A major utility-scale solar project in eastern Serbia is moving closer to financial close, with the European Bank for Reconstruction and Development (EBRD) advancing funding approval for the CWP Europe Solarina development. If completed as planned, the project is set to become the largest solar power facility in Serbia, marking a significant step for the country’s renewable energy sector.
The proposed financing package includes a senior secured loan of up to 36.2 million euros, alongside a guarantee facility of up to 2.52 million euros. This guarantee is intended to support the project’s obligations under Serbia’s Contract for Difference (CfD) mechanism, which provides long-term revenue stability for renewable energy projects. A final decision on the loan is expected by 29 April.
The Solarina project, located in the Zaječar area, represents a total investment of approximately 155.7 million euros. Once operational, it is expected to generate significant environmental benefits, with annual carbon dioxide savings exceeding 230,000 tons, contributing to Serbia’s decarbonization goals.
The development will span around 320 hectares and will include three solar generation zones, a transformer substation, and underground cable infrastructure. The project also features a detailed grid connection, including a 16.8-kilometer 110 kV overhead line and 1.45 kilometers of underground cables connecting to the existing PV Bor 2 substation.
CWP Europe, which specializes in renewable energy across southeastern Europe, reported having 938 MW of projects either operational or under construction by the end of 2025. The company also maintains a development pipeline of around 7 GW across ten countries, including Serbia and neighboring markets, highlighting its growing presence in the regional energy transition.
