Will the American company UGT Renewables LLC acquire a share in EPS?

The national power provider, Elektroprivreda Srbije (The Electric Power Industry of Serbia – EPS) is expected to become a joint-stock company by January 2023.

This transformation paves the way for the privatization of EPS, i.e. the company getting a strategic partner or recapitalizing. According to Nova, the American company UGT Renewables LLC is seen as the future strategic partner of EPS.

In EPS almost everything is ready for the transformation of ownership, i.e. the transition from a state-owned company to a joint-stock company. The first step has already been completed, while the entire procedure should have been finished by early January 2023.

Sources in the Serbian government have confirmed that UGT Renewables LLC will be chosen as the strategic partner: “This Miami-based company is building a power plant that will run on renewable energy and is already present on the Serbian market and cooperating with the state.”

Sources in the American company say the same – “the company is already viewed the future strategic partner. The cooperation between EPS and UGT has begun about ten months ago.”

The strategic cooperation agreement concluded between the Serbian government’s Ministry of Mining and Energy and representatives of UGT was signed in August 2021. Energy Minister Zorana Mihajlović signed the agreement on behalf of the Serbian government.

On the other hand, Serbian President, Aleksandar Vučić, is refuting claims that the sale of EPS is considered. “This is a notorious lie. Anyone considering such a possibility right now would be stupid because they would be working against Serbia’s best interests. We are trying to buy electricity companies in the area not sell ours,” Vučić said.

(eKapija, 15.06.2022)


This post is also available in: Italiano

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