Press release - 17 October 2024
The CMS Belgrade team, led by Managing Partner Radivoje Petrikić, has advised UGT Renewables, one of the leading US solar energy and storage developers, on entering into a strategic partnership agreement for the development and construction of new solar power plants and battery storage facilities in Serbia to be owned and operated by Serbia’s EPS, with a total installed capacity exceeding 1 GW and with 200MW/400MW/h battery storage. The project will be developed and constructed by a consortium comprising UGT Renewables and Hyundai Engineering Co. Ltd, a prominent Korean-based company, as part of the strategic partnership with Serbia’s state-owned power utility Elektroprivreda Srbije (EPS) and the Ministry of Mining and Energy of the Republic of Serbia.
This project is currently the largest solar and battery storage project in the country.
Our dedicated CMS team, which has provided full-scope Serbian law advice to UGT Renewables across various aspects of this landmark project, including energy, real estate, construction, corporate, public procurement and financing matters, includes Ivan Gazdić, Tamara Zejak, Marija Marošan, Teodora Vujošević (Energy & Climate Change, Real Estate and Construction, Infrastructure & Projects), Milica Popović (Banking & Finance) and Jelena Đorđević (Corporate/M&A).
“This is the largest renewable energy project in Serbia that will undoubtedly move the country closer to its green energy objectives. We are proud to have supported our client from the outset of its journey towards developing a 1GW solar project in Serbia.”
Radivoje Petrikić, CMS Belgrade Managing Partner
We congratulate UGT Renewables, Hyundai Engineering Co. Ltd, Elektroprivreda Srbije and the Ministry of Mining and Energy of the Republic of Serbia on their strategic partnership and wish them every success in the development of this pioneering project in Serbia.
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