South Korea’s export credit agency K-SURE has agreed to provide up to €900 million in financing support for a major solar and battery storage development in Serbia, marking one of the largest structured renewable energy financing arrangements in the Western Balkans to date.
The project combines 1 GW of solar generation capacity with integrated battery energy storage systems, supported through a reinsurance mechanism linked to export credit backing from Sweden’s EKN. The financing is tied to the export of South Korean equipment and technology, reinforcing the industrial and trade dimension of the investment.
The development is being implemented under a cooperation agreement signed in late 2024 between Serbia’s Ministry of Mining and Energy, the state-owned utility EPS, South Korea’s Hyundai Engineering, and US-based UGT Renewables. The overall project is estimated by South Korean media to be worth around €1.1 billion.
The planned solar infrastructure includes a combined 1 GW network connection capacity, with peak installed capacity reaching approximately 1.2 GW. In addition, the project incorporates battery storage systems with at least 200 MW of power capacity and a minimum energy storage capability of 400 MWh, enabling greater flexibility and grid integration.
The solar facilities are expected to be developed across six locations in Serbia: Zaječar, Leskovac, Bujanovac, Lebane, Negotin, and Odžaci, creating a geographically distributed renewable generation network designed to support grid stability and regional supply balance.
Construction is scheduled to begin in 2026, positioning the project as a key component of Serbia’s medium-term renewable energy expansion strategy and its broader efforts to integrate large-scale solar generation with storage-backed flexibility solutions.
