Fortis Energy and EBRD Partner to Finance Landmark 270 MW Solar-plus-Storage Project in Serbia

In a significant move for the Western Balkans’ energy transition, Fortis Energy has formalized a mandate letter with the European Bank for Reconstruction and Development (EBRD). The agreement initiates due diligence and structured negotiations for the long-term financing of a 270 MW solar photovoltaic (PV) plant, integrated with a 72 MWh battery energy storage system (BESS).

Located in the city of Sremska Mitrovica, west of Belgrade, the project is set to become the largest solar facility in both Serbia and the broader region.

Strategic Importance and Regional Impact

The mandate letter, signed by Fortis Energy’s leadership and the EBRD’s Sustainable Infrastructure Group, establishes the preliminary terms for a project aimed at bolstering Serbia’s national grid. According to Fortis Energy, the facility is a “demonstration of bankability,” signaling that large-scale renewable assets in Southeast Europe can meet rigorous international environmental and social sustainability standards.

The Sremska Mitrovica plant is expected to deliver substantial environmental and social benefits:

Annual Output: Estimated at over 365 GWh of clean electricity.
Household Impact: Capable of powering more than 105,000 households annually.
Carbon Mitigation: Forecasted to avoid approximately 182,000 tons of $CO_2$ emissions per year.

Construction is scheduled to begin in the third quarter of 2026, with full commissioning targeted for the first quarter of 2028.

Technical Breakdown and EPC Partnerships

The development is being executed in phases. Earlier this year, Fortis signed an Engineering, Procurement, and Construction (EPC) contract with Kontrolmatik Technologies for the first phase, known as Noćaj 1.

Phase/Project	Solar Capacity (MWp)	Grid Connection (MW)	Storage Capacity (BESS)
Noćaj 1	135 MW	90 MW	36 MWh
Full Sremska Mitrovica	270 MW	—	72 MWh
Erdevik (Proposed)	100 MW	74 MW	30 MWh

Fortis Energy and EBRD Partner to Finance Landmark 270 MW Solar-plus-Storage Project in Serbia

Located in the city of Sremska Mitrovica, west of Belgrade, the project is set to become the largest solar facility in both Serbia and the broader region.

Strategic Importance and Regional Impact

The Sremska Mitrovica plant is expected to deliver substantial environmental and social benefits:

Annual Output: Estimated at over 365 GWh of clean electricity.
Household Impact: Capable of powering more than 105,000 households annually.
Carbon Mitigation: Forecasted to avoid approximately 182,000 tons of $CO_2$ emissions per year.

Construction is scheduled to begin in the third quarter of 2026, with full commissioning targeted for the first quarter of 2028.

Fortis Energy’s Growing Regional Footprint

Headquartered in the Netherlands with key operational hubs in Istanbul and Belgrade, Fortis Energy is aggressively pursuing its goal of becoming a premier Green Baseload Independent Power Producer (IPP).

Beyond Sremska Mitrovica, the company is advancing a robust pipeline:

Erdevik, Serbia: A planned 100 MW hybrid plant with 30 MWh of storage.
Erseka, Albania: A 75 MW solar project with 25 MWh of storage, currently under construction.
Portfolio Growth: Fortis currently operates over 200 MW of renewable assets, with an additional 500 MW slated for deployment through 2027.

By integrating storage with solar and wind assets, Fortis is positioning itself to provide stable, renewable energy across Southeast Europe, supporting the region’s broader decarbonization objectives.

February 18, 2026

by AEA in News

Scatec Secures €121M Financing to Build 189.7 MW Solar Portfolio in Romania

The Scatec has reached financial close for a 189.7 MW photovoltaic portfolio in Romania, enabling the company to commence construction on the three-site project. Most of the planned capacity—in which Defic Globe is a minority shareholder—is covered by contracts-for-difference (CfDs).

A financing package led by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and Banca Comercială Română (BCR) — part of the Erste Group — underpins the development of the Romanian solar portfolio. Equinor, the Norwegian energy company, is the largest shareholder in Scatec. Total capital expenditure for the portfolio is EUR 121 million, to be financed through a mix of non-recourse project debt and equity with roughly 70% leverage.

EBRD and the EIB each allocated EUR 34 million to the financing, while BCR committed EUR 17.3 million in long-term lending alongside other financing components. Scatec said it will procure key components representing about 35% of total capex and will assume responsibility for operations, maintenance and asset management. The company reported a target commercial-operation date in the second half of 2027.

“Reaching financial close and starting construction of our first projects in Romania confirms the market’s attractiveness and the strength of the CfD framework,” said Terje Pilskog. “With long-term revenue visibility and a robust financing structure, the projects are well positioned for construction and delivery. We look forward to advancing them with our partner Defic Globe and contributing to Romania’s energy transition.”

Scatec secured 15-year CfD contracts covering 70% of production for two of the three projects under the country’s first auction for such contracts; the remaining output will be sold in the wholesale market. The sites are located in southern Romania: one in the commune of Dobrun commune, Olt County, Romania and another in the commune of Sadova commune, Dolj County, Romania. CfD-backed capacity totals 127.8 MW, with a further 61.9 MW planned to operate under full merchant exposure, according to the EBRD.

Defic Globe — a joint venture owned by YEO Technology (51%) and Emsolt Investments — holds a 35% stake in the portfolio and has been appointed to deliver turnkey engineering, procurement and construction (EPC) services. The project companies are registered as Solar World, RB Solar Energy and Energie Soleil.

Listed on the Oslo Stock Exchange, Scatec now has 6.2 GW of capacity in operation and under construction across five continents.