K-Sure is providing €900 million in export financing to support Serbia’s 1.2GW solar and battery storage project, which is being developed by a consortium led by Hyundai Engineering and UGT Renewables. The project combines utility-scale solar generation with large-scale battery energy storage systems designed to improve grid reliability and support renewable energy integration. Once completed, the facilities will help strengthen Serbia’s energy transition, support the country’s renewable energy targets, enhance long-term energy security, and contribute to its broader efforts to align with European Union energy and climate objectives.
Key Overview
- K-Sure is providing €900 million in export financing.
- The project includes 1.2GW of solar capacity.
- Battery storage capacity will reach 400MWh.
- Hyundai Engineering leads the consortium.
- UGT Renewables is a project partner.
- Construction is expected to begin in 2026.
- The facilities will be transferred to EPS.
- The project supports Serbia’s energy transition.
K-Sure Backs Major Renewable Energy Investment in Serbia
The Korea Trade Insurance Corporation (K-Sure) has committed EUR 900 million in export financing to support one of Serbia’s largest renewable energy projects, which combines utility-scale solar power generation with battery energy storage systems.
The project will be developed by a consortium led by South Korea’s Hyundai Engineering and U.S.-based UGT Renewables and represents one of the largest overseas renewable energy projects secured by a Korean company.
The investment supports Serbia’s efforts to modernize its electricity sector and expand renewable energy capacity.
Large Solar and Battery Project Planned
The agreement between the consortium and the Serbian government was signed in October 2024.
The development includes:
- 1.2GW of solar generation capacity.
- 1GW of grid connection capacity.
- 200MW of battery operating power.
- Up to 400MWh of battery storage capacity.
Once completed, the facilities will be transferred to Serbia’s state-owned utility company, Elektroprivreda Srbije (EPS).
Construction is expected to begin in 2026.
Largest Overseas Solar Project for Korean Companies
K-Sure described the project as the largest overseas solar project ever secured by a Korean company.
It also marks the first participation by a Korean company in a major Serbian national energy project.
The financing support demonstrates South Korea’s growing role in international renewable energy development and export financing.
Hyundai Engineering will oversee engineering, procurement, and construction activities while Korean manufacturers are expected to supply key equipment, including solar modules and transformers.
Supporting Serbia’s Energy Transition
The project forms part of Serbia’s broader energy transition policy.
The country has been working to diversify its electricity generation mix and reduce dependence on fossil fuels while aligning with European Union energy and climate policies.
Large-scale renewable energy projects are becoming increasingly important as Serbia pursues EU membership and seeks to strengthen energy security.
The solar and battery facilities will help increase renewable electricity generation while improving grid flexibility.
Battery Storage Adds Grid Stability
The project’s battery energy storage systems will play an important role in supporting grid reliability.
Battery storage can:
- Store excess solar generation.
- Balance electricity supply and demand.
- Improve grid stability.
- Reduce renewable energy curtailment.
- Support energy security.
The integration of large-scale storage alongside solar generation reflects the growing importance of hybrid renewable projects worldwide.
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Export Financing Supports Korean Industry
K-Sure’s financing participation is expected to support Korean exports and industrial supply chains.
The agency will provide reinsurance support for financing guaranteed by Sweden’s export credit agency EKN.
The involvement of Korean equipment manufacturers may help expand exports of:
- Solar modules.
- Transformers.
- Electrical equipment.
- Engineering services.
- Renewable energy technologies.
The project highlights how export credit agencies are increasingly supporting clean energy investments abroad.
Growing International Cooperation
The project also demonstrates growing international cooperation in renewable energy development.
The consortium combines:
- South Korean engineering expertise.
- American renewable energy development experience.
- European financing support.
- Serbian energy infrastructure needs.
This multinational approach helps mobilize capital, technology, and expertise for large-scale energy projects.
Serbia Advances Renewable Energy Goals
Serbia has been increasing investment in renewable energy as part of efforts to modernize its electricity sector.
Solar and battery storage projects can help:
- Reduce carbon emissions.
- Improve energy independence.
- Support grid modernization.
- Enhance energy reliability.
- Meet future electricity demand.
The project represents one of the country’s largest renewable energy investments to date.
Outlook
The €900 million financing package from K-Sure represents a significant milestone for both Serbia’s renewable energy ambitions and South Korea’s international clean energy industry. By combining large-scale solar generation with battery storage, the project supports energy security, grid stability, and the transition toward lower-carbon electricity systems.
As construction moves toward a planned 2026 start, the project could become a model for future renewable developments in Southeast Europe, demonstrating how international partnerships and export financing can accelerate large-scale energy transition investments while supporting economic growth and regional energy resilience.
FAQs
1. How much financing is K-Sure providing?
K-Sure is providing €900 million in export financing support for the project.
2. How large is the solar project?
The project includes 1.2GW of solar generation capacity and 200MW of battery operating power.
3. Who is developing the project?
The project is being developed by Hyundai Engineering and UGT Renewables.
4. When will construction begin?
Serbian officials have indicated that construction is expected to start in 2026.
Sources: Balkan Green Energy News, Pulse by Maeil Business News Korea, SeeNews, UPI
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