Hyundai Engineering & Construction Co., Ltd. is poised to secure a landmark 2 trillion won ($1.48 billion) contract for Serbia’s largest solar power project, marking a significant entry into Eastern Europe’s renewable energy market.
The South Korean construction giant, leading a consortium with its U.S. subsidiary and local partner UGT Renewables, expects to finalize the agreement with the Serbian government this month. The deal encompasses the engineering, procurement, and construction of a 1-gigawatt solar facility, complemented by a 200-megawatt energy storage system.
Set to commence operations in June 2028, the project represents the most substantial overseas solar venture undertaken by a South Korean firm to date. Upon completion, Hyundai Engineering will transfer the facility to EPS, Serbia’s state-owned power utility.
While the contract signals Hyundai’s expanding footprint in global renewable infrastructure, industry analysts caution that the project’s profitability and long-term impact on the company’s renewable portfolio remain to be seen. The venture’s success could hinge on Serbia’s evolving energy policies and the stability of the region’s power market.
