Meet energy transition leaders in SEE: CWP Global is developing 6 GW of solar, wind, storage

CWP Global is developing projects with a capacity of 6 GW and sees many more opportunities to expand its portfolio in Southeast Europe, Maja Turković, Vice President for Europe at CWP Global and one of the co-founders of the WISE Serbia network, said at the Belgrade Energy Forum 2024.

Maja Turković participated in a panel discussion at the BEF 2024 conference, which addressed grid challenges in the energy transition. This year, the event brought together 500 participants from 30 countries worldwide, including representatives of 150 companies.

Turković stressed that CWP Global is one of the pioneers in developing renewable energy projects. She noted that it is present in nine markets: Albania, Bosnia and Herzegovina, Bulgaria, Montenegro, Moldova, Romania, Slovenia, Serbia, and Ukraine.

“We have more than 6 GW of wind, solar, and energy storage projects under development,” she pointed out, adding that the project development team has over 150 employees, including many young people and women.

Turković highlighted Serbia, where in 2006, CWP Global started its operations as the main market. It developed its first project there, the Čibuk 1 wind farm. She recalled that the company implemented many large projects, including until recently the largest onshore wind farm in Europe – the 600 MW Fântânele-Cogealac in Romania.

“We are already planning new projects and we believe Southeast Europe offers a lot of opportunities to expand our portfolio,” Turković said.

The new EMS rules are a test for both parties

At the panel Solutions on the horizon for overcoming grid challenges, she noted that with the new grid connection rules, the operator protects its resource by requiring collateral in the form of a not-so-small bank guarantee, significantly raising the stakes.

In her view, this will be a test for both transmission system operator ELektromreža Srbije (EMS) and new investors.

“Investors will not leave easily, because they have already started to invest money and protect their interests,” Turković said.

According to her, the moment when the investor needs to post a multimillion-euro guarantee is a moment when the project is far from being risk-free. There is still plenty of time for various problems to arise, she added.

Noting that there is congestion with requests, Turković said that there are also problems the grid connection procedure has not fully resolved.

Numerous projects in the region

In Montenegro, CWP is developing the Montechevo photovoltaic plant. It is envisaged for installation in the cadastre municipalities of Lastva, Čevo and Prentin Do on the territory of Montenegro’s historic capital Cetinje. The 400 MW investment is estimated at EUR 360 million. It is set to be implemented in phases.

In March last year, the company acquired the 134 MW Studina solar project in Romania. The plan is to put it online by the end of 2024.

The company also uses strategic partnerships to implement investments, so it has partnered with PowerChina Resources to construct the Vetrozelena wind farm in Serbia.

CWP Global is also working on the first hybrid power plant in Serbia. Lederata Energy would consist of a 50 MW solar park, a 100 MW wind farm and an energy storage system of 20 MWh.