Serbia will soon become the latest member of Europe’s burgeoning PV industry after state utility EPS began construction of the country’s first solar power plant. The 5MW system, located in the western Zlatibor region, is the first of 50 renewable ventures planned by EPS as it attempts to revamp the Balkan country’s energy network.
The total cost of the ground-breaking project is €15 million (US$21.7 million), and the initial 1MW development phase is due to be completed by spring 2012. Financing will come from EPS and Serbian insurance group Dunav.
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Serbia is currently involved in EU accession talks and by investing in solar and other renewable energy sources, the country hopes to move away from its current coal-dominated generation infrastructure and satisfy the Union’s 2020 energy targets.