Serbia signs agreement with Hyundai-UGTR consortium to build solar power plants

BELGRADE - An agreement on building self-balanced solar power plants that will ensure 1 GW of power generation capacity to Serbia was signed with a consortium between Hyundai Engineering and UGT Renewables in the Presidency of Serbia on Wednesday, at a ceremony also attended by Serbian President Aleksandar Vucic.

The US and South Korean ambassadors to Belgrade, Christopher Hill and Jaewoong Lee, were also in attendance.

On behalf of Serbia, the agreement was signed by Minister of Mining and Energy Dubravka Djedovic Handanovic and the CEO of the national power company EPS, Dusan Zivkovic.

UGT Renewables CEO Adam Cortese, Hyundai Engineering CEO Hyeon-Sung Hong and Sangmin Park, strategic manager at Hyundai Engineering's Belgrade branch, signed the document on behalf of the consortium.

Vucic announced the signing of the agreement last week.

"We will sign an agreement with UGTR next week. I discussed that all the time with (US) President (Joe) Biden, too. He himself spoke about how significant a company it is and how important it is for us to continue investing in energy, because we will not have enough electricity if we do not hurry up," Vucic said after a meeting with US Under Secretary of State for Economic Growth, Energy and the Environment Jose Fernandez.