Serbia’s President, Aleksandar Vučić, announced the signing of a contract with Hyundai Engineering and UGT Renewables to construct solar power plants generating one gigawatt of capacity. This initiative aims to replace electricity imports, especially during winter when prices peak. Vučić stated that the project could yield around 1.6 to 1.8 terawatts of electricity annually, equivalent to Serbia’s yearly imports.
The project, crucial for Serbia’s energy security, is expected to save the country €120 million per year over its 30-year lifespan. The electricity generated will remain in Serbia, benefiting local citizens. Additionally, the project will contribute to a healthier environment by increasing the share of renewable energy, which currently stands at 38% compared to fossil fuels.
Vučić emphasized the importance of energy independence and ongoing cooperation with significant global conglomerates. The deal is seen as a turning point in Serbian-Korean relations, with the Korean ambassador expressing confidence in the partnership’s potential for economic growth and job creation. U.S. Ambassador Christopher Hill praised the project as a significant step toward clean energy and sustainability, highlighting its importance for future generations.
