The Serbian government has approved a loan agreement with the European Bank for Reconstruction and Development (EBRD) for the construction of a solar-thermal power plant in Novi Sad. Signed on December 27, 2024, the agreement outlines a loan of up to €105 million from the EBRD, split into two tranches: €85 million for the first tranche and €20 million for the second. The loan is structured with a minimum withdrawal amount of €1.5 million, and early repayment can be made in amounts starting at €1 million. The undrawn portion of the loan will incur a 0.5% annual commission fee.
Interest payments are due twice a year, on April 15 and October 15. The first tranche is set to be repaid in 22 equal or approximately equal installments every six months, with the first payment scheduled for April 15, 2029, and the final payment on October 15, 2039.
The project involves constructing a solar-thermal plant that will be integrated into Novi Sad’s existing district heating system. The plant will feature two seasonal heat storage units with a total capacity of 870,000 cubic meters, solar collector fields covering 37,000 square meters (equivalent to 31 MW), 17 MW heat pumps, and two electric boilers with a combined 60 MW capacity.
The seasonal storage units will collect thermal energy during the summer, which will be stored and utilized in winter with the help of heat pumps. The plant will harness renewable energy from solar collectors, the Danube River’s energy through the heat pumps, and surplus electricity from the power grid via the electric boilers, distributing this energy to the district heating system.
The project is expected to generate around 243 GWh of thermal energy, which will be distributed through the district heating system, while reducing CO2 emissions by 17,350 tons annually. The project will be managed by JKP Novi Sadska Toplana, with technical support from the Ministry of Mining and Energy and financial oversight from the Ministry of Finance.
