The European Bank for Reconstruction and Development (EBRD) and the European Union have committed new investments in hydropower to support Serbia in the quest to improve green energy transition. The two partners are financing a renovation project at the Vlasinske hydropower cascade, a strategic move toward further modernization of the country’s energy infrastructure, with increased utilization of renewable sources in its general energy mix.

The EBRD is going to extend up to €67 million financing to EPS to reconstruct the Vlasinske hydropower cascade. Additionally, the EU will contribute to the investment by providing an amount of €15.4 million through the Western Balkans Investment Framework (WBIF). Thus, this joint effort by these institutions portrays their interest in Serbia’s transition towards a cleaner energy future.

Revitalization of Serbia’s oldest hydropower system

Originally built in 1946, the Vlasinske cascade is one of the oldest hydropower plants in Serbia. The project will extend the plant’s life and boost its capacity by 8 MW, bringing the total to 137 MW. The facility will help Serbia reach its energy demands while going towards cleaner energy sources.

Also read: EBRD Partners with Mongolia to Accelerate Renewable Energy Transition at Davos

Strengthening Serbia’s Energy Security and Sustainability

Matteo Colangeli, the EBRD’s Regional Head of the Western Balkans, said, “We are pleased to be financing the reconstruction of the Vlasinske hydropower cascade, an important project for Serbia’s energy security, and increasing renewables’ share of its generation mix, including by enabling greater integration of intermittent sources like wind and solar.”

He added, “Serbia is making progress on its green energy transition, which is crucial to maintaining economic competitiveness and raising environmental standards. The EBRD is committed to continuing to support this journey through more investments, technical assistance and policy advice.”

Transitioning to Clean Energy

The Vlasinske hydropower project plays a key role in Serbia’s shift from coal to cleaner energy and meeting EU standards. Through this investment, Serbia is modernizing its infrastructure and creating a path for future renewable energy projects.

TA’ZIZ, one of the leading constructors in the diversification drive within the industrialized push for the UAE, announced that it would award an EPC contract, worth $1.7 billion, to South Korea’s Samsung E&A for the establishment of one of the world’s largest methanol plants located at Al Ruwais Industrial City in the region of Al Dhafra Abu Dhabi, enabling the broader aim of economic diversification within the UAE.

The First Methanol Production Plant in the UAE

The new facility will annually produce 1.8 million tons of methanol, the first of its kind in the UAE. The plant will open by 2028 and will use clean energy supplied by the national grid, thereby making it one of the world’s most energy-efficient methanol plants. The facility, when opened in 2028, will help strengthen the position of the UAE as a significant player in chemicals globally.

Mashal Saoud Al-Kindi, CEO of TA’ZIZ, said, “This landmark EPC contract award is a significant step in realizing TA’ZIZ’s vision to drive the UAE’s industrial growth by creating a world-scale integrated chemicals ecosystem in Al Dhafra region.”

Strengthening the UAE’s Global Chemical Position

The partnership between TA’ZIZ and SAMSUNG E&A attempts to further the UAE’s position as an international leader in the production of sustainable and advanced methanol. Hong Namkoong, President and CEO of SAMSUNG E&A, expressed pride in the collaboration, saying, “SAMSUNG E&A is honored to receive this recognition, highlighting TA’ZIZ’s and our commitment to driving industrial innovation, diversifying the UAE’s economy, and enabling sustainable growth.”

Also read: Aramco Partners with Carbon Clean and Samsung E&A for Advanced Carbon Capture Demonstration

Expansion of the UAE’s Chemical Industry

The first phase will be capable of producing 4.7 million tons per annum (mtpa) of a portfolio of chemicals that includes methanol, low-carbon ammonia, polyvinyl chloride (PVC), ethylene dichloride, vinyl chloride monomer, and caustic soda. It is the first time that the UAE will produce these chemicals in-country, contributing to TA’ZIZ efforts to strengthen local industry and drive diversification.

By 2028, TA’ZIZ would increase chemical production, and thereby it will further the strategic objectives of speeding up industrialization in the region. The plant is going to reduce further dependence on imports by the country and help the developing chemical sector of the country.