CMS Belgrade advises UGT Renewables on landmark 1 GW solar and battery storage project in Serbia

CMS Belgrade has advised UGT Renewables, a US-based solar energy and storage developer, on a strategic partnership for the development and construction of solar power plants and battery storage facilities in Serbia.

CMS Belgrade’s full-scope legal advice covered energy, real estate, construction, corporate, public procurement, and financing matters. The CMS team was led by Managing Partner Radivoje Petrikić, alongside Ivan Gazdić, Tamara Zejak, Marija Marošan, Teodora Vujošević, Milica Popović, and Jelena Đorđević. CMS is also advising UGT Renewables on similar projects in Montenegro and North Macedonia.

The project marks Serbia’s first strategic partnership in renewable energy sector

The project, to be owned and operated by Serbia’s state power utility Elektroprivreda Srbije (EPS), boasts a total installed capacity exceeding 1 GW, with a 200 MW/400 MW/h battery storage component. This project marks Serbia’s first strategic partnership in the renewable energy sector and stands as the largest solar and battery storage initiative in the country. The consortium behind the project includes UGT Renewables and Hyundai Engineering Co. Ltd, working in partnership with EPS and Serbia’s Ministry of Mining and Energy.

1 GW solar project is a step forward in decarbonizing Serbia’s energy sector

This project is set to contribute significantly to Europe’s green transition. Serbia, while not an EU member, is part of the Energy Community Treaty and is increasingly aligning its policies with EU energy goals. With the European Union’s ambitious climate goals, such as the Green Deal aiming for carbon neutrality by 2050, projects like this are in line with the continent’s renewable energy agenda. The 1 GW solar project is a step towards decarbonizing Serbia’s energy sector and contributes to Europe’s overall progress in renewable energy deployment.