December 2, 2025

by AEA in News

Renewables investors are seeking tailored financing services as they add BESS, adapt to risks

Market conditions have become challenging for renewables in the CEE region, alongside uncertainties in the regulatory sphere, which calls for advanced and tailored financing solutions, according to participants in UniCredit Serbia’s workshop on navigating capital flows in the segment, including mergers and acquisitions (M&A). Investors, UniCredit’s clients, highlighted the growing importance of battery energy storage systems – and especially adding co-located storage to photovoltaics.

The renewable energy market is evolving in Central and Eastern Europe, as large players join the game and developers emerge as producers. With its surge in photovoltaic capacity and the revival in the construction of wind power plants, Romania has become a frontrunner. In neighboring Bulgaria, the first power purchase agreements (PPAs) are indicating a strong perspective, while Serbia might become more relevant soon, investors agreed at an event that UniCredit Bank Serbia organized in Belgrade.

M&A and financing trends in the region were the central topics. The idea was to have an open discussion with industry players active in the region about their investment strategies and the bank support, said the Head of Specialized Lending in UniCredit Serbia Svetlana Cerović, who moderated a panel within the conference.

A stable top line and a legal framework is the key driver for investments, with a particular emphasis on grid connections

Cerović pointed out that volatility has been on the rise for the last couple of years, after a huge wave of investments that followed the Paris Agreement and the European Green Deal. Sound and predictable regulatory framework along with stable revenues is key. To assure market flexibility and grid stability, new investments in western Europe and in the region are supported with the government programs including investments in battery energy storage systems (BESS). Thus, one of the prerequisites for the execution of future projects in local market will be certainty regarding the third auction timeline and availability of the longer term PPAs.

The participants at the workshop on navigating capital flows in renewables said a stable legal framework is the key driver for investments – grid connections especially, and permitting as a whole. On that note, developers will lean on the slowly maturing PPA market, though support from banks is necessary in the equation. Battery energy storage systems are a game changer, particularly colocated with solar parks for the optimization of the project returns.

UniCredit is strongest player in renewables financing in Serbia

UniCredit has a wide set of tailor-made project finance loans as well as a full range of services from advisory to various financing solutions, Head of Project and Structured Finance in Serbia Jelena Nestorović said.

The Italy-based bank has financed a string of major wind power and photovoltaic projects in the region, including facilities with colocated BESS, like Sunterra RE’s Galabovo in Bulgaria.

As for Serbia, it is the strongest player in the renewable energy segment. UniCredit financed six wind parks in the country, of 430 MW in total, and of which three as the sole lender. Notably, Čibuk 1 and 2 are the largest in Serbia.

UniCredit Bank Serbia is financing the country’s biggest wind power plants – Čibuk 1 and 2

Some of the participants and winners at the first two domestic auctions for contracts for difference (CfDs) are among the bank’s clients as well. Nestorović stressed that Bank is financing in total 30MW of smaller scale solar power plants .

She pointed to one of the largest industrial rooftop solar power plants in the region. UniCredit provided EUR 3.1 million facility and acts as a hedging and account bank for CWP Europe and Resalta’s project company. It built a PV system of 6 MW on a rooftop of Henkel Serbia facility in Kruševac, under an ESCO (energy service company) model.

Since 2019, the bank has participated in the financing of first waste-to-energy cogeneration plant, located just outside of Belgrade. UniCredit is financing energy efficiency projects in the country, too.

Jelena Nestorovic UniCredit Renewables investors tailored financing services BESS adapt risks — Photo: UniCredit’s Jelena Nestorović presenting

Priority in Europe shifted from energy transition to energy security

Maria Vastola, Managing Director of UniCredit’s Energy Advisory Team covering Power & Utilities across the Group’s core countries, said valuations for renewable energy stocks on public markets are strongly down compared to 2021-2022 period and below the 3Y historical average. Independent power producers (IPPs) are factoring in a great uncertainty related to the permitting process, the regulatory framework in certain countries and the macroeconomic environment, she explained.

The bottom line is the shift in the European paradigm from the energy transition to energy security, due to geopolitical tensions, Vastola underscored. On the other hand, M&A still has good valuations, she said at the panel discussion.

Investors are focusing on operational quality, meaning high-quality assets, returns and value creation, as opposed to growing at any cost, Vastola added.

“There are more investors ready to put capital in projects and in the region. Private capital flow is a good bridge and a complementary tool for banks’ balance sheets,” she asserted and placed an emphasis on large corporations, private equity and M&A.

Scale creates efficiency, and efficiency and flexibility create value in a challenging market, Vastola stressed, highlighting investments in hybrid power plants that include battery storage. Over the past few years, corporates, traders and utilities are flocking into the renewables realm in “a big shift from big oil to big energy,” she said.

Actis to invest in infrastructure projects across region

Vice President for Energy Charles Lachapelle from Actis agreed with the other panelists about the significance of hybrid power plants and underscored that the sustainable infrastructure investment firm is mostly doing very large projects as they are much more competitive.

“Definitely, for solar, I think having a BESS is a must,” he said and added that “it goes without saying at this point.” As for batteries with wind parks, they enable flexibility for offtake, Lachapelle noted.

Actis is a growth market investor in the infrastructure and energy space, best known in the region for Rezolv Energy. In Romania, the company obtained a financing package for the first phase of its giant Vifor wind farm via PPAs with companies in the commercial and industrial (C&I) sector. The second part was secured thanks to the CfD from a renewable energy auction.

The next chapter for Actis could involve more than a billion euros

Among other investments in Romania, Rezolv has the Dama Solar project for 1.2 GW in peak capacity. It would currently be one of the biggest in Europe. The company is also active in Bulgaria.

Actis is looking at a pipeline of projects across the region, including in Serbia, Lachapelle revealed. Asked about the next auction that the country is planning, he said a wind power project in the 200 MW range would be suitable.

Lachapelle specified that the next chapter may involve over EUR 1 billion and that Actis would require support in financing.

On the subject of power purchase agreements, he said the optimal tenure is longer than ten years, with more than 70% of output contracted. “However, we’ve done cross-border PPAs. We’ve looked at solutions, in the past, combining wind, solar and BESS. We can be creative on that front,” Lachapelle stated.

Regulatory stability is essential for investor-friendly countries

While the PPAs of 70% and at least 10 years are necessary for non-EU countries, banks in the EU are more risk-hungry, according to CWP Europe’s General Counsel Jovana Rubežić.

One of the most important factors is how investor-friendly a country is, she added. “When I say investor-friendly, I mean the regulatory framework… The next thing we look at is whether we can connect our project and can the power markets absorb the power,” Rubežić said.

The rules have basically stayed the same in all of CWP Europe’s key markets, except with respect to grid connection, as transmission system operators are becoming stricter, she underscored. The company is transitioning from project development to the IPP sector, Rubežić said. She pointed to the need for support in regulatory matters, especially in sleeved PPAs, both from the government and government-owned utilities such as Elektroprivreda Srbije (EPS) in Serbia.

Structured portfolio transactions are facilitating growth for companies with multiple projects

Bankers generally seem to prefer co-located batteries to standalone ones, UniCredit’s Head of Infrastructure and Export Financing Lazar Nikolić said.

The main reason is the more diversified revenue stack, as a combination of BESS and a renewable electricity plant is effectively a single asset. With global battery storage capacity on a steep growth trajectory, banks and investors will need to look for bankable solutions to enable that.

Firstcomers in the standalone battery segment may have an extremely short payoff period ahead, but the bank needs a revenue stack

Nikolić stressed that developers need advanced capital solutions such as structured portfolio transactions, saying that they pave the way for renewables platforms to grow. Namely, firstcomers in the standalone battery segment may have an extremely short payoff period ahead, however a solid revenue stack remains key for the bank to take on risk. Countries with strong state support schemes will enable standalone BESS faster, he added.

In structured portfolio financing, the client company has different BESS, power plants and projects grouped.

“The assets can be different in terms of technology, they can be different in terms of location, they can be different in terms of offtake, in terms of also the cycle of the assets. We pack them together, bundle assets and structure debt solution on top of them, significantly enhancing portfolio diversification,” Nikolić said.

Lazar Nikolic UniCredit — Photo: UniCredit’s Lazar Nikolić presenting structured portfolio financing options

Battery storage is natural hedge for green power production

Enery, headquartered in Austria, decided at one point to add battery storage across its power plants as well as both mature and greenfield projects in Romania, Vice President for Financing Sebastian Staicu said. BESS is “a natural hedge” and it has become very cheap, he noted.

UniCredit acted as the lead bank for the company’s 230 MW portfolio of wind, photovoltaics and battery storage in the country. “That’s a smart structure where, instead of having to negotiate financing for each project, you have this wholesale facility and you just bring in new projects, which contribute to the diversification element,” Staicu said.

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October 20, 2025

by AEA in News

Ljiljana Velimirović is the Female Leader in Sustainable Energy for 2025

Ljiljana Velimirović, Project Manager 1, Investment Sector, Serbian state-owned power utility Elektroprivreda Srbije, received the Female Leader in Sustainable Energy 2025 award. The award recognizes outstanding results and dedication in advancing the energy sector in the Republic of Serbia.

At the annual event of WISE Serbia Women’s Network in sustainable energy, climate action, and environmental protection, Ljiljana Velimirović received the Female Leader in Sustainable Energy 2025 award. The announcement of the leader has been organized for the third consecutive year with the support of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

WISE Serbia has existed since 2018. It is one of the first networks of its kind in the world, with over 250 members currently.

The award competition featured 10 remarkable women whose leadership, exceptional achievements, and vision play a key role in the sustainable development of the sector, accelerating the energy transition, improving energy security and safety, and promoting greater recognition of women in the field.

During the public voting process, which was held from September 24 to October 10, a total of 2,842 votes were cast. Ljiljana Velimirović, a mechanical engineer with over 35 years of professional experience, received the highest number of votes. GIZ Project Director Till Barmeier presented the award.

Photo: GIZ Project Director Till Barmeier with the laureate Ljiljana Velimirović, Project Manager 1, Investment Sector, EPS

On receiving the award, Velimirović thanked the WISE network for its dedication and for promoting women in energy, as well as all her colleagues, whom she highlighted as her greatest support.

“I am very proud to have been chosen to represent Elektroprivreda Srbije in the Female Leader in Sustainable Energy of 2025 competition. It is an honor that, by leading projects to build desulfurization plants in our largest thermal power plants, I have contributed to the ecological modernization not only of EPS but of the entire Serbian energy sector,” Velimirović said.

The event was officially opened by Branislava Jovičić, co-founder of WISE Serbia, founder and editor of the Balkan Green Energy News portal, and director of the Belgrade Energy Forum conference, H.E. Anke Konrad, Ambassador of the Federal Republic of Germany to Belgrade, and Jovana Joksimović, Assistant Minister for International Cooperation, European Integration, and Project Management, Ministry of Mining and Energy.

Jovičić: WISE network has built a strong community of women over eight years

In her speech, Branislava Jovičić emphasized that over seven years, WISE Serbia has built a strong community of 250 professionals whose knowledge, experience, and vision contribute to the development of sustainable energy and climate policy in Serbia.

Thanks to the support of international partners and the dedication of its members, the network has conducted two major studies on the role of women in energy, launched a mentoring program connecting different generations of professionals, and become an important platform for knowledge exchange, inspiration, and joint initiatives.

Photo: Branislava Jovičić, co-founder of WISE Serbia, founder and editor of the Balkan Green Energy News portal, and director of the Belgrade Energy Forum conference

“Today, when dark clouds of geopolitical turmoil and denial of climate reality hang over the world, I dare say that the fight for sustainability, climate, and peace is a task that each of us must embrace, regardless of our profession. This is our generational mission. Our responsibility to ourselves and future generations,” Jovičić said.

Konrad: Women Remain Undervalued Drivers of Change

Sustainable strengthening of energy supply is important in Serbia, Germany, and around the world, emphasized German Ambassador Anke Konrad in her speech.

“The energy transition requires organizations that symbolize this transition. Therefore, I thank the Center for the Promotion of Sustainable Development through the WISE Serbia project for their engagement over the past years, which the German Federal Government has supported through GIZ for many years.”

Photo: H. E. Anke Konrad, Ambassador of the Federal Republic of Germany in Serbia

Konrad highlighted that people are the most important factor in the energy transition and reminded that women remain undervalued drivers of change.

Konrad: The Female Leader in Sustainable Energy award shows what can be achieved when leadership, innovation, and social responsibility go hand in hand

“The WISE project has evolved into a unique platform, a space where professionals build networks, share knowledge, mentor young talents, and create visible role models. The Female Leader in Sustainable Energy award shows what can be achieved when leadership, innovative strength, and social responsibility go hand in hand,” she concluded.

Jovana Joksimović, at the opening, noted that she has been a member of WISE Serbia since its foundation, highlighting the importance of unity and support among women in the energy sector.

Emphasizing that the green transition is not only about meeting international obligations, Joksimović reminded that the plan is for every second megawatt produced by 2030 to come from renewable sources, leading to a cleaner and healthier environment for current and future generations.

Jovana Joksimović, Assistant Minister for International Cooperation, European Integration, and Project Management, Ministry of Mining and Energy

Citing data from the International Renewable Energy Agency (IRENA), Joksimović pointed out that women make up 32% of employees in the global renewable energy sector, but their share is still below the global average of 45.9% of women in the overall economy.

“Every percentage point of women’s participation reminds us how much more progress can be made, and how much we have already achieved. I am proud of every one of us who is part of the energy transition—in wind farms, solar power plants, banking, engineering, management, innovation, education, and law.”

Photo: WISE Serbia women’s network and nominees for Female Leader in Sustainable Energy 2025 award

Women’s Leadership in Times of Geopolitical Challenges – Excellence, Achievements, and a Sustainable Vision

After the award ceremony, a panel discussion was held under the title “Women’s Leadership in Times of Geopolitical Challenges – Excellence, Achievements, and a Sustainable Vision.” The panel was moderated by Maja Turković, Executive Vice President of CWP Europe and recipient of the Female Leader in Sustainable Energy award in 2023.

Photo: Panel discussion “Women’s Leadership in Times of Geopolitical Challenges – Excellence, Achievements, and a Sustainable Vision”

Panel participants included Svetlana Cerović, Director of the Specialized Financing Department at UniCredit Bank Serbia and last year’s Female Leader in Sustainable Energy 2025 award; Marija Rošulj, Credit Risk and ESG Specialist at ProCredit Bank and participant in the WISE mentoring program; Jasmina Grbović Novaković, Director of the Center for Excellence in Hydrogen and Renewable Energy at the Vinča Institute of Nuclear Sciences; and Amalija Pavić, Deputy Executive Director at AmCham Serbia.

The panelists shared their experiences on the role of women in shaping the energy transition in a complex geopolitical environment, emphasizing the importance of collaboration and leadership based on knowledge and sustainability values.

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August 27, 2025

by AEA in News

Applications for 2025 Female Leader in Sustainable Energy Award in Serbia opened

WISE Serbia, the Network of Women in Sustainable Energy, Climate Action, and Environment, under the auspices of the German development cooperation GIZ, announces the call for nominations for the 2025 Female Leader in Sustainable Energy Award. The call is intended for women who are professionally engaged in the energy and related sectors in the Republic of Serbia and who have demonstrated outstanding results in their careers. Application process is open until September 10.

The call for nominations for the 2025 Female Leader in Sustainable Energy Award aims to recognize women who, through their leadership, outstanding achievements, and vision, have demonstrated significant contribution to the sustainable development of the Serbia’s energy and related sectors, energy transition acceleration, improvement of energy efficiency, energy security, and safety, as well as the greater recognition of women in this field.

The Female Leader in Sustainable Energy award was established in 2023 by the Center for the Promotion of Sustainable Development, the founder of the WISE Serbia women’s network, under the auspices of the German development cooperation GIZ. The WISE Serbia network was established in 2018 and is among the first of its kind globally.

The recipient for the previous year, was Svetlana Cerović, Director of Specialized Financing at UniCredit Bank Serbia

The title of the Female Leader of Sustainable Energy has been awarded to several notable individuals. For 2023, the recipients are Dubravka Đedović Handanović, Minister of Mining and Energy in the Government of the Republic of Serbia; Maja Turković, Executive Vice President at CWP Global; and Ana Džokić, co-founder of the energy cooperative Elektropionir. The recipient for the previous year, 2024, was Svetlana Cerović, Director of Specialized Financing at UniCredit Bank Serbia.

Photo: GIZ’s Project Director Till Barmeier with the laureate, Svetlana Cerović from UniCredit Bank Serbia

“The Female Leader in Sustainable Energy Award is an opportunity to learn more about the achievements, initiatives, and enthusiasm of women who push boundaries through their engagement and contribution to sustainable energy. It is also an exceptional opportunity for networking and exchanging knowledge and experiences within the WISE initiative and beyond,” said Cerović.

Last year’s award winner invited all interested women to take part in this year’s award process and emphasized that she looks forward to future cooperation and joint initiatives.

Information about the Award competition

Women professionally engaged in the energy sector, climate action, or environmental protection in Serbia are eligible to apply, both citizens of Serbia and foreign nationals working in Serbia. The candidates themselves can submit applications, as well as their employers, colleagues, or teams who wish to highlight the outstanding achievements of their associates.

The pannel discussion at 2024 annual event of the WISE Serbia women’s network : pictured from left: Maja Turković, Ankica Babulov, Dušan Macura, Ana Džokić

The call is open to all profiles – decision-makers, employees in business, public enterprises, academia, civic energy, non-governmental sector, international organizations, consulting teams, legal and financial institutions, IT experts, as well as media representatives.

The call is open from August 25 to September 10.

The call for nominations for the Leader of Sustainable Energy is open from August 25 to September 10, 2025. The application needs to be emailed by September 10, 2025, to [email protected]. It needs to include:

Nomination letter presenting the candidate and listing the significant results and achievements, nominating her for the selection.
Professional résumé.
A short nomination statement to present the shortlisted candidate to the wider public (on the WISE Serbia website and social media platforms). The statement should be up to 100 words.
Photo portrait in high resolution.
Contact info – email address, phone number, social network accounts that the candidate is actively using.

Applications should be sent by email to [email protected].

After processing the submitted applications, the candidates’ profiles will be published on the WISE Serbia Network website – wisesrbija.org, and the voting will be open to the public. The candidate with the highest number of votes will be awarded the title of Leader in Sustainable Energy.

The announcement ceremony for the Leader in Sustainable Energy 2025 will take place during the WISE Serbia Women’s Network annual conference in mid-October in Belgrade.

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June 25, 2025

by AEA in News

WISE Serbia mentorship program successfully completed: trust, support, and personal growth

The first mentorship program of the WISE Serbia women’s network, focusing on sustainable energy, the green economy, and climate action, and implemented with the support of German development cooperation GIZ, was successfully concluded with an event held in Belgrade. Over six months of intensive collaboration, seven mentor-mentee pairs built mutual trust, exchanged knowledge, and developed leadership potential, demonstrating the vital role of support in career development.

The WISE Serbia mentorship program brought together 14 remarkable women. Seven experienced leaders from the energy and environmental sectors shared their extensive knowledge with seven young network members in the early stages of their careers.

The mentorship pairs included:

Maja Adamović, Director of the Transmission System Maintenance Division at Serbia’s electricity transmission system operatorElektromreža Srbije (EMS), and Jelena Perović, ESG Consultant at Deloitte Advisory d.o.o.;
Ivona Milić, Senior ESG Specialist for Corporate Clients at Raiffeisen Bank, and Marija Rošulj, Credit and Environmental Risk Officer at ProCredit Bank;
Maja Turković, Executive Vice President at CWP Europe, and Marina Arsenijević, Project Manager at Voltiza Inc.;
Aleksandra Lukić, Chief Engineer in the thermal energy production department at municipal heating utility JKP Novosadska toplana in Novi Sad, and Bojana Petrović Raičević, Senior Specialist for Energy and Environmental Law at NIS a.d. Novi Sad;
Svetlana Cerović, Head of Specialized Financing at UniCredit Bank, and Ana Minić, Technical Consultant for Renewable Energy and Energy Efficiency at MACS Energy & Water;
Ankica Barbulov, Director of Negawatt Solutions, and Milica Vujošević, Energy Efficiency Manager at Delta Holding;
Nataša Zdravković, Investment Manager at Ezpada Group, and Sara Ostojić, Lawyer at SOG a.o.d. in cooperation with Kinstellar.

The closing event was held in partnership with and under the patronage of Kinstellar, one of the leading law firms in Belgrade, operating across Central and Eastern Europe, Southeastern Europe, and Central Asia.

Founded in 2008, Kinstellar now operates in 12 countries and employs more than 300 lawyers. In Serbia, it is particularly recognized for its work in the energy and infrastructure sectors, advising on some of the region’s largest energy investments, including wind farms, mining projects, and renewable energy transactions.

Photo (Balkan Green Energy News): Radovan Grbović, Partner at Kinstellar, welcomes program participants

One of the mentees, Sara Ostojić, is an attorney at Kinstellar and Head of the Energy Sector in Serbia. She expressed great satisfaction that her firm was hosting the closing event.

Radovan Grbović, partner and attorney with over 20 years of experience, addressed the participants, emphasizing the importance of mutual support and a stronger role for women in sustainable energy and the green transition.

Mentorship is about sharing life experience

The program’s outcomes were presented by Nataša Vukmirović, professional mentorship coach from the International Institute for Coaching and Mentoring, who highlighted that the program’s goals had been fully achieved. She noted that strong relationships of trust had been built and that most participants had expressed a desire to continue engaging in similar initiatives.

“Through evaluation and facilitation of joint sessions, I had the opportunity to witness meaningful knowledge exchange and feel the power of support, trust, and shared learning. The program demonstrated that developmental mentoring is a valuable approach in the sustainable energy and green economy sectors and can significantly impact participants’ career development,” said Vukmirović.

According to her, the program goes beyond education—it is based on values that empower individuals and protect the common good. This is echoed in the positive experiences of participants.

Marija Rošulj emphasized that her positive experience with Ivona Milić inspired her to become a mentor herself. “Mentorship is not just about work, but about a person’s character and sharing life experience, not just professional experience.”

The pair plans to continue working together and develop a joint project beyond the formal program.

Photo: (Balkan Green Energy News) mentorship pair Marija Rošulj, ProCredit Bank, and Ivona Milić, Raiffeisen Bank

“One of the things I appreciated most was that my mentor helped me achieve a deeper reflection on my career path and supported the development of my emotional intelligence and effective communication,” said Ana Minić, whose mentor was Svetlana Cerović, last year’s recipient of the Female Leader in Sustainable Energy 2024 award.

Photo (Balkan Green Energy News): Ana Minić, MACS Energy & Water

Mutual learning – the heart of the program

Mentors noted the process was reciprocal, and that through working with young women, they carried out a kind of introspection of their career paths. “It was especially interesting to identify what made me successful, which I could share with Milica, who also works in renewables and energy efficiency. I tried, by talking about my career, my development path, my ups and downs, to identify the golden thread that has kept me afloat and thanks to which I can say that I am doing well in business today,” said Ankica Barbulov, co-founder and director of Negawatt Solutions and the first to introduce the ESCO financing model in Serbia.

Mentee Milica Vujošević said that her mentor was an inspiration and that working with her was a great honor.

Photo (Balkan Green Energy News): Mentorship pair Milica Vujošević, Delta Holding, and Ankica Barbulov, Negawatt Solutions

Aleksandra Lukić, Chief Engineer and one of the first women in the thermal energy production department at heating utility JKP Novosadska Toplana, emphasized that she and her mentee, Bojana Petrović Raičević, are very different and that this was a strength in their relationship.

“At first, I wondered how I could help someone from a completely different profession. I’m a mechanical engineer, and Bojana is a lawyer. But our differences allowed for deeper exchange, not only about careers but also life values, work-life balance, and personal development. In the end, I think we both gained more than we expected.”

Bojana added: “Aleksandra helped me clarify my goals and map out a plan for my career, both short-term and long-term steps. I’m grateful she was my mentor.”

Photo (Balkan Green Energy News): Mentorship pair Aleksandra Lukić, JKP Novosadska Toplana, and Bojana Petrović Raičević, NIS

Maja Adamović, Director at Elektromreža Srbije, saw the program as an opportunity to learn and improve future programs. She highlighted progress in strengthening women’s networks in the energy sector, citing the launch of the Women in Energy section within CIGRE Serbia as a great example of women’s growing interest in connection, empowerment, and collective impact.

Photo (Balkan Green Energy News): Maja Adamović, Elektromreža Srbije

Maja Turković, Executive Vice President of CWP Europe and co-founder of WISE Serbia, also served as a mentor. “Marina and I worked on identifying her potential in line with her education, interests, and labor market trends, as well as on shaping her career profile. I think we have defined a direction for her professional development and competencies she can further build on,” said Turković, adding she would gladly be a mentor again.

Marina Arsenijević, her mentee, said the program came at the right time: “After this program, I’m more aware of who I am and what I want to do in the next five or ten years.”

Photo (Balkan Green Energy News): Mentorship pair Maja Turković, CWP Europe, and Marina Arsenijević, UGT Renewables

Throughout the program, mentors generously shared knowledge, experiences, and insights, while mentees showed openness to learning and a willingness to build their leadership capacities. All mentors expressed great satisfaction with participation in the program, highlighting mutual learning as one of its most valuable aspects.

The WISE Serbia program demonstrated how important mentorship is for women’s professional and personal development in green industries. Through experience-sharing, knowledge transfer, and mutual support, participants not only strengthened their capacities but also contributed to creating a strong community of women working on a more sustainable and equitable future.

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June 16, 2025

by AEA in News

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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May 26, 2025

by AEA in News

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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