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 solar generation 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, connecting the investment to industrial and trade flows. The overall development is estimated by South Korean media at around €1.1 billion.
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. The project scope includes both solar generation capacity and battery storage systems.
Solar network capacity and battery storage specifications
The planned solar infrastructure includes a combined 1 GW network connection capacity. Peak installed capacity is expected to reach approximately 1.2 GW. Battery storage systems are included with at least 200 MW of power capacity and a minimum energy storage capability of 400 MWh.
This configuration is designed to support grid integration alongside large-scale solar generation. The battery component is sized to provide flexibility within the overall system design. The project’s financing structure links the arrangement to export-related requirements for equipment and technology.
Site locations and construction timeline in Serbia
The solar facilities are expected to be developed across six locations in Serbia: Zaječar, Leskovac, Bujanovac, Lebane, Negotin, and Odžaci. The deployment across multiple sites forms a geographically distributed renewable generation network. Construction is scheduled to begin in 2026.
The start date places the development within Serbia’s medium-term renewable energy expansion plans. It also aligns with efforts to integrate large-scale solar generation with storage-backed flexibility solutions.
