Serbia has committed to increasing the share of renewables in its energy mix to over 45% by the end of 2030 under a EUR 100 million loan agreement for state power utility Elektroprivreda Srbije (EPS). The green loan, provided by the Italian development bank Cassa Depositi e Prestiti, is aimed at helping EPS decarbonize and increase electricity production from renewable sources.
Under the loan agreement, signed on May 24, Serbia is to adopt a National Energy and Climate Plan by September 30 which will include a target of over 45% of renewables in the country’s electricity generation mix for December 31, 2030, according to the bill to ratify the loan guarantee agreement.
The state of Serbia, as the guarantor of the loan, will also be required to announce its commitment to phase out coal by the end of 2050 and work on establishing thermal power plant decommissioning milestones by the end of 2030. It must be reflected in new or updated versions of national strategic documents.
The obligations under the agreement also include issuing a three-year renewable energy auction plan and adopting a regulatory framework for renewable energy auctions in line with the European Commission’s Clean Energy Package and best European practice.
