A major ownership change has reshaped one of Serbia’s largest renewable energy developments, with Heavy Energy International acquiring a controlling interest in the 168 MW Alibunar wind farm project located in the South Banat region.
The transaction transfers a 90% ownership stake to the Hong Kong-based company, which is part of Chinese turbine manufacturer SANY Renewable Energy. Following the completion of the deal, Heavy Energy International will assume strategic responsibility for the project’s implementation and future development.
The sale concludes a process that began in early 2025. Under the new ownership structure, Dutch-Belgian developer WV International retains a 10% minority stake, while Norwegian renewable energy company Emergy has fully exited the project after selling its interests. Financial details of the transaction have not been disclosed.
The acquisition includes development rights for both Alibunar 1 and Alibunar 2, which together represent 168 MW of planned wind generation capacity. Once operational, the two projects are expected to produce approximately 480 GWh of renewable electricity annually, enough to supply a significant number of households while contributing to emissions reductions and Serbia’s clean energy objectives.
A key factor supporting the project’s investment appeal is its successful participation in Serbia’s renewable energy auction program. The wind farm secured market premium support and will sell its future electricity production to state-owned utility EPS under a 15-year power purchase agreement (PPA). The long-term arrangement provides stable revenue visibility and strengthens the project’s financial outlook.
The wind complex is expected to utilize SANY S168 wind turbines with an individual capacity of 4.2 MW, further expanding the Chinese manufacturer’s presence in the renewable energy markets of Southeast Europe.
Although Emergy and WV International have monetized one of their most advanced Serbian projects, both companies plan to remain active in the country. According to their development strategy, they continue to work on a portfolio of wind energy projects totaling nearly 700 MW, including several additional large-scale developments across the Banat region.
The transaction highlights Serbia’s growing attractiveness for international renewable energy investors and underscores the increasing role of foreign capital in supporting the country’s energy transition and expansion of clean electricity generation.
