Hydrogen production – Serbia secures $2.2 billion investment from China for renewable energy facilities.
China has agreed to invest 2 billion euros ($2.18 billion) in Serbia to build wind and solar power plants as well as a hydrogen production facility, the biggest investment in renewable energy in this Balkan country to date, the Serbian Ministry of Mines and Energy said in a statement.
A memorandum of understanding between the ministry and China’s Shanghai Fengling Renewable Co Ltd and Serbia’s Zijin Copper, a local subsidiary of Zijin Mining. (601899.SS), opens a new tabwas signed on Friday.
The MoU provides for the construction of a 1,500 megawatt (MW) wind farm, a 500 MW solar power plant and a hydrogen plant with an annual capacity of approximately 30,000 tonnes of by 2028, the statement said, with Shanghai Fengling Renewable as the lead investor.
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The energy produced would be used in the copper mine and smelter owned by Zijin, near the town of Bor in eastern Serbia.
Dubravka Djedovic Handanovicthe Serbian Minister of Mines and Energy, declared:
This project will allow Zijin to produce a significant part of (its) electricity needs in a sustainable manner.
“This investment will help us achieve our energy security and independence goals and… achieve carbon neutrality by 2050.”
Zijin Mining became Serbia’s strategic partner in copper mining company RTB Bor in 2018, pledging to invest $1.26 billion in exchange for a 63% stake and then opening the underground copper mine and gold from Cukaru Peki in 2021.
China has invested billions of euros in European Union candidate country Serbia, mainly in the form of subsidized loans for infrastructure and energy projects, as part of its Belt and Road Initiative. Road” aimed at opening external trade links.
To boost economic growth and revenues, the Serbian government has offered mineral resources to foreign investors, including Zijin and Rio Tinto(RIO.L), opens a new tab.
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Hydrogen production – Serbia secures $2.2 billion investment from China for renewable energy facilities. source