In July of this year, the public learned that the US company Bechtel was the only one to qualify for the next phase of negotiations regarding the construction of the Đerdap 3 pumped-storage hydroelectric power plant. Furthermore, information recently arrived that the Jaroslav Černi Institute has won the tender for drafting the planning and part of the technical documentation for the implementation of this energy plant project.
However, sources close to the Serbian government, speaking to Forbes Serbia, claim that Serbia still has no intention of carrying out this project. First, due to the fact that the financial structure has not been finalised, while the value exceeds two billion euros. And second, because building this hydroelectric plant would first require obtaining the consent of the Romanian government, which is nowhere near being secured.
Forbes Serbia investigated how far negotiations between the two countries have progressed and what the Memorandum of Understanding between Serbia and Romania actually means. What do the plans say, and what is the current “state on the ground”?
Election stunts
The Ministry of Mining and Energy signed a contract about ten days ago for the preparation of part of the project-technical documentation for Đerdap 3 with a consortium of companies led by the Jaroslav Černi Institute for Water Management, Minister Dubravka Đedović Handanović recently announced.
As emphasised, this involves drawing up a Preliminary Feasibility Study with a general project design, alongside the creation of a Spatial Plan for an area of special purpose with an environmental impact assessment.
“RHE Đerdap 3 represents one of the most important strategic projects for the future of Serbia’s electrical power system. Depending on its capacity, RHE Đerdap 3 has the potential to become Europe’s largest natural battery, i.e., an energy storage facility,” the minister said at the time.
On the other hand, Forbes Serbia sources say that Serbia has no serious intentions of building Đerdap 3 anytime soon. More precisely, the project is not being worked on with the intensity that one might conclude from officials’ statements.
“The state’s determination is to develop this project as one of Serbia’s most significant electric power projects in the coming decades. Parallel to the preparation of documentation, we will intensify talks with the Romanian side on all relevant project issues concerning both states,” said Dubravka Đedović.
Romanians not responding to Forbes Serbia
Forbes Serbia wrote to the Romanian Ministry of Energy regarding this project and the discussions that should take place with our country – particularly on account of the Memorandum of Understanding signed this summer. However, we did not receive a response prior to the publication of this article.
Neither side in the negotiations is disclosing what stage these talks are in, or whether Serbia is close to reaching an agreement or obtaining construction approval from Romania.
To recap, the Romanian authorities previously claimed they were not interested in Đerdap 3 as a project, and that they would not permit anything that could threaten the stability of the two existing hydroelectric plants, Đerdap 1 and 2. In the meantime, this stance has been softened and the aforementioned Memorandum was signed, which, being non-binding, does not mean the Romanian side has given its consent. However, experts say it may indicate that the country is not automatically opposed to building the pumped-storage plant, though it is also a long way from readily agreeing to it. That is yet to be the subject of potentially lengthy negotiations.
Serbia is already preparing for construction
Conversely, Serbia is already well underway with preparations for construction. Listening to the authorities, one would think that Romania’s permission is not even needed. Bechtel has already been chosen as the only one out of six submitted bids that meets the conditions to participate in building this project. What is known for sure is that this internal tender was conducted in accordance with the Energy Agreement between Serbia and the USA.
As Forbes Serbia has previously written, only companies from that country received an invitation to participate. The law regulating public procurement procedures was thus subtly bypassed, even though the Agreement itself repeatedly references it.
“The state’s goal is to complete the project documentation in the shortest possible time, and no later than the end of 2029, so that this new energy capacity can enter the construction phase as soon as possible,” the minister stated.
For her, the contract with the Jaroslav Černi Institute represents merely a logical continuation, namely “the transition of the project from the analysis phase into the implementation phase.”
Who makes up the consortium?
The deal concluded with the consortium is worth 748.8 million dinars, including VAT, according to the Public Procurement Portal.
The lead partner of the consortium is the aforementioned Jaroslav Černi Institute, owned by the Serbian company Millennium Team. Alongside it, the consortium comprises the Institute of Architecture and Urbanism of Serbia, as well as the companies Gruner Balkans and Gruner Stucky from Switzerland.
To recap, the Ministry of Mining and Energy decided to select a potential contractor directly, invoking the Serbia-US Agreement, whereas it carried out a public procurement process for the drafting of documentation. However, only the aforementioned consortium applied, and the contract was ultimately concluded with them.
Bechtel long interested in Đerdap 3
The selection of Bechtel as the sole potential contractor also comes as no surprise. Back in 2022, this US company was viewed as the state’s strategic partner on the project – even though Serbia was nowhere near signing the energy cooperation agreement it now relies on at that time.
This company already financed and produced the Preliminary Feasibility Study, which was confirmed to Forbes Serbia by the Ministry of Energy at the time.
In Serbia, Bechtel is building the Morava Corridor – specifically the Pojate–Preljina motorway – in a consortium with the Turkish company Enka.
(Forbes Serbia, 30.09.2026)