Serbia has started formal project-documentation work for the planned 1.8 GW Đerdap 3 pumped-storage plant, moving one of Southeast Europe’s largest prospective storage projects closer to engineering.
The Energy Ministry signed a contract with the Jaroslav Černi Water Institute for planning and technical documentation, targeted for completion by the end of 2029.
Đerdap 3 is envisaged with up to 1,800 MW of capacity and an indicative investment value of around €2.6 billion.
The project has been discussed for decades, but the documentation contract represents a more concrete development step.
Serbia is also discussing the scheme with Romania because of its Danube location and is negotiating with Bechtel, which submitted the sole valid U.S. expression of interest.
The project has become more relevant as Serbia adds wind and solar. Pumped storage could absorb electricity during low-price or surplus periods and generate during evening scarcity, while also providing balancing and reserves.
Serbia has already experienced both negative renewable-heavy prices and sharp regional price spikes, strengthening the commercial logic for large-scale flexibility.
Financing remains the main challenge. A €2.6 billion project would likely require long-term debt, strategic investors and potentially public support alongside market revenues.
Construction remains years away, but the new technical work moves Đerdap 3 closer to becoming a financeable infrastructure project rather than a long-standing concept.
