South Korea’s export credit agency K-SURE has agreed to provide up to €900 million in financing support for a solar and battery storage development in Serbia. The arrangement is described as one of the largest structured renewable energy financing packages in the Western Balkans. The project combines 1 GW of solar generation capacity with integrated battery energy storage systems.
The financing is supported through a reinsurance mechanism linked to export credit backing from Sweden’s EKN. The funding is tied to the export of South Korean equipment and technology, reflecting the industrial and trade elements of the investment.
Cooperation agreement and project participants
The development is implemented under a cooperation agreement signed in late 2024. The agreement involves Serbia’s Ministry of Mining and Energy, the state-owned utility EPS, South Korea’s Hyundai Engineering, and US-based UGT Renewables. South Korean media estimate the overall project value at around €1.1 billion.
Construction planning includes both generation and storage components within a single development framework. The structure of the financing support is connected to export credit backing and reinsurance rather than being described as direct sovereign or utility lending.
Solar connection capacity and battery specifications
The planned solar infrastructure includes a combined 1 GW network connection capacity. Peak installed capacity is expected to reach approximately 1.2 GW. The project also incorporates battery storage systems with at least 200 MW of power capacity.
The minimum energy storage capability is set at 400 MWh. These specifications are intended to support grid integration through added flexibility from the storage component.
Site locations and construction timeline
The solar facilities are expected to be developed across six locations in Serbia: Zaječar, Leskovac, Bujanovac, Lebane, Negotin, and Odžaci. The distribution across multiple sites is part of the planned configuration for the renewable generation build-out.
Construction is scheduled to begin in 2026. The project is positioned within Serbia’s medium-term renewable energy expansion efforts that combine large-scale solar with storage-backed flexibility solutions.
