en.Wedoany.com Reported - The Korea Trade Insurance Corporation will provide export financing worth 900 million euros (approximately 1.5849 trillion won) for a solar power generation project in Serbia involving companies such as Hyundai Engineering. This initiative aims to support Korean companies in participating in large-scale renewable energy projects, expand exports of domestic equipment, and facilitate entry into overseas markets.

The project, to be executed by a consortium of Hyundai Engineering and UGT Renewables, a U.S. investment and development firm, is a national-level project promoted by the Serbian government to meet the conditions for joining the European Union (EU), with a total capacity of 1,200 megawatts.

Serbia is leveraging its abundant solar resources to implement an energy transition policy aimed at reducing reliance on coal-fired power and increasing the share of renewable energy. In this project, the consortium of Hyundai Engineering and UGT Renewables will be responsible for engineering, procurement, and construction (EPC) as a general contractor. The supply of core equipment such as solar modules and transformers will involve Korean companies, expected to bring substantial export expansion effects.

The Korea Trade Insurance Corporation will assume, through reinsurance, the risks corresponding to the supply of Korean-made equipment within the overall financial guarantee provided by the Swedish Export Credit Agency (ECA) EKN. By sharing project risks, the corporation plans to support Korean companies in executing the project stably. This cooperation marks the second financial collaboration case between the Korea Trade Insurance Corporation and EKN, following the Angola solar project in 2020.

Jang Young-jin, President of the Korea Trade Insurance Corporation, stated that this project is the largest eco-friendly energy project undertaken by Korean companies overseas and the first case of direct participation in a Serbian national energy project. The institution will actively support Korean renewable energy companies in entering overseas markets in line with the global energy transition trend.

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