June 20, 2025
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Dimitar Dimitrov: Battery developers should seek insurance in early project stages

Investors and developers of battery energy storage systems (BESS) should engage with insurers or specialized brokers as early as the development phase to effectively manage risks and ensure bankability, advised Dimitar Dimitrov, Business Development Manager at Renewable Energy Insurance Broker (REIB), during Belgrade Energy Forum 2025.

With over 4 GWh of energy storage systems across four continents, REIB offers bespoke insurance solutions tailored to the needs of utility-scale developments. Dimitrov emphasized that REIB’s portfolio includes dedicated products for BESS, covering business interruption, cyber threats, and technical malfunctions.

Speaking at the storage panel, Dimitrov underscored the importance of insuring against business interruption, especially due to outages that may compromise grid connections. He also highlighted the value of cargo insurance and robust fire protection strategies, noting these are key concerns from the insurer’s standpoint.

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“As both a broker and an investor in renewable energy projects, we have first-hand knowledge of what developers go through,” said Dimitrov. “This dual perspective enables us to anticipate risk points during different phases and recommend solutions that align with actual project needs.”

REIB has developed specialized insurance products for BESS projects

REIB offers specialized insurance coverage for renewable energy and BESS projects, including tailor-made solutions for Business Interruption, Reduced Yield Coverage, Cyber Risk, and Third-Party Liability.

The company has more than 14 years of experience in renewable energy and currently insures over 60% of the PV market and more than 80% of BESS projects (installed and under construction) in Bulgaria, and cover more than 30% of the solar sector in Romania.

As an investor, REIB is familiar with all the requirements developers and contractors should meet

Having gone through the procedures of installing solar power plans and battery storage systems as an investor, REIB is familiar with all the requirements that developers, power producers, and contractors should meet. “In this way, we definitely can give the right recommendations to companies,” Dimitrov asserted.

REIB partners exclusively with A+ rated insurance companies, recognized as market leaders in both the US and Europe. This strategic approach ensures that all coverage options meet the highest standards of reliability and financial strength.

“The company also has strong exposure in the European Union market, which allows us to secure A-rated insurance policies that are fully aligned with bank requirements and enhance project bankability,” Dimitrov emphasized.

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June 18, 2025
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Đukanović: EPCG is implementing three key strategic policies

State-owned power company Elektroprivreda Crne Gore is currently implementing three key strategic policies: producing energy at the point of consumption, utilizing existing hydropower infrastructure to connect solar power plants, and developing battery energy storage systems, the President of EPCG’s Board of Directors, Milutin Đukanović, said at the EPCG NET conference.

EPCG NET is organized by Elektroprivreda Crne Gore (EPCG) and its partners. At the event’s opening in Budva, Milutin Đukanović announced the start of trial operations at the Gvozd wind farm and the launch of tendering to install battery energy storage systems (BESS).

“Our ‘produce where you consume’ policy is, in our view, the winner of the energy transition. At the same time, hydropower infrastructure provides technical and meteorological compatibility for connecting solar power plants. However, these activities will have their full impact only with the development of BESS,” Đukanović noted.

The 10,000+ solar project is expected to begin in mid-2026

He also said that numerous investments are underway. By the end of the year, the 55 MW Gvozd wind farm, an EUR 82 million investment backed by KfW, will enter trial operation. Early next year, the company expects to start construction on the second phase of the project – Gvozd 2, with a capacity of 21–22 MW.

A few days ago, tendering was completed for the installation of the eighth unit at the Perućica hydropower plant, with a capacity of 58 MW. The new unit is expected to be online in 2027.

Đukanović recalled that the 3000+ project, featuring 35 MW of solar capacity across 3,500 facilities, has been completed, while the 5000+ project is halfway through, with 40 MW and over 4,000 consumers involved. The 10,000+ project is expected to start in mid-2026, he added.

Preparations are ongoing for the construction of several solar power plants: Krupac (50 MW), Štedim (150 MW), four plants at Kapino Polje (totaling 50 MW), as well as facilities in the Željezara Nikšić industrial complex, where 10 MW of the planned 30 MW has already been installed.

The first tendering for procuring BESS will be launched soon, covering two systems with a capacity of 30 MW each (120 MWh). By the end of 2027, EPCG plans five such systems, with a combined capacity of 600 MWh.

The energy transition is a great opportunity for progress

Đukanović also announced an upcoming call for bids for the construction of a tunnel that will connect the Krupac and Slano reservoirs, valued at EUR 12 million, as part of a broader plan to enhance the utilization of the water resources of Nikšićko polje, Montenegro’s largest karst field. Additionally, plans are underway to develop Lake Liverovići and underground waters in the Nikšićko polje, with total investments potentially exceeding EUR 1 billion and a projected capacity reaching 700 MW, he added.

“The energy transition is a great opportunity for progress, but also a serious threat if risks are overlooked. Time is of the essence – we must act immediately,” Đukanović urged, calling on forum participants to focus their discussions on concrete solutions and offer ideas for improving existing policies.

The two-day forum has brought together numerous experts, investors, and representatives of institutions from the energy sector across the region and Europe.

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June 12, 2025
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Brussels to Croatia: Boost renewables, flexibility for cheaper industrial electricity

The European Commission advised Croatia to speed up the installation of renewable energy capacities and add non-fossil flexibility solutions, to reduce electricity prices for businesses.

Electricity prices for the corporate sector in Croatia in the first half of 2024 were the third-highest in the European Union, according to the European Commission.

At about EUR 0.244 per kWh, only Cyprus and Ireland had higher prices – EUR 0.2578 per kWh and EUR 0.256 per kWh, respectively.

“In the first half of 2024, Croatia had the third-highest electricity price in the EU for business/industrial consumers. This continues to hold back the cost competitiveness of Croatian companies,” the commission said in its Country Specific Recommendations under the 2025 European Semester: Spring Package.

Despite a record increase in solar capacity in 2024, by 397 MW, its share in electricity generation remains low, at less than 6%.

An increase in the uptake of large-scale renewables, including solar, is hampered by an uncertain regulatory framework

Against this background, faster roll-out of new renewable energy capacity, especially solar, and non-fossil flexibility solutions could help reduce price levels, the update reads.

The commission said an increase in the uptake of large-scale renewables, including solar, is hampered by an uncertain regulatory framework as the national energy regulator HERA is yet to adopt updated grid connection fees. The situation creates uncertainty for potential investors and has effectively prevented projects from securing financing, the European Union’s executive arm stressed.

Increased investment in the electricity grid, beyond what’s in Croatia’s National Recovery and Resilience Plan (NRRP), would be crucial for an uptake of renewable energy, according to the commission. In the short term, it would imply incentives for hybrid storage and renewable energy projects, the document reads.

Speed up rollout of smart meters

In 2023, only 24% of household consumers had smart meters installed, which is significantly less than the EU target of 80%.

To be able to fully capitalize on an increased uptake of renewable energy, significant funding for the rollout of smart meters – beyond the measures in the NRRP – and dynamic contracts will be needed to empower consumers and foster demand response, the commission noted.

It advised Croatia to review and simplify administrative procedures for installing renewable energy facilities, including in multi-apartment buildings, and for setting up energy communities.

The measures would help reduce the reliance on fossil fuels and increase the low number of registered energy communities, according to the commission.

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June 11, 2025
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ScadaWatt seeks partners in Serbia to deploy its energy digitalization systems

Electronic equipment and software company ScadaWatt, which currently manages a portfolio of 800 MW of solar power plants worldwide, is looking for partners in Serbia to deploy its energy digitalization systems. ScadaWatt, a bronze sponsor of the Belgrade Energy Forum 2025, provides remote monitoring and control systems for solar power plants.

“We are here to make new collaborations in digital transformation in the energy sector and to build new partnerships,” said Esma Şahin, ScadaWatt’s representative at BEF 2025.

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“In Serbia, we are currently launching a local service with multilingual support, and we offer fast, reliable technical support with our local service team,” she stated on the sidelines of the conference.

Around 800 MW of solar power plants worldwide are currently managed completely by ScadaWatt’s management and monitoring systems, according to Şahin.

ScadaWatt’s systems are monitoring 800 MW of solar power plants worldwide

The Turkish company’s flagship product is ScadaWatt solar power plant monitoring automation, which represents the culmination of extensive experience gained in the solar energy sector. The company’s products enable users to simultaneously compare data from sensors such as inverters, energy analyzers, and electric meters, according to its website.

ScadaWatt designs and manufactures energy efficiency solutions, including SCADA (supervisory control and data acquisition) devices, sensors, and protection relays.

“We provide monitoring and control systems for solar power plants. Also in our portfolio, we have meteorological sensors, protection relays, and RTU (remote terminal unit) devices,” said Şahin.

The company’s Zero Injection Module enables the dynamic proportional-integral-derivative (PID) control of inverters, measuring consumption values and adjusting electricity production to match consumption. This ensures that no energy is fed back into the grid, according to ScadaWatt’s website.

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June 10, 2025
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Serbia shelves plan for strategic partnership for 1 GW in wind farms

Serbia has revised its Baselines of the Energy Infrastructure Development Plan and Energy Efficiency Measures for the period up to 2028, with projections up to 2030. It defines priority projects in the energy sector.

The Baselines of the Energy Infrastructure Development Plan and Energy Efficiency Measures were adopted in mid-2023 at the proposal of the Ministry of Mining and Energy. In the new document, the construction of 1 GW wind farms is no longer among the priority projects. The plan was to involve with a strategic partner, similar to the project for 1 GW of solar power plants, which is currently being developed by state-owned power utility Elektroprivreda Srbije (EPS) with a strategic partner.

The development plan serves as a basis for the implementation of Serbia’s Energy Development Strategy and the National Energy and Climate Plan (NECP).

The ministry outlined projects across six sectors

The investment cycle planned for the upcoming strategic period represents the backbone of the Energy Development Strategy. It provides the foundation for further assessments and projections of the targeted energy mix through 2030 and 2050. It aligns with the international commitments undertaken in the process of European Union accession as well as with the obligations within the Energy Community, the document reads.

The plan includes projects in six sectors: electricity generation, transmission network, distribution network, natural gas, oil and petroleum products, and energy efficiency. It ranks the projects within each sector.

The most significant change in renewable energy is that the construction of wind farms with a combined capacity of 1 GW is no longer on the list of priority projects.

Solar power plants Kolubara and Morava on the priority list

The 1 GW of solar power and the Kostolac wind farm remained among the four most important endeavors, while the new items are the Morava and Kolubara photovoltaic projects. The Klenovnik solar power plant has been removed from the list. According to the document, the projects on the list are the most advanced.

In total, EPS has 41 projects for power generation or 20 less than in the original document.

Fewer projects, but more realistic

The authors explained that the number of renewable energy projects is lower, but more realistic and better optimized. The entire EPS investment portfolio across all areas requires significant funds and loans, so it would not be realistic to pursue a larger number of high-value projects that cannot be financially or physically implemented within a reasonable timeframe, the document underlined.

It was also taken into account that many private projects, mainly wind farms, are being developed through the auction system, so the focus of EPS’s projects is primarily on solar power plants, to create a balanced ratio between wind and solar power plants in the system. The company’s project for the wind farms with a strategic partner remained a backup option, in case an additional capacity is needed, according to the document.

There are new items on the list for the electricity distribution network

There were no changes in the transmission network segment. The priority projects are the third and fourth sections of the Trans-Balkan Corridor, the Pannonian Corridor, and Beogrid 2025. The list contains 66 investments, five fewer than in the original plan.

Changes have been made regarding investments in the power distribution network. The most important projects now are the 110/10 kV substations National Stadium and Surčin. Automation of the medium-voltage network was kept, together with the ongoing replacement of wooden poles with concrete ones and the replacement of electricity meters with smart ones.

The integrated system for remote monitoring, diagnostics, and control of the low-voltage distribution network has been removed from the list. Instead of replacing transformers at 10 kV, 20 kV, 35 kV, and 110 kV voltage levels, the new focus is on the reconstruction of 25 substations of 110/35 kV.

Planning the first district cooling systems

The energy efficiency part of the baselines was changed the most.

The previous document was primarily focused on reviewing and securing financial support for ongoing projects, while the current one is envisaging expanding the scope and considering new financial mechanisms and sectors that require additional support.

Among other initiatives, the Strategic Plan for the Decarbonization Policy of the District Heating and Cooling Sector in the Republic of Serbia is being prepared. It is a joint endeavour of the European Bank for Reconstruction and Development (EBRD), the Association of Serbian Heating Plants, and the Ministry of Mining and Energy.

The project aims to define steps to improve the district heating system, including heat storage, the use of heat pumps, utilization of heat generated from waste treatment, and the development of the first district cooling systems, according to the document.

Special attention will be devoted to developing guidelines for expanding the district heating system by connecting new users while simultaneously shutting down fossil fuel boilers. It will directly contribute to reducing CO2 emissions and pollution, the authors noted.

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June 10, 2025
by in News

Greenpeace maps Croatia’s path to 100% renewable power by 2030

Croatia can fully transition to using only renewable electricity by 2030, according to Greenpeace. The organization presented its study: 100% Renewable by 2030 – A Plan for the Green Transition of Croatian Power Sector in the country’s capital Zagreb. Political will is the precondition for materializing the goal, it said.

The study was conducted by an expert team led by Professor Goran Krajačić from the Faculty of Mechanical Engineering and Naval Architecture in Zagreb. Of note, at the end of 2023, the share of electricity produced from renewables in total power consumption in the country exceeded 55%.

Greenpeace Croatia said the climate crisis, fueled by the fossil fuel industry, affects the entire world, including Europe and Croatia. The results are lost human lives and increasing material damage caused by extreme weather conditions, the organization noted.

Its ambitious goal for Croatia, to source all electricity from renewables by 2030, is based on a shift to solar and wind energy, as well as investments in the transmission network. The study puts the necessary solar power capacity at 5 GW, compared to 4.2 GW from wind.

In just five years, Greece, installed 7 GW of solar capacity, and Hungary added 5.5 GW

Greenpeace cites examples from the region. Croatia has five years until 2030, and the same period was enough for Greece to install 7 GW of solar capacity, while Hungary added 5.5 GW. Croatia has only recently reached 1 GW from photovoltaic system, despite ranking among the top countries in Europe in terms of solar potential, Greenpeace said.

According to Professor Goran Krajačić, the results of the study indicate that a firm political decision is needed to achieve 100% renewable electricity consumption in Croatia.

Andrić: A strong shift toward renewable energy is a strategic move for energy security, reduced dependence on fossil fuels, and economic opportunities

“Such a decision should include clear signals toward improving the power system, building and strengthening the grid and ensuring energy storage. Renewables also promote the democratization of society by involving citizens in energy communities to produce, store, and share energy,” Krajačić said.

Petra Andrić, program lead at Greenpeace in Croatia, stressed that a strong shift toward renewable energy as an ecologically sound decision. But it is also a strategic move for strengthening energy security, reducing dependence on fossil fuels, and creating economic opportunities, she added.

Calculation: large investments but even greater savings

 

Power generation mix

The authors estimate the costs of building facilities and underwater cables and strengthening cross-border grid capacities at EUR 12.2 billion by 2030. If it were financed through commercial loans at a 5% interest rate with a 25-year repayment period, the annual payment would be EUR 864 million, according to the calculation.

The repayment would be financed from savings and additional revenues, the study revealed.

Savings from allowances for CO2 emissions from electricity production, using 2023 as a reference year with a CO2 price of EUR 83 per ton, would amount to EUR 198 million by 2030.

The presentation of the study also featured a panel discussion

Fuel cost savings for electricity production were estimated at EUR 231.2 million in 2030, and profits from net exported electricity would bring in EUR 360 million.

The savings and profits would cover the annual repayments of loans needed to build the facilities, making them financially viable under commercial terms, the study claimed.

The event also hosted a panel discussion featuring Professor Krajačić, member of the Croatian Parliament Dušica Radojčić, Mario Stipetić (Ministry of Environmental Protection and Green Transition), Davor Škrlec (Faculty of Electrical Engineering and Computing – FER), Melani Furlan (Green Energy Cooperative – ZEZ), and Nina Domazet (Croatian Chamber of Commerce – HGK). It was moderated by Robert Pašičko from the United Nations Development Programme (UNDP).

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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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June 7, 2025
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Investment risk highest for nuclear power, lowest for solar

Nuclear power plants have the highest construction cost overrun and the longest time delays of all energy projects. In the clean energy sector, the worst marks for violation of set construction cost and timelines go to hydrogen, carbon capture and storage as well as gas power plants, according to a study by the Boston University Institute for Global Sustainability.

The average project costs 40% more than expected for construction and takes almost two years longer than planned, the Boston University Institute for Global Sustainability (IGS) said.

Its researchers used an original dataset 50% larger than the ones in previous literature. They examined cost overrun risks for 662 energy infrastructure projects across 83 countries built between 1936 and 2024, covering USD 1.358 trillion in investment and a total capacity of more than 400 GW.

In total, the study evaluated ten types of projects: coal-, oil-, and natural gas–fueled power plants; nuclear reactors; hydropower plants; utility-scale wind farms; utility-scale solar photovoltaic and concentrated solar power (CSP) facilities; high-voltage transmission lines; bioenergy and geothermal power plants; hydrogen production units; and carbon capture and storage (CCS) facilities.

Both hydrogen and CCS projects exhibited significant time and cost overruns

“We found that more than three fifths of the projects experienced cost overruns, with these overruns being particularly prominent in projects exceeding 1,561 MW in capacity. Positively, the escalation rate in cost overruns has been declining since 1976,” reads the study, published in the Energy Research & Social Science journal.

However, the findings show patterns of cost overruns varied by fuel source. Nuclear and fossil thermal projects exhibited higher cost escalation rates over time, whereas solar power projects showed a decline.

Critically, both hydrogen and CCS projects exhibited significant time and cost overruns, casting doubt on their ability to be rapidly scaled up, to address climate change or meet energy and climate policy priorities, the authors underlined.

The average nuclear power plant has a construction cost overrun of 102.5% and ends up costing USD 1.56 billion more than expected, IGS said.

Red flag for efforts to substantially push forward a hydrogen economy

“Worryingly, these findings raise a legitimate red flag concerning efforts to substantially push forward a hydrogen economy,” said Benjamin Sovacool, lead and first author of the study, director of IGS, and professor at Boston University’s Department of Earth and Environment.

In the results, solar energy and electricity grid transmission projects have the best construction track record and that they are often completed ahead of schedule or below expected cost.

Wind farms also performed favorably in the financial risk assessment, according to the study, called ‘Beyond economies of scale: Learning from construction cost overrun risks and time delays in global energy infrastructure projects’.

“Low-carbon sources of energy such as wind and solar not only have huge climatic and energy security benefits, but also financial advantages related to less construction risk and less chance of delays,” Sovacool stated.

For him, it’s further evidence that such technologies have an array of underrated and underappreciated social and economic value.

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June 4, 2025
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Zhongbo Group to install wind farm near Trebinje

In addition to the plans for several solar power plants in Trebinje, the city in the far south of the Republic of Srpska is paving the way for a wind farm. Chinese company Zhongbo Group is interested in investing in the project.

The Assembly of the City of Trebinje has approved the proposition to develop a zoning plan, the first step in the Trebinje 1 wind farm project, according to local news website Trebinje danas.

The owner of Zhongbo Group, registered in Banja Luka, is Everest Power Pte. Ltd., headquartered in Singapore.

The company has conducted research and preparatory works on the site and obtained approval from electricity transmission company Elektroprenos BiH.

The city authorities will monitor the development of the plan to protect the local population

According to Siniša Vučurević, head of the capital investments department of the City of Trebinje, the zoning plan covers three locations. The first is for the areas of Domaševo, Ždrijelovići, Ugarci, Čvarići, and Vrpolje. The second part are the villages Bodiroge, Vladušići, Turani, and Grkavci, and the third one entails Staro Slano, Tulje, and Dobromani.

He stressed that the department would oversee the preparation of the planning document to ensure the protection of the local population living in the area.

Vučurević added it is in the city’s interest to obtain revenue from concession fees. According to the regulations in the Republic of Srpska, one of the two entities making up Bosnia and Herzegovina, 95% of the fee belongs to the local authority.

Power utility Elektroprivreda Republike Srpske holds three concessions

As for solar power plants, state-owned power utility Elektroprivreda Republike Srpske (ERS) has been awarded the three concessions for photovoltaic plants – Trebinje 1, Trebinje 2 and Trebinje 3. The company Modul Energy holds the concession for the Čičevo PV plant on city territory.

In September last year, the Government of the Republic of Srpska signed an agreement on strategic cooperation in the field of renewable energy sources with two China-based companies. One of them was Zhongbo Group.

The first project envisaged by the agreement is a wind farm. A few months earlier, Zhongbo Group was mentioned as a potential investor in the Hrgud wind farm project.

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June 2, 2025
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Turkish Egesa Enerji to build two solar power plants in Serbia’s Vojvodina province

Turkish company Egesa Enerji has launched a project to build two solar power plants in Vojvodina, with a total peak capacity of 8.6 MW. The investor has signed an agreement with the contractors, and construction is slated to begin in the coming months, according to a statement by Serbian company Solarna energija budućnosti (SEB), which will supply the equipment.

One of the two solar power plants will be built in the village of Aradac near Zrenjanin, with a peak capacity of 4.2 MW, while the other one, of 4.4 MW, will be located in Odžaci. Both will be connected to the distribution grid, in line with a strategy for developing localized and decentralized electricity generation, according to the statement. Vojvodina is Serbia’s northern province.

The solar power plants will help decentralize power generation

The main contractor for the two turnkey projects is Serbian firm Electric Power Construction (EPC). The contractor consortium also includes Bey Han from Turkey, which has built over 250 MW of solar capacity in its home country.

The investor, Egesa Enerji, has completed a large number of projects in three countries and currently operates solar power plants with a total peak capacity of 170 MW, according to the Turkish company’s website.

Egesa Enerji operates solar power plants of 170 MW overall

The project is being carried out through Egesa Enerji’s subsidiary Temo Power, registered in Belgrade.

Vojvodina seen as priority area for investment in solar

In the statement, SEB said that Vojvodina, the part of Serbia with the lowest installed solar capacity, has been identified as a priority area for this type of investment.

“Such projects are exactly what Serbia’s distribution network needs most at this moment – local, stable production with clear timeframes and well-known technologies,” said Danilo Drndarski from the contractor consortium.

It is particularly important that the capacities are being deployed in Vojvodina, where there is a substantial imbalance between electricity consumption and local production, he added. Drndarski is the founder of SEB and EPC.

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