South Korea is backing Serbia’s 1.2 GW solar project with EUR 900 million in export financing provided by the Korea Trade Insurance Corporation (K-Sure).
Project Overview
The solar project features a total connection capacity of 1 GW and a peak capacity of 1.2 GW, which includes battery energy storage systems (BESS) with 200 MW operating power and up to 400 MWh capacity.
Consortium Involved
This initiative is carried out by a consortium consisting of Hyundai Engineering from South Korea and UGT Renewables based in the United States. The consortium signed an agreement with the Serbian government in October 2024
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Grid Connection and Agreements
Grid connection contracts were finalized with Serbia’s transmission system operator, Elektromreža Srbije (EMS), in May 2025.
Significance
K-Sure emphasized that this project represents the largest overseas solar project undertaken by a Korean company thus far and marks the first instance of Korean participation in a Serbian national energy project. The Korea Trade-Investment Promotion Agency (KOTRA) is sharing project risk by reinsuring the portion of Korean product supplies financed by the Swedish Export Credits Agency (EKN).
Sources
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