Elektroprivreda Srbije (EPS) has opened a formal channel for acquiring and co-developing private renewable-energy projects, expanding its approach to generation beyond internally developed capacity and strategic partnerships. The public call targets solar, onshore wind and hybrid projects of at least 50 MW that can connect to Serbia’s transmission system. Projects including battery energy storage systems (BESS) will receive additional evaluation weight. A separate category covers biomass, waste-to-energy, biogas, landfill gas and green hydrogen projects. EPS is also offering land and infrastructure at existing energy locations, including Kolubara A and Morava, for potential joint development.
Grid access increases project value
The programme gives EPS a route to acquire projects that private developers have already advanced through parts of the development process. This could reduce the period between investment decisions and commissioning, particularly as grid capacity has become a major constraint for renewable developers seeking connection studies and available transmission capacity.
Serbia has also delayed new connection-study cycles for variable renewable projects, increasing the importance of projects with advanced grid positions. A project with secured land and permits but uncertain grid access has a different economic value from one with an advanced connection process. EPS’s acquisition programme introduces a major potential buyer into that market. For developers, the programme creates an additional exit option. Sponsors could advance projects through land acquisition, permitting, environmental work and grid development before selling to EPS or bringing the utility into a partnership.
Storage becomes part of project valuation
Renewable development requires substantial capital before construction begins, including funding for grid guarantees, permits, development studies and project preparation. Banks are also examining merchant-price exposure, balancing risks and negative-price periods more closely. A developer can therefore have an economically attractive project while lacking the balance sheet needed to carry it through construction.
EPS can bring greater financial capacity as well as a large generation portfolio, substantial customer demand and the ability to combine renewable output with hydro, coal and future storage. That portfolio approach makes battery storage particularly relevant. A solar project exposed directly to the market can face weak prices during periods of high midday production, while storage can shift electricity toward higher-value hours. BESS can also provide balancing services and potentially reduce exposure to curtailment. For EPS, storage can support the value of renewable generation within its wider portfolio.
Acquisition criteria could establish market benchmarks
The emphasis on BESS indicates that EPS is assessing renewable projects according to both generation capacity and flexibility. Traditional wind and solar valuation focuses on production, resource quality and expected electricity prices. Storage adds potential value through energy shifting and system services. This also makes project valuation more complex. Serbia has a large renewable development pipeline, but individual projects vary significantly in maturity, with some approaching ready-to-build status while others remain dependent on future grid capacity, permits or financing.
Relevant valuation factors include grid status, permitting maturity, expected production, land rights, CAPEX, connection costs, storage configuration and projected electricity-market revenues. Developers with scarce grid-ready projects may seek premiums because new connection opportunities are constrained. EPS, however, must balance the value of faster capacity development against the cost of acquiring projects rather than developing equivalent capacity internally. Private transactions in Serbia generally provide limited transparency on renewable-development valuations. EPS acquisitions could provide market references for the value of advanced wind and solar projects on a per-MW basis and for the additional value assigned to storage and secured transmission access.
Existing thermal sites enter the development strategy
EPS is simultaneously preparing major investment in Bistrica pumped storage, new solar and wind capacity, batteries, grid-related investments and other generation assets. Its acquisition programme will therefore compete with internally developed projects for capital. The offer of Kolubara A, Morava and other existing energy sites follows a different strategy, allowing private developers to propose projects that could reuse existing thermal-generation infrastructure.
Such locations already have grid connections, industrial land, access roads, water infrastructure and established energy workforces, potentially reducing the cost and complexity of replacement-generation projects. The approach could support Serbia’s longer-term transition from coal by giving existing industrial sites alternative uses.
Multiple technologies included in repurposing plans
The economics will differ across the technologies covered by the call. Biomass projects require sustainable and competitively priced fuel, while waste-to-energy projects depend on reliable feedstock, waste-management contracts and environmental compliance. Green hydrogen remains dependent on large quantities of renewable electricity. By inviting private developers to propose potential uses for existing infrastructure, EPS is testing which technologies could make commercial use of assets it already owns rather than prescribing a single replacement model. Successful proposals could broaden the transition strategy beyond wind and solar.
EPS positions itself as potential buyer and partner
The wider acquisition programme targets renewable projects that have progressed beyond early-stage development but have not yet reached full construction financing. Grid access, capital availability and merchant-market risk increasingly distinguish mature projects from speculative development. EPS can potentially acquire projects after private developers have absorbed early development risks and before sponsors commit the full capital required for construction.
For private developers, that creates a potential liquidity route. For EPS, it provides an alternative mechanism for adding renewable capacity. For the market, it could support consolidation around more mature projects. The outcome will depend on how selectively EPS acquires assets. Projects with strong grid positions, advanced development status and competitive economics could attract greater interest, while less mature projects may continue to face financing challenges. The initial transactions will establish how EPS values grid access, project maturity, ready-to-build capacity and battery storage, and whether developers receive premiums for projects that have already overcome major development hurdles.
