Fortis Renewable Energy and the European Bank for Reconstruction and Development (EBRD) have signed a mandate letter regarding potential financing for the Sremska Mitrovica solar power plant (SPP) in Serbia.
The facility in Sremska Mitrovica will house a 270MW-peak solar photovoltaic (PV) plant along with a 72 megawatt-hour battery energy storage system (BESS).
The mandate letter initiates the process of structured financing and due diligence necessary for securing long-term debt, said Fortis Energy, the parent company of Fortis Renewable Energy.
Construction of the project is scheduled to begin in the third quarter of 2026 (Q3 2026), with commissioning likely to take place in Q1 2028. The project is being developed around 80km north-west of Belgrade.
According to Fortis Energy, the Sremska Mitrovica project is expected to be the largest solar PV installation in Serbia and among the largest in the Western Balkans. The project aims to bolster Serbia's energy security while aligning with European climate and energy policies.
It will also significantly increase the renewable capacity of the national grid, enhancing long-term energy security.
The Sremska Mitrovica solar and BESS facility is also expected to play a key role in regional decarbonisation efforts, acting as an essential infrastructure component within Europe’s green transition.
Moreover, it will serve as evidence that large-scale solar developments in sout-east Europe can meet international environmental and social sustainability criteria.
The Sremska Mitrovica project aims to produce more than 365 gigawatt-hours of clean electricity each year. This is enough to meet the annual electricity needs of more than 105,000 households.
The solar and BESS project is also expected to offset roughly 182,000t of carbon dioxide emissions.
According to Fortis Energy, the collaboration with EBRD highlights the pivotal role of institutional partnerships in advancing sustainable infrastructure.
EBRD's support is seen as crucial in mobilising private capital and enhancing market stability within the Western Balkans region.
In October 2025, the EBRD revealed plans to co-finance a solar energy and battery project in Uzbekistan, providing a financing package worth €121m ($142m). This initiative involves two special-purpose vehicles named ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2.
