Serbia secures $2bn worth of Chinese investments in RES

The Mining and Energy Ministry has secured a commitment of $2.18bn in investment from China for the development of renewable energy projects.

A memorandum of understanding was signed by the Serbian ministry, China’s Shanghai Fengling Renewable and Serbia Zijin Copper, a subsidiary of Zijin Mining, on 26 January 2024.

The agreement is the largest investment in Serbia’s renewable energy sector to date and includes plans for a 1.5GW wind farm, a 500MW solar plant and a hydrogen production facility capable of producing 30,000 tonnes annually by 2028.

Shanghai Fengling Renewable will be the main investor in the projects.

The energy generated from these renewable sources is intended for use at the Zijin-owned copper mine and smelter near Bor, a town in eastern Serbia.

Following the signing of the MoU, Serbia’s Minister of Mining and Energy, Dubravka Djedovic Handanovic, said: “This project will enable Zijin to cover a significant part of its electricity needs in a sustainable way.”

Zijin Mining became Serbia’s strategic partner in the RTB Bor copper miner in 2018, pledging to invest $1.26 billion in return for a 63% stake and later opening the Cukaru Peki underground copper and gold mine in 2021.

(Nova Ekonomija, 29.01.2024)

This post is also available in: Italiano

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