Serbia, UGT Renewables potential strategic partner for EPS

Published on 17. June 2022., News Serbia Energy

According to a Government’s decision, state- owned power utility EPS will become a joint stock company as of January 2023, which opens the way for the privatization of the company, namely the search for a strategic partner.

According to Serbian media, that strategic partner could be US company UGT Renewables. Sources from the EPS revealed that the cooperation between the two companies is already ongoing, which means that the future partner is practically already chosen.

In August 2021, Serbian Government entered talks with US-based UGT Renewables for the construction of solar power plants across the country with a total installed capacity of 1 GW. The Ministry of Mining and Energy signed an agreement on cooperation with the US company that envisages the construction of solar power plants stretching over 2,000 hectares of land, that would offset 1.9 million tons of carbon dioxide (CO2) emissions annually, while estimated output of the power plants would be equivalent to 3 % of the current electricity production in Serbia.

Under the terms of the agreement, Serbia and UGT Renewables will cooperate in the development of solar power plants and electricity storage systems, with the aim of using Serbia’s potential to build energy capacities using renewable sources.

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