To accelerate the region’s energy transition, new investments in renewable energy projects are essential, and for Serbia it is crucial to hold the third auctions for market premiums for renewables, it was emphasized at the panel “Financing of Green Energy”, held within the RES SERBIA 2026 Conference in Vrdnik.
Discussions also covered the importance of smaller projects for the green transition, the impact of the CBAM mechanism on companies in the region, as well as the consequences of insufficient domestic electricity production.
Panel participants included Danijel Stojanović, Executive Director Large Corporates at NLB Bank; Svetlana Cerović, Director of Departmant for Specialized Financing at UniCredit Bank Serbia; Jelena Simić Jarić, Director for Large Corporates, Public Sector Banking and Corporate Financing at Erste Bank Serbia; and Ivan Bulatović, Advisor to the Board of Directors for International Cooperation at CGES. The discussion was moderated by Milica Pešterić, Partner at Drašković Popović & Partners.
Third Auctions Needed for Market Premiums
Svetlana Cerović, Director of Departmant for Specialized Financing at UniCredit Bank Serbia, assessed that it is crucial to hold the third auctions for market premiums for renewable energy sources. Until then, she noted, corporate PPA agreements could serve as one of the incentives for developing new projects.
According to her, the bank’s analysis showed that around 1.2 GW of solar and wind projects have the potential to reach financial close, meaning the signing of financing agreements within the next six months.
– Most already have agreed long‑term power purchase arrangements, and we hope that at least one of these transactions will be closed this year – Cerović underlined.
She noted that project financing will be the dominant model for renewable energy projects in the coming period, while corporate green bonds will serve as support within a broader palette of financing sources.
Cerović stated that UniCredit Bank has further strengthened its green portfolio this year by including another operational wind farm Čibuk 2. The 154 MW wind farm was officially commissioned the day before the RES SERBIA 2026 Conference.
She added that smaller projects are also important for the bank, and that the next phase of business development will be the simplification of financing processes for such projects.
PPA Market Still Not Fully Developed
Jelena Simić Jarić, Director for Large Corporates, Public Sector Banking and Corporate Financing at Erste Bank Serbia, pointed out that long‑term PPA contracts, which involve the purchase of electricity from renewable sources at a pre‑agreed price have not yet taken hold.
– We financed Krivača with a commercial PPA, but after that there has not been a single project acceptable for the bank – Simić Jarić said.
She also recalled the commissioning of the Čibuk 2 wind farm, in which Erste Bank participated in the financing.
Speaking about the impact of CBAM, she noted that large companies generally understand the importance of this mechanism, but that small and medium‑sized enterprises need additional education. According to her, companies in the EU began preparing earlier for the new requirements, among other things by using available non‑refundable funds.
She pointed out that such support is not available in Serbia to the same extent, but that grants exist which can cover around 10–15% of investments, although company interest has not been significant.
– Too often, companies view investment as an expense. It is necessary for eligible clients to come forward with projects and start as soon as possible. Because CBAM can put a company in an excellent position, or stop it and prevent sustainable business in the coming period – Simić Jarić said.
Green Transition Also Requires Smaller Projects
Danijel Stojanović, Executive Director Large Corporates at NLB Bank, said that the bank has so far provided around €500 million in green loans, participated in financing renewable energy projects with a total capacity of nearly 500 MW, and secured more than €250 million in support for green construction.
According to him, the market has matured in recent years, while demand for green loans has grown significantly. He announced the realization of a major project by the end of the year, but also stressed that the energy transition cannot rely solely on large investments.
– The green transition will not happen without smaller projects – Stojanović emphasized.
Speaking about financing trends, Stojanović pointed to the importance of international financial institutions, as well as the pressure on liquidity which, according to him, has in recent months increased financing costs.
– Integrated solutions such as solar, wind, and batteries are also becoming the direction forward, which allows banks to be more flexible – Stojanović emphasized.
He added that CBAM is no longer just a regulatory issue but a market risk, and that for the banking sector an important topic is the coupling of electricity markets.
CBAM Increases Costs in the Region
Ivan Bulatović, Advisor to the Board of Directors for International Cooperation at CGES, highlighted the Gvozd wind farm as a positive example of cooperation between a private investor and a state‑owned company. He noted that the wind farm, recently commissioned, consists of eight turbines of 7 MW each, with a project value of €82 million, whose quality was also recognized by the European Bank for Reconstruction and Development (EBRD).
He announced plans for Gvozd 2, a wind farm with three additional turbines totaling 21 MW.
Bulatović also referred to the strategic partnership between Masdar and Elektroprivreda Crne Gore, aimed at developing renewable energy projects with a combined capacity of up to 2 GW.
– Masdar is a partner one can only wish for, and with them we will reach our goal faster, accelerating the energy transition – he emphasized.
Bulatović also pointed to the consequences of CBAM and the costs of electricity imports during periods of high consumption and unfavorable hydrological conditions. According to him, Montenegro was forced in the summer season to import electricity at market prices, which at times exceeded €100 per MWh.
“Last year we had the largest loss, €90 million due to an eight‑month shutdown of the thermal power plant and its ecological reconstruction, combined with a dry year. Then CBAM implementation began, with a significant difference between regional and European exchanges in electricity prices, reaching up to €60 per MWh. Everyone in the region is facing huge losses,” he emphasized, adding that one of the answers to these challenges is to accelerate investment in renewables and to connect regional electricity markets with the EU market.
The RES SERBIA 2026 Conference, held over two days in Vrdnik, gathered decision‑makers, investors, and representatives of the financial, legal, and energy sectors from Serbia and 30 countries worldwide. The conference was organized for the sixth consecutive year by the Association Renewable Energy Sources of Serbia.
