EPS starts investment cycle in renewable sources

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The Electric Power Industry of Serbia (EPS) signed Wednesday a Memorandum of Understanding with the representatives of Spanish companies for electricity generation from renewable sources, whereby it is starting a strong investment cycle into renewable energy sources.

Renewable energy sources are Serbia’s great potential, which should be used in the years to come, Minister of Agriculture, Trade, Forestry and Water Management Dusan Petrovic stated, who attended the signing of the Memorandum.

In the following period, we can make huge progress in generating electricity from small hydro plants, wind power, biomass and solar power, Petrovic said, adding that biomass potential in Serbia is estimated to equivalent 2.7 million tons of oil.

By using this natural potential for energy purposes, we could significantly reduce the balance-of-payments deficit and employ a large number of people, Petrovic stressed.

EPS Director General Dragomir Markovic stated that a total of EUR 45 million will be invested from the European Bank for Reconstruction and Development (EBRD) in small water flows and rehabilitation of 23 small hydro power plants.

He said that EPS will, together with the Spanish consortium, consider locations for the construction of new mini hydro power plants in Serbia, according to the remaining available water flow potential, particularly on the Ibar and Velika Morava Rivers, adding that they will also cooperate in the use of solar power.

Markovic announced that EPS will soon sign memorandums of cooperation with Canadian and American companies in the sector of renewable energy sources.

Renewable sources are an area that can attract foreign investments and thus introduce modern technologies in Serbia, Markovic underlined.

He said that the realization of projects will be carried out in three ways – through independent investments of interested companies, their participation in EPS’s tenders, and forming of joint companies with EPS.

The consortium of Spanish companies includes Subco-Biniluca, Grupo Labaro, Energy Resources, Catalana Investors Pull and Catalana Energy Institute, which presented their activities.

Source Emg