and financing battery storage.

Cerović said there would first be more projects in the region for BESS colocated with renewable energy plants than standalone units.

She suggested that the proposed investments that include storage should be better pondered at the next renewable energy auction in Serbia. It is in the country’s interest to enable providing flexibility and to support the projects, she said.

There may be a rationale for subsidizing prosumers to add storage in Serbia, Cerović said. Turning to small-scale projects, she expressed the belief that power purchase agreements (PPAs) are “convenient” for them. She is recommending dedicating a certain capacity for the category at the next auction in the country.

The first projects in Serbia, conditioned by energy storage requirements for a grid connection, are in the process of negotiating financing, according to Cerović.

Fire protection is especially significant for insurers

Renewable Energy Insurance Broker (REIB) has insured some 4 GWh of energy storage capacity in Bulgaria and just as much elsewhere in the world, Business Development Manager Dimitar Dimitrov said. Developers should contact insurance companies when the design is done, as well as for cargo insurance, he suggested and added it is particularly important for projects that get subsidies.

“We’re not only insurance brokers, but we’re also investors, which helps us understand a bit more about the clients’ needs, and what we can definitely do more in cases of coverage. Understanding clients’ needs helps us also prevent risks that could occur during certain stages,” Dimitrov stated.

Most insurers prefer at least a six-meter distance between containers or rows of three to four containers holding batteries, he said. It is the most important factor in fire protection, in Dimitrov’s opinion. When the distance is shorter than three meters, a firewall is required for insurance, he explained.

REIB’s Business Development Manager Dimitar Dimitrov

The next segment is construction insurance. For insurance companies, it is not a higher risk profile, Dimitrov asserted. Next, he recommended operational risk insurance including coverage for business disruption, and insurance against cyberattacks. In such events, the grid connection can be damaged, the company’s representative pointed out. “Insurance policies are definitely bankable,” he added.

Bulgaria has completed its tenders for state support to BESS combined with renewable energy plants, and for standalone units. But even before subsidies, batteries have been delivered and facilities are under construction, Dimitrov stressed. Many photovoltaic projects in Bulgaria have emerged in the past few months and most of them include BESS, he said.

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May 26, 2025
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BEF 2025: Corporates’ education, product diversification crucial to speed-up PPA uptake

Capacity building and education for corporates, together with product diversification and an upgrade of the regulatory framework, could clear the obstacles for power purchase agreements in the Western Balkans, which are lagging behind the other countries in Southeast Europe. In addition to their other benefits, such contracts could contribute to securing baseload energy from hybrid facilities, given that baseload is a key issue for the decarbonization of the region, according to the participants of a panel on power purchase agreements, held at Belgrade Energy Forum 2025 (BEF 2025).

BEF 2025 has gathered four hundred participants from more than 30 countries in the region, Europe, and beyond.

The panel PPAs as a key to renewable energy growth in SEE featured stakeholders from all segments of the PPA market: developers, corporates, utilities and consultants. The discussion comprised five segments – the global trends, main drivers, the region’s specifics, challenges and trends, and the implications of the model.

The panel’s moderator was Mislav Slade-Šilović, Energy, Utilities & Resources Consulting Leader for Southeast Europe and member of the core PPA team at the consultancy PwC.

Global trends: PPAs are hot, but the solar capture rate is becoming an issue

Mislav Slade-Šilović, Joffroy Beckers and Nikola Gazdov

According to Natalija Ljubić, Manager of PPA & BESS Transactions at Pexapark, PPAs are still hot in Europe. On a monthly basis, between 500 MW and 2,000 MW of new PPAs are signed (15 to 30 deals). She referred to long-term, fixed-price PPAs considered bankable and publicly announced. There is much more together with short-term PPAs, for two to three years.

There is an impression that everything comes down to corporate PPAs, but there are many utility PPAs that aren’t always made public, she added.

The majority are physical PPAs but Pexapark is registering more and more financial PPAs. In 2025, almost 20% of all the announced PPAs were financial, whereas a couple of years ago, they made up 5% to 10%. There are more pay-as-produced contracts than the monthly ones for baseload energy.

Mislav Slade-Šilović (PwC) added that 70% of PPAs in SEE are virtual or financial.

It’s quite challenging in the region to find a creditworthy counterparty on the consumer side

For developer Joffroy Beckers, Head of PPA at DRI, it’s quite challenging to find a creditworthy counterparty on the consumer side of the market in the region comprising Greece, Bulgaria and Romania. So when the firm wants to speed things up with selling its electricity, it goes to utilities or traders.

Negative prices are emerging in the region, with much more cannibalization for solar in the long term, he added.

According to Bulgaria’s Association for Production, Storage, and Trading of Electricity – APSTE, the situation in the region is different than five years ago. “There were zero PPAs in the region, but now they start to get common. Paradoxically, the conditions start getting much more and more complex,” chairman Nikola Gazdov said.

Mislav Slade-Šilović (PwC) pointed to the decline in the solar capture rate – the ratio of the price of solar power and wholesale price. It is spilling over to the PPA price and increasing its complexity, and solar PPAs are generally more complex than the ones for wind power, he added.

Main drivers: Different priorities ask for different PPA models

Natalija Ljubić, Ivana Đurović and Davor Pupovac

For Ivana Đurović, Category Manager Renewable Energy at Knauf Group, PPAs are a game changer in energy procurement because essentially it’s no longer just about buying energy or hedging. “Now corporate PPAs bring the long-term deal, so they even extend the tenure for those hedging, and they also allow us to achieve our sustainability targets,” she explained.

PPAs aren’t for companies with consumption below 30 GWh or 40 GWh per year, while branding and cost savings are often the reasons for companies to sign them.

Such factors determine the PPA product that the offtaker opts for, Mislav Slade-Šilović (PwC) stressed.

According to Nikola Gazdov (APSTE), in the region comprising Bulgaria, Romania, and Greece, PPAs are usually signed by corporates that have some ESG commitments or want to show their clients and customers that they are thinking green.

The key feature of a PPA is the partnership between two companies

As examples of the various kinds of deals, he mentioned a physical PPA with an electricity-intensive consumer, virtual PPA with a telecom and a PPA with a big international company producing tires, combining the two types.

As a developer, DRI is modifying its strategy toward a mixed portfolio. Instead offering a solar asset for a PPA, it adds wind power plants and combines different technologies into a single contract. “It allows us to capture a better price, and this is also usually more beneficial for the off-taker. The second thing is that we’re trying to keep this upside in our PPA by entering a floor price instead of a fixed price,” Joffroy Beckers (DRI) revealed.

For Mislav Slade-Šilović (PwC) the key characteristic of a PPA is the partnership between two companies. It needs to be balanced, to ensure that both parties can fulfill throughout the tenure. If one goes bankrupt, then it doesn’t make sense for both parties, he underlined.

The specifics in the region: Corporates need to learn, PPAs should be more diverse

Nikola Gazdov, Natalija Ljubić and Ivana Đurović

Serbia’s state-owned power utility Elektroprivreda Srbije (EPS) has been signing a lot of PPAs. However, the difference from the conventional deals is that they are based on premiums. But according to Davor Pupovac, head of the company’s market analysis and risk management, it is interested in corporate PPAs that don’t include government support. There is not much interest among consumers for corporate PPAs with EPS, he revealed.

Mislav Slade-Šilović (PwC) said the role of EPS and big power utilities is very important in developing the PPA market. A dominant supplier in a market has a critical role, either as a sleever or as someone that will provide B2B products to off-takers and developers or producers for entering the market, he said.

Joffroy Beckers (DRI) agreed with him about the role of big utilities in facilitating PPAs and expressed the belief that in the near future, they would get a larger share as intermediaries.

Asked if corporate PPAs are coming anytime soon in Serbia, Davor Pupovac (EPS) said: “Not so soon.” However, he claimed EPS wouldn’t lose consumers regardless of the fact that it has no such product.

Corporates aren’t super ready for PPAs because they are seeking stability when it comes to the energy price

In Ivana Đurović’s (Knauf) view, there are several reasons for the slow uptake of corporate PPAs in the Western Balkans. Corporate buyers aren’t super ready for PPAs because they are seeking stability when it comes to the energy price, but the pay-as-produced PPA model is dominant in the market, which doesn’t ensure price stability. Monthly baseload deals would enable more price stability.

A bigger offtake through PPAs requires corporates to build their capacity for closing such deals and for the offer to be more diverse, she stressed.

Natalija Ljubić (Pexapark) agreed with her and suggested that companies need to understand more about the risks and accounting. Also, not many corporates are willing to enter five- to ten-year agreements as they don’t know their demand or costs that far ahead, Ljubić underlined.

Challenges, risks: Management boards are delving into energy-related topics in detail

Ivana Đurović and Davor Pupovac

Creditworthiness is one of the key challenges, Joffroy Beckers (DRI) said. As he sees it, credit insurance could be key, providing a kind of a state guarantee. Nikola Gazdov (APSTE) again stressed education. He also recalled that all European countries needed time to get along with PPAs.

“But coming to credit risk, I think that now we also see the European Commission taking note of the situation,” Gazdov noted.

As for education, Mislav Slade-Šilović (PwC) said it requires one to two years. Management boards of companies from different industries on the offtake side are forced to delve into energy-related topics in detail, he noted.

There are practically no obstacles for PPAs in Serbia

Slade-Šilović asked EPS’s representative whether the utility is prepared to offer B2B products, arguing that they go hand-in-hand with PPA market development.

Davor Pupovac (EPS) responded that there are practically no obstacles to PPAs in Serbia. Namely, there is an electricity exchange, EPS is willing to sign contracts with developers for sleeving or balancing, the guarantees of origin (GO) system is in place, and EPS is active on power exchanges in the region as a producer and supplier.

“EPS could also offer a route to market to the off-taker. However, currently, it cannot offer access to the spot or forward market,” he explained.

Coming from a corporate electricity consumer, Ivana Đurović (Knauf) was curious what EPS could offer to a perfect corporate off-taker asking for a physical PPA. Pupovac answered that currently it would be a pay-as-produced deal.

What does the implementation bring us: hybrid combinations open the room for innovative deals

Joffroy Beckers, Nikola Gazdov and Natalija Ljubić

Mislav-Slade Šilović (PwC) summarized the landscape. “If you look at the broader EU situation and challenges, especially with solar capture rates, negative prices, we are now already discussing technology advanced structures including batteries and other hybrid solutions on the PPA side,” he underlined.

Natalija Ljubić (Pexapark) pointed out that last month in Germany the solar capture rate was just 40%, calling it almost unbearable for photovoltaic projects. All developers or energy producers, especially in the solar power sphere, are seriously considering adding batteries, while projects for standalone battery storage facilities are appearing, in her words.

She and Nikola Gazdov (APSTE) agreed that the outcome is a lot of interesting innovative structures, room for different solutions.

BESS with solar reduces cannibalization and increases capture rates

Ljubić said it is a challenge to maximize revenues from a battery system and make it bankable. Gazdov pointed to the dilemmas of a single company owning different assets versus a big utility combining and aggregating everything, and whether the producers or optimizers manage the revenue streams.

When it comes to standalone storage units, he sees a perspective only in arbitrage and, perhaps, system services further down the road.

Joffroy Beckers (DRI) explained the main purpose of a battery energy storage system (BESS) in Romania, from the point of view of a developer and power producer. A BESS combined with solar power reduces cannibalization and increases capture rate, whereas wind lowers the balancing cost, he stressed.

“If you co-locate a battery next to solar, you will be in a position to negotiate a higher price on the off-take side,” he pointed out.

A combination of wind, solar and batteries is equivalent to a new power plant

In the future, he anticipates more PPAs with a pay-as-nominated structure rather than pay as produced, arguing that it enables more flexibility for monetizing batteries on different markets.

“With those combinations of wind, solar, and battery, basically you have a new power plant, baseload structure,” Mislav Slade-Šilović (PwC) stated.

That way PPAs fit into the broader discussion on the energy transition and decarbonization. EPS is decarbonizing its production through its role as a renewable energy offtaker.

“Hybrid combinations are partly addressing the baseload needs. So, many different technologies, including storage, can provide a part of the answer this region heavily needs, and this is the baseload substitution problem,” Slade-Šilović concluded.

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May 20, 2025
by in News

Akuo Energy signs PPA with EPS for Bela Anta 2 wind project in Serbia

French renewable energy company Akuo Energy has signed a power purchase agreement (PPA) with Serbia’s state-owned power utility Elektroprivreda Srbije (EPS) for the Bela Anta 2 wind power project, for the full capacity and including the balancing responsibility.

The project is being developed through Matrix Power, a special purpose vehicle (SPV) fully owned by Akuo Energy. With a total installed capacity of 80 MW, Bela Anta 2 was among the awarded projects in Serbia’s second round of renewable energy auctions, held in early 2025. Akuo secured a contract for difference (CfD), positioning it with the largest wind projects contracted with EPS to date, under the new market-based support scheme.

Milestone for Serbia’s energy transition

The agreement marks a major step in Serbia’s ongoing shift toward renewable energy, Akuo Energy said. All electricity produced by Bela Anta 2 will be supplied to the domestic market, supporting energy security and sustainability, it added.

“Akuo Energy is honored to support Serbia’s renewable energy goals in partnership with EPS. This PPA reflects strong institutional support and our shared commitment to accelerating the country’s green transition,” said a company spokesperson. The CfD ensures price stability and investment certainty, creating long-term benefits for both investors and the Serbian power system, Akuo Energy pointed out.

Akuo Energy: Global expertise with regional depth

Akuo Energy is an independent global renewable (wind, solar and storage) energy producer and developer. The group is present across the entire value: development, financing, construction and operation.

All electricity produced by Bela Anta 2 will be supplied to the domestic market

As of the end of 2024, the company had a total capacity of 1.9 GW in operation or under construction and a total project portfolio of over 12 GW. With more than 450 employees, the group, headquartered in Paris, France, develops projects in more than twenty countries around the world.

With nearly two decades of experience, Akuo has delivered projects in onshore wind, photovoltaics, hydropower, biomass, and battery energy storage systems (BESS). In Central and Eastern Europe, it operates more than 324 MW, with a strong and established presence in the Western Balkans.

More projects to come in Serbia

Akuo Energy plans to further expand its presence in Serbia’s renewable energy sector. One of its most advanced upcoming projects is the Bašaid Wind Farm (85 MW) near Kikinda, which is fully permitted and ready for construction. The company is also exploring new solar power and hybrid opportunities across the country.

With the PPA for Bela Anta 2, Akuo strengthened its long-term commitment to Serbia’s energy transition and to supporting the growth of a reliable, sustainable power system in the region, the update reads.

Akuo was a silver sponsor of Belgrade Energy Forum (BEF 2025), held last week in Serbia’s capital city.

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May 16, 2025
by in News

Weakness in Serbian energy system is no option

Serbia’s state-owned power utility Elektroprivreda Srbije (EPS) is committed to its own and the country’s goals for green energy and emission cuts, but it is sustainable only if it doesn’t jeopardize energy security, Chief Executive Officer Dušan Živković said. Weakness in the energy system is not an option, he underscored.

The recent blackout in entire Spain and Portugal and the one last year in the Balkans have imposed the topic of large energy storage facilities which would support the integration of renewables, CEO of EPS Dušan Živković said at Belgrade Energy Forum (BEF 2025). The company is committed to its own and the country’s goals for green energy and emission cuts, he asserted.

“We will work on that, of course, believing in these objectives, but without compromising energy security and the energy sovereignty of the state of Serbia. It was proven to be the only sustainable path and that if we don’t follow it, it can result in situations that are not a good message toward consumers, and they are not a good message toward investors either. Weakness in the energy system is certainly not an option”, Živković stated.

In its Integrated National Energy and Climate Plan (INECP or NECP), Serbia is targeting for 2030 a 45.2% share of renewable energy sources in electricity production and a decrease of greenhouse gases by 40.3% from the 1990 level.

Decarbonization is not easy without serious storage

Among its other activities, EPS is working on its small green energy projects on open cast coal mines, while the strategic partner, a consortium of UGT Renewables (UGTR) and Hyundai Engineering, is tasked with building a group of solar power plants of 1 GW in combined connection capacity alongside 200 MW of battery energy storage, and transfer them to Serbia’s government-controlled power utility, Živković noted. But the process of decarbonization with necessary renewable energy capacity won’t be easy “without serious storage,” he stressed.

Serbia hosts fossil fuel power plants of 4 GW in total

Big energy storage projects are financially challenging, only marginally cost effective, and they are not easy to build, EPS’s head claims. They are necessary to be able to draw enough baseload energy, and in Serbia they need to contribute replacing a large fossil fuel capacity – currently it amounts to 4 GW, Živković said.

Pumped storage hydropower project Bistrica, existing facility Bajina Bašta enable comfort for signing PPAs

EPS primarily focuses on the Bistrica pumped storage hydropower project and the possibility to develop the one for Đerdap 3, he added. That way conditions would be created for the facilities to provide new services in the market, so “the region feels safer, too,” Živković underscored.

Counting on Bistrica and the existing pumped storage hydropower plant, Bajina Bašta, EPS is in “a comfortable zone” for signing power purchase agreements (PPA) with companies for their green power plants, Živković explained. Bajina Bašta is undergoing the second half of reconstruction works.

Turning back to the April 28 collapse of the Iberian electricity system, Živković pointed to the adverse interest of private investors – get profit in the short term – and companies responsible for energy security. In his view, it is necessary to act “more intergenerationally responsibly” and very important to find balance in relation to profits.

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May 15, 2025
by in News

CWP Europe signs PPA, CfD for its Solarina PV project with Serbia’s EPS

CWP Europe signed a power purchase agreement (PPA), including balancing responsibility, and a contract for difference (CfD) for its Solarina photovoltaic project, with Serbia’s state-owned power utility Elektroprivreda Srbije (EPS).

Solarina is a special purpose vehicle or SPV for a photovoltaic park of 150 MW in connection capacity. Its site is near the city of Zaječar in eastern Serbia. The developer, CWP Europe, won a CfD in February for 105 MW at the country’s second solar power auction. All other projects were for 10 MW at most.

Executive Vice President of CWP Europe Maja Turković signed a PPA and the contracts for difference and balancing responsibility for Solarina with Assistant to CEO of EPS for Power Portfolio Management David Žarković.

Largest single PPA ever signed for solar power with EPS

The agreement marks a major milestone in Serbia’s energy transition – it is the largest single PPA ever signed for a solar project with EPS, Turković pointed out. “We thank the Ministry of Mining and Energy and EPS for their trust and another opportunity to jointly contribute to a more stable and greener energy future for Serbia,” she added.

CWP Europe has a project pipeline of more than 10 GW in Southeastern Europe, Moldova and Ukraine

All green electricity generated by the Solarina solar park will be supplied to the domestic market at a competitive price, enhancing the stability and sustainability of the country’s energy supply, CWP Europe added. Of note, the CfD is for EUR 52.89 per MWh.

“The continuation of the cooperation confirms once more that EPS is a reliable partner and associate to everyone whose business activity involves green energy. In addition, this way we also confirm the joint dedication to Serbia’s energy transition and the development of renewable energy sources, as EPS will offtake all produced energy and it will remain in our country,” Žarković stated.

PPAs for projects Solarina, Vetrozelena are both for entire output

Serbia’s state-owned power utility has the same arrangement since 2023 for the Vetrozelena wind power project, which was developed by CWP Europe and also won market premiums, at the first round of renewable energy auctions. Both PPAs are for the entire output.

The company has a project portfolio of more than 10 GW in total for wind and solar power and battery energy storage systems in Serbia, Bulgaria, Romania, Montenegro, Albania, North Macedonia, Croatia, Moldova and Ukraine.

CWP is a silver sponsor of the two-day Belgrade Energy Forum – BEF 2025, which is starting tomorrow. Maja Turković will participate in the panel discussion ‘Energy revolution underway – uniting efforts to deliver green, intelligent and sustainable energy solutions’.

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May 13, 2025
by in News

Everything is ready for Belgrade Energy Forum 2025 – welcome!

Everything is ready for the third Belgrade Energy Forum – BEF 2025. On May 14 and 15, the conference will gather four hundred participants from more then 30 countries from the region, Europe, and beyond.

Participants of the Belgrade Energy Forum 2025 (BEF 2025) will have the opportunity to hear from speakers from the European Union and five countries in the region and exchange views. Eight panels featuring more than 50 officials, executives and prominent energy experts will try to untangle the currently most important issues in the energy sector.

Representatives of governments, regulatory agencies, regional and international institutions and organizations as well as the business community will outline their future moves, which is invaluable information given the new reality of a turbulent geopolitical landscape.

Latest information on the largest project for the installation of solar power plants in the region and beyond

Energy Community Secretariat Director Artur Lorkowski and Serbian Minister of Mining and Energy Dubravka Đedović Handanović will open the event. One of the key speakers is Christian Zinglersen, director of the EU Agency for the Cooperation of Energy Regulators (ACER).

The ministerial panel consists of ministers and other officials from Montenegro, Croatia, Hungary, Serbia, and the Republic of Srpska, which is one of the two entities making up Bosnia and Herzegovina.

Representatives of the Hyundai Engineering – UGT Renewables consortium will summarize the next steps in the largest solar power project in the region and beyond. The consortium is the diamond sponsor of the event this year as well.

It entails solar power plants with a total connected power of 1,000 MW, and battery energy storage systems (BESS) of 200 MW in overall capability and 400 MWh in capacity.

It is a joint project with Serbian state-owned power utility Elektroprivreda Srbije. The partners took another important step this week by signing a grid connection contract with the country’s transmission system operator Elektromreža Srbije.

Hitachi’s cutting-edge technological solutions are indispensable in Southeast Europe

Keynote speakers Seung-Won Lee, Vice President of Hyundai Engineering, and Chan Wo Park, Global Executive Advisor at UGT Renewables, will present the project.

Hitachi Energy‘s cutting-edge technological solutions are indispensable in Southeast Europe. Some examples of its contribution to the energy transition of the region are the largest solar power plant in the Balkans – Apriltsi in Bulgaria, of 250 MW, as well as the second wind farm in North Macedonia – Bogoslovec, with a capacity of 36 MW.

Together with the Association of Serbian Energy Intensive Industry, Hitachi Energy is in the group of silver sponsors of BEF 2025.

The association was founded by Metalfer Group, Elixir Group, Lafarge Serbia, Moravacem (part of CRH) and TITAN Cementara Kosjerić. They are producers of steel, fertilizers and cement driven by a vision of sustainable development, industrial innovation and regulatory clarity.

Zečević: Decarbonization must be shaped by strategy, not imposed by circumstance

BEF 2025 will be attended by the association’s manager Stanislava Simić, Metalfer Group president, Branko Zečević and Lafarge Serbia CEO Dimitrije Knjeginjić.

“As Europe enforces carbon accountability through CBAM, Serbia and the Western Balkans must not remain a regulatory blind spot. Without our own regionally adapted carbon border policy, we risk being overwhelmed by carbon-intensive imports, eroding both our industry and climate goals,” Zečević stressed.

The association calls for a regional, synchronized approach – one that levels the playing field, accelerates innovation, and positions the Western Balkans as a credible partner in Europe’s green transition, he added. Decarbonization must be shaped by strategy, not imposed by circumstance, according to Zečević.

Batteries are the stars of BEF 2025

The panel ‘Energy storage system market in SEE: trends and forecasts’ has attracted great interest.

One of the panelists is Ioanna Barouni, Research Associate in Aurora Energy Research, a reliable energy market analyst and a knowledge partner of the forum. The company’s analysis unveils answers to questions that everybody asks – politicians, investors and regulators alike. For instance, one burning issue is the effect of cannibalization in solar power on wholesale power prices.

Aurora recently presented its first forecast for the Western Balkans, based on investment activity. The firm now provides forecasting services for Albania, Kosovo*, North Macedonia, Montenegro, and Bosnia and Herzegovina.

Cerović: BEF is a key event bringing together industry experts

Financing battery energy storage systems is a job banks such as UniCredit Bank Serbia, a bronze sponsor of the conference.

“I’m delighted to once again represent UniCredit Bank Serbia, in BEF, a key event that brings together industry experts and leaders in the energy transition in Southeast Europe. As the global market moves towards decarbonization and greater use of renewable sources, the role of energy storage systems becomes increasingly important,” said Svetlana Cerović, Head of Specialized Lending at UniCredit Bank Serbia.

She is also last year’s winner of the Female Leader in Sustainable Energy award.

Fortis brings its vast experience in investments in energy storage

Fortis is bringing its vast experience in investments in energy storage. In February, the firm inked a deal for batteries for North Macedonia’s largest PV plant, Oslomej, while a 36 MWh battery in Serbia is in the pipeline. Fortis has also signed a framework agreement with PowerChina on joint investments in renewable energy projects.

Nikola Oklobdžija, CEO of Fortis Energy for Eastern Europe, will present the company’s vision.

Renewable Energy Insurance Broker, a bronze sponsor, was one of the key factors for the largest photovoltaic plant in Romania. It provided insurance packages for every phase of development of the 155 MW Rătești facility. REIB is a specialized insurance intermediary focused exclusively on the renewable energy sector.

Tailored insurance solutions improve project bankability and long-term security, according to the firm.

Four companies are exhibitors

BEF 2025 has an exhibition segment, too. One of the companies showcasing its activities is ScadaWatt, which develops smart and reliable solutions for power plants. The company provides remote monitoring, real-time control, and AI-powered analytics to improve efficiency and reduce losses.

SciEngineer and Zarja Elektronika will also present their services and solutions. SciEngineer is the exclusive representative of MathWorks, COMSOL, and Speedgoat in Central and Eastern Europe. Their solutions reduce development time, cut costs, improve reliability, and accelerate time-to-market.

Zarja Elektronika is a leading Slovenian company specializing in advanced fire detection and alarm systems. With over 40 years of experience, it provides innovative, reliable, and tailor-made safety solutions for industrial, commercial, and residential environments.

DRI and YEO are friends of the conference

The Chinese company SANY Renewable Energy, which owns the Alibunar 1 and Alibunar 2 wind farms, will also have an exhibition stand.

DRI and YEO are joining the group of the friends of the conference. DRI is an Amsterdam-headquartered renewables developer and a subsidiary of the DTEK Group, one of the biggest private investors in Ukraine’s energy sector.

Joffroy Beckers, Head of PPA, will speak at a panel dedicated to the topic.

In January, DRI said it planned to start building the 120 MW Ljubovo wind power plant in Croatia in 2027. It revealed it right after it completed a 60 MW solar power plant in Romania.

Turkey-based YEO is active in more than 30 countries, delivering turnkey solutions in energy and industrial systems. In the Balkans, in addition to its energy expertise role, the company invests in renewable energy projects.

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* This designation is without prejudice to positions onstatus and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
May 12, 2025
by in News

Serbia’s EPS signs PPAs for wind parks Alibunar 1, Alibunar 2

Serbian state-owned power utility Elektroprivreda Srbije will offtake electricity from future wind parks Alibunar 1 and Alibunar 2, of 168 MW in combined capacity. EPS’s Chief Executive Officer Dušan Živković and Project Director of WV-International in Serbia Lazar Lazendić signed today the power purchase agreements (PPAs) and the contracts for difference (CfD) and balancing responsibility.

Wind power projects Alibunar 1 (96.6 MW) and Alibunar 2 (71.4 MW) are among the winners from the latest round of auctions for market premiums for renewable energy in Serbia.

CEO of state-owned power utility Elektroprivreda Srbije (EPS) Dušan Živković signed the power purchase agreements (PPAs) and the contracts for difference (CfD) and balancing responsibility for the two planned facilities with Project Director of WV-International in Serbia Lazar Lazendić.

“EPS is committed to investing in the construction of power plants running on renewable sources, and this way we are strengthening our production portfolio and market position, and we actively support all investors in renewable energy sources. EPS will offtake all the generated electricity, the energy remains in Serbia, and the purchase and balancing price is set according to market principles, which incentivizes investors and enables additional profit for EPS. This energy will also give a substantial, additional security to the operations of our electricity system and to supplying citizens and companies,” Živković asserted.

Commitment to domestic market solidified

At the signing ceremony, Lazar Lazendić pointed out that the said success in auctions represents the materialization of important objectives in the development of the projects Alibunar 1 and Alibunar 2.

“Today’s signing of the contract with Elektroprivreda Srbije, encompassing market premiums, the purchase of electricity, and balance responsibility for our future wind farms solidifies our strong commitment to this market and plays a crucial role in driving Serbia’s energy transition forward,” he added.

Alibunar 1 and Alibunar 2 are SANY Renewable Energy’s first investment in Serbia

The special purpose vehicles, SPVs, or project firms for the two facilities are called Windvision Windfarm A and Windvision Windfarm B, respectively. They are majority owned by SANY Renewable Energy.

“The Alibunar 1 and Alibunar 2 wind farm projects are crucial for our company. SANY Renewable Energy is entering the Serbian market and the Western Balkans region through these projects. This will be the first installation of our wind turbines in these wind farms, serving as a model for our future expansion. We are eager to collaborate with local stakeholders and partners to enhance the country’s energy security,” said Zhou Fugui, Chairman of SANY Renewable Energy and member of the Board and Executive President of SANY Group.

WV-International is the gold sponsor of the Belgrade Energy Forum – BEF 2025, which will be held on May 14 and 15 in Serbia’s capital city, and SANY Renewable Energy is an exhibitor.

Živković: EPS obtained additional 2.6 GW from renewable sources

Živković also said that in the two rounds of auctions facilitated 850 MW of wind and solar power capacity and that, with investors that participated in the two rounds of auctions and other independent producers in Serbia, it already has an additional 2.6 GW from renewable energy sources.

The level will increase by 1 GW in 2028 from the self-balancing solar power plants that the company is developing with its strategic partner, the consortium of UGT Renewables and Hyundai Engineering, he added. “That’s when we expect the production from renewable energy sources to reach 50% of the total electricity production,” the head of EPS underscored.

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