The contract on the investment in the Vetrozelena contract was signed by Executive Vice President of PowerChina Resources He Shiyou and Chief Executive Officer of CWP Europe Dimitar Enchev. CWP Europe is developing a renewable energy project portfolio of over 6 GW in Albania, Bulgaria, Bosnia and Herzegovina, Montenegro, Romania, Slovenia, Serbia, Moldova and Ukraine.

He Shiyou said that PowerChina Group’s overseas investment platform is proud of its partnership with CWP Europe aimed at upgrading the Vetrozelena project.

When the power plant becomes operational, it will help optimize the energy mix, cut energy costs, stimulate the energy sector’s transformation and sustainable and affordable clean energy supply to the Serbian people, he said and added that the new contract is a perfect start of Power China Resources’ participation in the renewable energy sector in Serbia

According to Enchev, in 2025, when it starts to generate electricity, Vetrozelena will be the biggest wind power plant in Serbia and one of the biggest in the region.

The investment is big, and the clean energy supply at a low price is an important step in the diversification and decarbonization of Serbia’s energy mix, he said and added that the construction is planned to start by the end of the year.

Vetrozelena is the second project that CWP developed in Serbia, Enchev said. It will lower CO2 emissions by an expected 820,000 tons per year, in his words.

CWP Europe is a joint venture of renewable energy investor CWP Global and independent energy trader Mercuria Energy, which has over USD 140 billion dollars in revenues.

Its first project in Serbia was wind park Čibuk.

The contract signing ceremony was attended by Jovana Joksimović, assistant to Serbia’s minister of mining and energy for international cooperation and European integration, Liu Kai, economic and trade cooperation counselor in the Embassy of China in Serbia, and Ji Xiaoyong, president of PowerChina International. Minister of Mining and Energy Dubravka Đedović addressed the gathering via video call.

She said Serbia and China are friends and strategic partners and that their political and economic relations are excellent. The cooperation is particularly strong in the energy sector, she added and highlighted the construction of the Kostolac B3 coal-fired power plant in Serbia.

“Vetrozelena is a large and significant investment in Serbia, which will almost double our current wind power generation capacity. Such projects are changing Serbia’s energy map,” Đedović stressed.

Liu Kai said both China and Serbia are attributing great significance to “new energy” and that the contract marks the start of cooperation in the sphere.