April 25 (SeeNews) - Renewable energy developer CWP Europe said it has signed an investment agreement with Power China Resources to build the 300 MW Vetrozelena wind farm in Serbia’s northern city of Pancevo.
The agreement creates favourable conditions for further advancements of renewables in Serbia and puts the companies in a unique position to collaborate and combine global knowledge with specific local experience, CWP Europe said in a press release last week.
“This landmark project will be the largest wind farm in Serbia and one of the largest in the region upon its completion in 2025,” said CWP Europe CEO, Dimitar Enchev.
“Representing one of the largest foreign direct investments in Serbia delivering low-cost clean electricity, the project is an important step towards the diversification and decarbonization of the country’s energy mix,” Enchev added.
The wind farm's electricity output will reduce CO2 emissions by around 820,000 tons per year and will supply electricity to more than 185,000 households.
Vetrozelena will cost around 270 million euro ($297.8 million) to build, local media outlet eKapija quoted CWP Europe director Maja Turkovic as saying in March 2022.
Founded in 2007, CWP is a leading renewable energy developer in Southeast Europe, delivering some of the largest projects and the largest onshore windfarm in Europe. The company's first project in Serbia was the 156 MW Cibuk wind farm. The company has successfully developed the largest wind farm in Europe - the 600 MW Fântânele-Cogealac in Romania. It is currently developing over 6 GW of renewable energy capacity in Serbia, Bulgaria, Romania, Montenegro, Albania, Bosnia and Herzegovina, Slovenia, Moldova, and Ukraine.
PowerChina Resources Ltd. is a platform company specializing in international investment business. It currently owns and manages 23 investment projects with a total global capacity of 5333.5 MW, according to the press release.
$ = 0.9068 euro