Heavy Energy International has acquired a controlling interest in the 168 MW Alibunar wind farm project in Serbia’s South Banat region. The transaction structure transfers a 90% ownership stake to a Hong Kong-based company. That Hong Kong entity is part of Chinese turbine manufacturer SANY Renewable Energy.
The deal follows a process that began in early 2025. After completion, Heavy Energy International will take on strategic responsibility for the project’s implementation and future development. Dutch-Belgian developer WV International retains a 10% minority stake under the new ownership arrangement.
Ownership changes and project scope
Norwegian renewable energy company Emergy has fully exited the Alibunar project after selling its interests. Financial terms of the transaction have not been disclosed. The acquisition includes development rights for both Alibunar 1 and Alibunar 2. Together, the two projects total 168 MW of planned wind capacity.
Once operational, the combined Alibunar projects are expected to generate about 480 GWh of renewable electricity annually. The expected output is described as sufficient to supply a significant number of households. The projects are also intended to contribute to emissions reductions and Serbia’s clean energy objectives.
Auction support and long-term power sales
The project’s investment appeal is linked to its participation in Serbia’s renewable energy auction programme. The wind farm secured market premium support through the auction process. Future electricity production will be sold to state-owned utility EPS under a 15-year power purchase agreement (PPA).
The long-term PPA is expected to provide stable revenue visibility for the project. This arrangement supports the project’s financial outlook following the change in ownership.
Turbine plan and regional development portfolio
The Alibunar wind complex is expected to use SANY S168 wind turbines with an individual capacity of 4.2 MW. The turbine selection expands SANY’s presence in Southeast Europe’s renewable energy markets.
Emergy and WV International have monetized one of their most advanced Serbian projects, but both companies plan to remain active in the country. Their development strategy includes a portfolio of wind energy projects totaling nearly 700 MW. The portfolio includes several additional large-scale developments across Serbia’s Banat region.
The transaction reflects continued interest from international investors in Serbia’s renewables pipeline. It also underscores foreign capital’s role in supporting Serbia’s energy transition and expansion of clean electricity generation.
