Serbia’s state-owned power utility EPS has opened a formal channel to acquire or partner with privately developed renewable energy projects of at least 50 MW, creating a potential exit opportunity for developers as grid access, financing and market conditions increasingly shape the pace of new capacity additions.
The public call covers solar, wind and hybrid projects connected to the transmission network. Projects incorporating battery storage will receive additional evaluation points, although the inclusion of batteries is not a mandatory requirement for participation.
EPS may select qualifying projects for acquisition through a competitive process, providing private developers with the possibility of bringing mature projects to market through a domestic strategic buyer. The utility has also established a separate cooperation track covering biomass, waste-to-energy, biogas, landfill gas and green hydrogen projects.
Under the cooperation model, EPS can make infrastructure and former thermal power-generation sites available for joint development. This could allow renewable and emerging-energy projects to make use of existing industrial locations and infrastructure while supporting the gradual transformation of Serbia’s conventional power-generation assets.
The initiative marks a broader shift in EPS’s approach to renewable expansion. The utility has historically concentrated primarily on developing and commissioning its own generation projects. By taking a more active role as an acquirer and strategic partner, EPS can potentially expand its renewable portfolio faster and gain access to projects that are already well advanced in the development cycle.
The move could be particularly significant for Serbia’s growing pipeline of privately developed renewable projects. Many developers have already secured land, completed permitting procedures or advanced grid studies but continue to face challenges related to financing, construction and securing a viable route to market.
An EPS acquisition programme could give developers a credible domestic exit option once projects reach sufficient maturity. For EPS, acquiring advanced projects could shorten development timelines while reducing some of the permitting and early-stage development risks associated with starting projects from the ground up.
The strategy also gives the utility greater flexibility to select projects according to location, grid connection, technology and expected generation profile. Instead of developing every asset independently, EPS can potentially build its renewable portfolio by combining internally developed projects with selected acquisitions and partnerships.
The additional scoring given to battery storage is particularly significant. Serbia is expanding its solar and wind capacity, while regional electricity markets are increasingly experiencing very low prices during periods of strong midday renewable generation and significantly higher prices during evening hours.
Projects equipped with storage can shift renewable output toward higher-value periods, potentially improving revenues while reducing exposure to imbalance costs. Hybrid projects could therefore become increasingly attractive to EPS, even when their initial investment requirements are higher than those of standalone renewable facilities.
EPS also has portfolio advantages that are difficult for smaller independent developers to replicate. The utility can combine renewable generation with hydropower, thermal generation, wholesale-market activities and its large domestic supply portfolio, giving it greater flexibility to manage intermittent renewable output and optimise generation across different market conditions.
The public call could consequently have a broader impact on Serbia’s renewable development market. Independent developers that previously expected to sell projects to international infrastructure funds, utilities or other financial investors may now have a domestic strategic buyer with a long-term interest in expanding renewable generation.
That could increase competition for mature renewable assets and potentially encourage developers to bring projects to a higher level of readiness before seeking an exit. It could also contribute to the emergence of a more active secondary market for renewable projects in Serbia.
The key challenge, however, will be project valuation. Developers will seek to capture the value of land, permits, grid access and future revenue potential, while EPS will need to ensure that acquisition prices adequately reflect market-price risk, connection constraints, construction costs and the possibility of future renewable power-price compression.
The speed and transparency of the process will also be important. The success of the programme will depend not only on how many projects are submitted, but on how quickly EPS can move from initial screening to negotiations, investment decisions and execution.
If acquisitions and partnerships become a regular part of EPS’s investment strategy rather than occasional transactions, Serbia could gradually develop a more liquid secondary market for renewable energy projects. That would represent a meaningful change in the country’s energy investment cycle and could give private developers greater flexibility in financing and developing new capacity.
The broader signal is clear: EPS is increasingly positioning itself not only as a renewable project developer, but also as a buyer, consolidator and strategic partner in Serbia’s rapidly expanding renewable energy market.
