Serbia: Selected Hyundai Engineering Corporation of South Korea and UGTR consortium as strategic partners for a total of 1 gigawatt solar energy project

The Serbian government has chosen a consortium formed by Hyundai Engineering, Hyundai ENG USA, and UGT Renewable Energy as strategic partners for photovoltaic facility construction. Negotiations are about to begin regarding the installation and commissioning of a solar power plant with a total peak capacity of 1.2 gigawatts (grid connected capacity of 1 gigawatt) and battery storage.

Hyundai Engineering, Hyundai ENG America, and UGT Renewables will construct a solar power plant equipped with an energy storage system and hand it over to the Serbian state-owned power company Elektroprivreda Srbije (EPS). This will be the country's first strategic partnership in this field.

The government working group responsible for implementing this process will negotiate a project execution agreement with the consortium.

The Ministry of Finance collaborates with the Ministry of Mines and Energy to negotiate financing terms and conditions, which will be an integral part of the project financing agreement.

Strategic partners are responsible for selecting suitable locations

Strategic partners are obligated to complete the construction of solar power plants under the turnkey agreement by June 1, 2028. The required total installed capacity on the AC side is 1 GW, and on the DC side is 1.2 GW. The project requires a battery energy storage system with a minimum operating power of 200MW and a cumulative capacity of at least 400MWh.

The project requires a battery energy storage system with a minimum operating power of 200MW

According to the proposed strategic partnership terms, Hyundai Engineering, Hyundai ENG America, and UGT Renewables will need to select the optimal location for the facility and develop spatial planning documents and appropriate research.

Joint project between modern engineering and UGT Renewables

Modern Engineering has been closely collaborating with UGT Renewables to develop multiple projects in the Eurasian continent, and with UGT Renewables group company Sun Africa to develop renewable energy projects in Africa. Modern Engineering has a rich record in successfully completing large-scale international energy projects. Modern Engineering is expanding into the field of environmentally friendly energy to build a sustainable future, "said Jeong Oi Whan, Vice President of Modern Engineering.

Partnership for global footprint of utility scale solar photovoltaic projects

UGT Renewables is headquartered in Miami, USA and has extensive experience in collaborating with state-owned utility companies, governments, and international financial institutions to develop complex power infrastructure projects to help achieve energy independence, grid stability, reduce power costs, and digitization.

The Export-Import Bank of the United States has approved the largest transaction in the history of Sun Africa's two solar projects in Angola

We have been awarded the Annual International Infrastructure Financing Transaction Award by TXF, as well as the recent Export Import Bank of the United States Annual Best Transaction Award, consolidating our company's position as a de facto leader in the development of complex international energy projects. We are honored to collaborate with Hyundai Engineering and various agencies of the Serbian government to build such an important infrastructure project for Serbia, which will be developed by Serbia Owned by Elektroprivreda Srbije, the State Electricity Company of Victoria The CEO of UGT Renewables added.

Last month, the Export Import Bank of the United States (EXIM) presented the annual transaction award to Sun Africa, a brother company of UGT Renewables, and the Ministry of Finance of Angola. In June, the US Export Credit Agency approved the largest ever $907 million loan to support two solar power projects with a total capacity of 500 megawatts in African countries.

In Southeast Europe, modern engineering companies and UGTR are also active in Montenegro.

It is worth noting that the Serbian government also intends to seek strategic partners to build a wind farm with a total capacity of 1 gigawatt.