According to a report by EMG, representatives from Serbia’s government and the Securum Equity Partners Europe signed a memorandum for the development of what is being called the world’s largest solar park. Minister of the Environment, Oliver Dulic, and members of Securum’s management board, including Alessio Colussi and Ivan Matejak, signed the memo in the presence of Prime Minister Mirko Cvetkovic.

According to Dulic, the solar park will have a 1,000MWp capacity and be built over 7,413 acres of land. Its total value is near €2 billion with construction on the project anticipated to take between three and five years. Almost 3,000 people will be involved in the development and, Dulic pointed out, the finished park will employ between 500 to 600 workers.

MX Group will work on the project and, according to Dulic, it is expected that the company will move its panel production to Serbia. Dulic additionally noted that the country has no financial commitment in the investment, but he expects the country to collect €750 million in taxes over the next 20 years. Matejak pointed out that construction could begin early next year, providing that the appropriate land is found and permits are secured. He confirmed that the company chose Serbia, among other factors, because of its sun radiation being 40% higher than other parts of Southeast Europe.

Prime Minister Cvetkovic commented that the solar panels for the park would be manufactured abroad, but voiced a chance for production to move to Serbia. The country plans to lease the land for the solar park free of charge for 25 years.