Project worth nearly USD 1.5 billion soon to be signed – Hyundai announces signing of agreement on construction of 1 GW of solar power plants with Government of Serbia

The main contract with the Government of Serbia on the construction of solar power plants with a capacity of 1 gigawatt in Serbia will be signed later this month, announced Hyundai Engineering.

The BusinessKorea website which reported this news, reminds that, last November, Hyundai Engineering, in a consortium with its U.S. subsidiary Hyundai Engineering America and local solar company UGT Renewables, was selected as the preferred bidder for the project, which involves engineering, procuring, and constructing (EPC) a solar power plant capable of generating 1 gigawatt of electricity, along with a 200-megawatt capacity energy storage battery system, in Serbia.

The turnkey project is slated to start operations in June 2028, and upon completion, Hyundai Engineering will hand over the facility to Elektroprivreda Srbije.

– As final negotiations are underway for the contract, the project is expected to be valued at around USD 1.48 billion – writes BusinessKorea.

They add that this marks the first time a South Korean construction company has secured a solar power plant project in Serbia, and it is expected to be the largest overseas solar project won by a South Korean construction firm to date.

The president of Serbia, Aleksandar Vucic, also announced today that, the next Wednesday, “an important energy contract” would be signed with the American company UGTR, whose implementation, according to him, will solve the issue of electrical energy supply for Serbia for the next several years, the Beta news agency reported.

Let us remind that, in September, the locations for the construction of state solar power plants of 1 GW were selected. The Government of Serbia adopted the decision on the preparation of the Spatial Plan of the Special-Purpose Area for this strategic project which would encompass six solar power plants with battery systems, in parts of the territories of the cities of Zajecar and Leskovac, as well as the municipalities of Bujanovac, Lebane, Negotin and Odzaci.

The minister of finance of Serbia, Sinisa Mali, said last winter that it was the largest investment in renewable energy sources in Europe in 2024 and that the project was expected to provide the additional gigawatt of electricity from RES, with an annual production of 1.2 TWh.

B. P.

Hyundai Engineering Co., LTD Ogranak Beograd

Vlada Republike Srbije

Elektroprivreda Srbije ad Beograd

Ministarstvo finansija Republike Srbije

Hyundai Engineering

Hyundai Engineering America

UGT Renewables

Government of Serbia

state solar power plants

construction of solar power plants of 1 gigawatt

contract

battery storage