Financing of Wind Energy Projects in Serbia: Current Status and Future Prospects

Abstract

In recent years, renewable energy deployment is becoming an important goal for increasing number of countries including Serbia. Owing to an outdated energy infrastructure that is inherited from Socialist Federal Republic of Yugoslavia and a slow pace of energy transition, approximately 66% of Serbia’s electricity is still generated by coal-fired power plants. Serbia’s energy strategy is oriented toward clean energy, whereby wind energy has increasing role for energy transition. This study investigates the current practice of wind energy project finance in Serbia based on a case study approach. We conclude that significant progress has been made over the last decade. However, future development is strongly dependent on the update of national legislation, energy sector stability and the availability of suitable financing sources to support new projects.