Serbia to Expand Green Energy with $3.5B from EPS

Serbia is taking a strong move towards renewable energy, aiming to install 3.5 gigawatts (GW) of green energy capacity by 2030. The government has promised to reach 11 GW of green energy by 2040 and is moving big steps forward to speed up the process. The state-run power utility company, Elektroprivreda Srbije (EPS), has announced investing €3.5 billion in favor of this transition. The investment will go towards financing new hydropower facilities, solar parks, wind farms, and battery storage initiatives.

Of the €3.5 billion in investment, €1 billion will go towards constructing new hydropower plants and rehabilitating aging ones. EPS has already taken big strides in the development of renewable energy, with key projects like the Kostolac wind farm and the Petka solar park to be finished soon. EPS is also constructing a huge 1,000 MW solar power plant with batteries and the Bistrica Power Plant, which will yet again improve Serbia's clean energy infrastructure.

For encouragement of private investment in the sector, the government has made an announcement for auctioning 1,300 MW of renewable power over a three-year period. The most recent round of auction saw an investment of €782 million for a total of ten new green plants. The capacity quota for new capacity was to be 424.8 MW, but the developers exceeded the expectations by promising 645 MW.

Serbia's growth in renewable energy is set to have a substantial impact on the country's electricity supply. Renewable energy will contribute to half of Serbia's power usage by 2030, reducing the country's reliance on fossil fuels and enhancing energy security. The greater focus on battery storage options will also guarantee that power supply is stabilized so that renewable energy can be harnessed efficiently even during low solar or wind activity.

Conclusion:-

Serbia's renewable energy drive is part of a global initiative to transition to cleaner sources of energy. The government's plan, coupled with significant investment from EPS and private developers, will transform the country's energy landscape. With a mix of hydropower, solar, wind, and battery storage initiatives, Serbia is set to meet its long-term sustainability goals and emerge as a significant player in the green energy sector.

Source & Credits:
Source: Ceenergy News