On November 17th, 2011 Securum Equity Partners (Luxembourg) announced that it has signed an agreement with the government of Serbia to develop a 1 GW solar photovoltaic (PV) park in the nation, starting with the establishment of a fund by December 2011.
Securum will partner with Amicorp Fund Services in the development of the NEPER Fund, the financial vehicle for realizing the project. The completion of the solar park is planned for within four years of project activation.
“Several considerations lead to the choice of Serbia as the ideal partner for the production of renewable energy: firstly, there is great potential for water resources suitable for energy production,” states Securum.
“And secondly, there is an equally large availability for land that is not suitable for agricultural purposes, of adequate size and located in a geographical area that offers a conversion rate of solar radiation into electrical energy which is among the highest in Europe.”
Proposed park to represent USD 2.7 billion investment
Securum cites a number of other factors in its choice of Serbia, including the closeness of Serbia to the EU nations, the development of the nation’s power grid and transmission infrastructure, and the availability of technical expertise and skilled resources.
The proposed PV plant will cover 3,000 hectares, and represent a total value of USD 2.7 billion.
Unlike its neighbors in Greece and Italy, Serbia does not have a well-developed PV market. However, the recent development of the 80 MW Ohotnikovo PV plant in Ukraine has shown that such ambitious projects can be successful in nations with little industry presence or installed capacity.