Serbia’s state-owned power utility EPS is seeking to acquire or jointly develop renewable-energy projects, opening a potential transaction route for developers while raising questions over how purchase prices will be assessed and disclosed. The call covers both operating assets and projects under development. Eligible solar, wind and hybrid projects must have at least 50 MW of installed capacity and be connected to the transmission grid. Battery storage will receive additional weight in the evaluation. EPS is also seeking potential projects involving biomass, waste-to-energy and green hydrogen.
Financial and technical assessment
Acquiring projects could allow EPS to expand its renewable portfolio without developing every asset independently. The utility plans to evaluate proposals using a standard financial model and carry out legal, technical and financial due diligence before completing transactions.
Common financial assumptions can provide a basis for comparing different proposals and assessing whether proposed prices are consistent across projects. The assumptions used in the financial model, the results of the due-diligence process and the final purchase prices are not expected to be made publicly available.
Selection process outside public procurement rules
The acquisition process is outside Serbia’s public procurement procedure. As a result, unsuccessful bidders would not have access to an appeal before the Public Procurement Commission, which reviews disputes under the public procurement framework. The process also does not provide for publication of bidders’ identities or explanations for rejected offers. The absence of such disclosures does not establish improper conduct, but it limits the information available for external scrutiny of decisions involving a state-owned buyer.
Opportunities for renewable developers
For project developers, EPS could provide a potential buyer for operating assets and projects that have already secured elements such as land, permits or grid access. The utility’s evaluation framework is therefore relevant to developers seeking to monetise projects before or after construction. For EPS, the acquisitions would need to demonstrate that the purchased or jointly developed assets provide viable renewable generation at a defensible acquisition price.
