New Chinese investments in Serbia’s energy sector worth 2.7 billion euros

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Serbia’s Minister of Mining and Energy Dubravka Đedović Handanović signed two agreements with Chinese companies that will enable new Chinese investments in the Serbian energy sector with a total value of around 2.7 billion euros.

First, an agreement with China Energy International Group to build a plant for the processing of oil and oil derivatives in Smederevo. Secondly, a Memorandum of Understanding (MoU) with the company Hunan Rich Photovoltaic Science and Technology for investments in the field of renewable energy sources.

“I am very pleased that after the historic visit of Chinese President Xi Jinping to Serbia, we are signing important agreements that open a new chapter in our cooperation in the field of energy and ensure direct investments by Chinese companies that are of great importance for our energy security and energy transition,” the Minister said.

In particular, the MoU signed with Hunan Rich Photovoltaic Science and Technology envisages the investment of this Chinese company in a solar panel factory with a capacity of 1 gigawatt (GW) in Paracin and the construction of a solar power plant with a capacity of 200 megawatts (MW). “It is planned that over three years, 30 million euros will be invested in the plant for the production of solar panels and 180 workers will be employed. Additionally, this company will invest 280 million euros in the construction of a solar power plant in Serbia,” said Ms Đedović Handanović.

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