The Solarina project, a significant utility-scale solar initiative in eastern Serbia, is on the verge of securing financial closure. Backed by the European Bank for Reconstruction and Development (EBRD), this development aims to establish the largest solar power facility in Serbia, underscoring the nation’s commitment to renewable energy expansion.
The financing structure proposed includes a senior secured loan of up to 36.2 million euros and a guarantee facility reaching 2.52 million euros. This guarantee will aid in fulfilling the project’s obligations under Serbia’s Contract for Difference (CfD) mechanism, which is designed to ensure long-term revenue stability for renewable energy ventures. A final decision regarding the loan is anticipated by April 29.
Situated in the Zaječar area, the Solarina project represents an investment totaling approximately 155.7 million euros. Upon completion, it is projected to yield considerable environmental advantages, including annual carbon dioxide reductions exceeding 230,000 tons, thereby supporting Serbia’s decarbonization objectives.
The project’s footprint will cover around 320 hectares and will comprise three distinct solar generation zones, complemented by a transformer substation and underground cable infrastructure. Additionally, it will feature an extensive grid connection that includes a 16.8-kilometer overhead line operating at 110 kV and 1.45 kilometers of underground cables linking to the existing PV Bor 2 substation.
CWP Europe, the developer behind Solarina, is actively engaged in renewable energy projects throughout southeastern Europe and has reported having 938 MW of capacity either operational or under construction by the end of 2025. The company also boasts a development pipeline of approximately 7 GW across ten countries, including Serbia and its neighboring markets, reflecting its expanding role in the regional energy transition.
