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June 30, 2025
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Energy storage in focus: How custom insurance solutions are fueling Southeast Europe’s green transition

Battery energy storage is becoming increasingly central to the energy transition in Southeast Europe and beyond, thanks to its key role in enabling renewables integration while ensuring grid flexibility and resilience. However, as battery energy storage systems (BESS) become more advanced and technologically complex, the risks involved exceed those of traditional renewable energy projects, making tailor-made insurance vital to their bankability, safety, and profitability. We discuss the importance of energy storage for the region’s green transition, as well as the critical role of custom-made insurance solutions in the success of BESS projects, with Delyan Iliev, Managing Director of Renewable Energy Insurance Broker (REIB), a market leader in BESS insurance in Southeast Europe.

Why storage is becoming central to Europe’s energy strategy

As Europe accelerates its energy transition, solar is leading the charge. In 2024 alone, 21.9 GWh of new battery energy storage systems (BESS) were installed across the continent, marking a 15% year-on-year growth. With storage now considered essential for grid flexibility, market stability, and renewable integration, Southeast Europe is beginning to recognize its strategic value.

“Energy storage is not a side note anymore, it’s quickly becoming a pillar of the energy system,” says Delyan Iliev, Managing Director of Renewable Energy Insurance Broker (REIB). “We’re proud to help accelerate that shift. In the first half of 2025, we’ve already insured over 5 GWh of battery projects across Europe – including in Bulgaria, Germany, and the UK. That scale shows how far the market has come, and how much trust there is in high-quality insurance.”

In Serbia, solar deployment is gaining pace, and developers are preparing for large-scale projects. Regulatory frameworks are evolving to support hybrid models that combine generation with storage. BESS is no longer just a technical upgrade; it’s a strategic enabler for grid stability, revenue optimization, and investor confidence.

What makes BESS riskier than traditional energy projects?

As storage projects become more complex, so do the risks. Unlike conventional solar or wind installations, BESS introduces specific technical and operational challenges—from thermal runaway and fire risk to cyber threats, component failure, and yield degradation. These are real risks requiring serious attention from insurers and developers alike.

Poor system design, such as insufficient spacing between battery units and PV modules, can also trigger insurance exclusions or delay permitting. “In emerging markets like Serbia, where regulations are still catching up with technology, project design and compliance can make or break an investment,” says Iliev.

This is why traditional, off-the-shelf insurance is no longer adequate. Storage requires a more nuanced approach – one that aligns with each project’s structure, revenue model, and operational realities.

REIB’s approach: Insurance that mirrors project reality

Recognizing this need, Renewable Energy Insurance Broker has created tailor-made insurance solutions designed specifically for energy storage systems. A cornerstone of its model is Business Interruption (BI) insurance – not a standard add-on, but a fully customized product. Rather than applying generic compensation formulas, REIB designs the BI structure around how each project actually earns revenue, whether through tolling agreements, profit-share arrangements, or hybrid mechanisms.

This precision ensures fair and effective compensation, not only when a system completely fails, but also when partial degradation or performance issues occur. Furthermore, the BI coverage accounts for income loss, not just profit, delivering significantly higher payouts in case of disruption. Indemnity periods can be extended up to 18 months, supporting the financial stability of a project well beyond initial damage control.

Why early-stage insurance is so critical for BESS

One of the most critical features in REIB’s offering is early-stage protection. The company insures storage projects from the installation phase, well before grid connection. This phase, often excluded by traditional policies, is one of the riskiest stages in a project’s lifecycle. By covering this early gap, REIB offers peace of mind to both developers and investors.

In addition, REIB’s policies include protection against underperformance (reduced yield), cyber risk coverage for systems managed via EMS or SCADA, and third-party liability, including sudden environmental pollution, which is increasingly relevant for permitting and compliance in European markets.

Applicable to co-located and stand-alone storage

While co-located solar + storage projects dominate the market, stand-alone BESS is gaining traction in Serbia and other Southeast European countries. These projects play a crucial role in grid balancing, frequency regulation, and capacity markets, especially in areas where renewable generation is unevenly distributed.

REIB’s insurance framework applies to both co-located and stand-alone BESS systems, adjusting coverage parameters to meet the distinct operational and revenue profiles of each. Whether tied to a solar plant or operating independently, these assets face risks that must be managed holistically.

What gives REIB its unique market perspective?

REIB is more than a broker, it’s also an investor. The company is directly involved in PV+BESS projects like the 4.1 MWp solar plant with 4MW/8 MWh BESS in Nikolichevtsi and the 5 MWp + 6MW/12 MWh BESS in Bagrentsi. “We don’t just assess risk from a distance,” says Iliev. “We experience it firsthand, and that’s what helps us design smarter coverage.”

How insurance can drive the BESS market forward

For REIB, insurance is not just a regulatory requirement; it’s a strategic lever. “Well-structured insurance improves bankability, secures investor confidence, and unlocks access to financing,” says Iliev. “In a sector like BESS, that can be the difference between stalled progress and market leadership.”

As Serbia and its neighbors move toward a new energy reality, battery systems will be central to the equation. Making them bankable, and insurable is where REIB steps in, helping to turn risk into resilience and innovation into long-term value.

For more information about tailor-made insurance solutions for BESS projects, contact the REIB team to explore how they can support your next project.

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June 30, 2025
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Montenegrin power utility to borrow EUR 25.6 million for phase 2 of Gvozd wind farm

Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG) plans to take out a EUR 25.6 million loan from the European Bank for Reconstruction and Development (EBRD) to finance the second phase of the Gvozd wind farm project, with an installed capacity of 21 MW. The first phase of wind farm Gvozd, which is under construction, will have a capacity of 54.6 MW.

Announcing its request for government consent, EPCG stated that the capacity increase through the second phase of Gvozd would improve the security of electricity supply, increase the share of renewable energy in the country’s energy mix, and help Montenegro meet its international climate policy commitments.

EPCG previously announced that it expected the start of construction of the Gvozd 2 wind farm in early 2026.

The new document also states that EPCG has submitted a viability assessment of the Gvozd 1 and Gvozd 2 projects, prepared by German consultancy Fichtner GmbH & Co. KG for the purpose of securing financing from the EBRD.

The first phase of wind farm Gvozd will cost EUR 82 million

The first phase of the Gvozd wind farm, with eight turbines, is financed by an EUR 82 million loan from the EBRD. The groundbreaking ceremony was held in November 2024, and EPCG expects the power plant to enter trial operation by the end of this year. Its planned annual electricity output is 150 GWh.

A contract for the design, procurement, supply, and installation of equipment, as well as the commissioning and long-term maintenance of the future wind power plant, was signed with German company Nordex. EPCG said at the time that wind farm Gvozd would be its first large-scale power generation facility built in more than 40 years.

SCADA and ADMS will be introduced through a EUR 35 million project

In the announcement, EPCG also says it signed an agreement with the EBRD in January on financing a project to introduce the SCADA and ADMS systems into Montenegro’s power system. The implementation of SCADA (supervisory control and data acquisition) and ADMS (advanced distribution management system) is a key step towards modernizing the electricity distribution network, the document states.

SCADA enables remote control, monitoring, and automation of electricity distribution, while ADMS supports the integration of renewable energy sources. Together, these systems significantly improve the reliability, efficiency, and security of the power system, EPCG explains.

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June 30, 2025
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Fortis Energy gets green light in Albania for 62 MW solar power project

Fortis Energy received approval from the Albanian government for the construction of a 62 MW solar power plant in the country’s southeast. It is allowed to operate the facility for 49 years since the entry of the decision into force.

Turkey-based Fortis Energy is expanding its presence across the Balkans. Its subsidiary Fortis Energy and Construction won consent from the Council of Ministers of Albania, where it has a 600 MW project pipeline, for a 62 MW solar power plant.

At the site in the municipality of Kolonja in the country’s southeast, at the village of Taç Lartë, the facility must be built within 36 months since the entry of the decision into force. The company is yet to obtain a construction permit.

In addition to solar power, Fortis Energy invests in wind power, biogas power plants and battery storage. The company was a bronze sponsor this year at Belgrade Energy Forum, organized by Balkan Green Energy News.

PV plant’s location is in Korça district

The government’s approval includes the operation of the facility for 49 years, including the said 36 months for construction, ancillary works and commissioning. The location for Fortis Energy’s future solar power plant in the district of Korça is not subject to concession, according to the update.

The project doesn’t benefit from any state support measures, it reads.

The amount of the required guarantee is equivalent to 5% of the investment

Every three months, the company is obligated to send a progress report to the Ministry of Infrastructure and Energy and the National Agency of Natural Resources. They both have the right to supervise during the implementation, commissioning and operation.

Before signing the contract with the ministry for the solar power project, Fortis is required to provide a guarantee in the amount of no less than 5% of the investment value. The company will deliver 2% of the annual output or an equivalent in money, as a royalty, the government added.

Fortis Energy has 2 GW underway in Southeast Europe, of which one half would be solar and wind parks in Serbia

Fortis Energy is working on renewable energy projects of 2 GW altogether in Southeast Europe. One half would be solar and wind power plants in Serbia. The company recently signed a grid connection contract there for the Erdevik solar park, of 110 MW in peak capacity.

Last year it commissioned a 79.9 MW solar power plant in Oslomej in North Macedonia. The connection capacity is 68.7 MW. It plans to build battery energy storage systems (BESS) with both PV facilities.

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June 30, 2025
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Solar module maker Bisol to triple production capacity with new Slovenian plant

Slovenia-based Bisol Group, the largest manufacturer of European-made solar modules, plans to build a new factory in an investment estimated at EUR 32.3 million. The facility in Murska Sobota in northeastern Slovenia is expected to triple Bisol’s annual production capacity, from 750 MW currently.

“We want to start construction in September. We are still selecting a contractor. Production must begin no later than October 31, 2027,” says Uroš Merc, co-founder and CEO of Bisol Group.

Production at the new plant is expected to begin in 2027

Its modules, manufactured in Slovenia, are labeled Made in Europe and enjoy a privileged status in Italy and Austria, ensuring higher subsidies or tax breaks for customers. According to Slovenian portal Finance, Italian customers now purchase most of their European modules from Bisol.

The company, founded in 2004, exports 98% of its production to 140 countries worldwide, with its largest markets remaining in Europe. Since its inception, Bisol has exported 2 GW of solar modules worth more than EUR 1.2 billion. Last year, it posted a net profit of EUR 12 million on revenues of EUR 66 million.

In 2009, the company expanded its portfolio with mounting solutions for solar modules. They are now sold in 50 countries worldwide.

Bisol has sold 2 GW of solar modules since its inception in 2004

The company’s headquarters and existing production facilities are located in Latkova Vas near Prebold, Slovenia. It employs 230 people across 14 subsidiaries and affiliated companies.

The group also operates solar power plants and sells electricity

The group also operates several solar power plants and sells electricity, both wholesale and retail, through its subsidiary Bisol Energija. Its offer includes dynamic tariffs for both businesses and households. At the end of last year, Bisol Energija introduced virtual communities for its customers.

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June 27, 2025
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Hidroelectrica to begin construction of its pilot floating photovoltaic plant

Romanian state-owned hydropower plant operator Hidroelectrica picked the contractor for a 10 MW floating solar power plant, its first, on the reservoir of the Ipotești hydroelectric plant.

Hidroelectrica awarded the contract for the construction of the Proiect Pilot Nufărul floating photovoltaic system.

The pilot project could open the way for the installation of a group of such facilities, also on the Olt river and in a joint venture with Abu Dhabi Future Energy Co. (Masdar).

Pilot floating plant is part of wider push for synergy of photovoltaic technology with hydropower

Notably, Hidroelectrica picked the contractor last month for setting up solar panels on the roofs of its 20 hydroelectric plants. They are on the middle and downstream parts of the Olt river as well.

The site for the 10 MW pilot project is the reservoir of the 57 MW Ipotești hydropower plant. Hidroelectrica conducted the procurement through a tender, which it valued at EUR 9.3 million excluding value-added tax. The utility awarded the deal to Waldevar Energy, which won with a bid of EUR 7.7 million excluding VAT.

The firm’s subcontractors are Marine Research, S.C. DHI-SW Project, and Makor Energy Solutions.

Project implementation is limited to 14 months, of which the works would last ten months.

Hidroelectrica to learn from new investment to replicate it

The floating power plant will consist of bifacial photovoltaic panels of 620 W, inverters of 100 kW, energy optimizers and four transformer stations, the documentation reveals. Annual output is estimated at 13.4 GWh. The floaters would be made of high-density polyethylene (HDPE).

The facility would be connected to the grid via the Ipotești hydropower plant.

Hidroelectrica pointed out that it aims to diversify the production portfolio and capitalize on synergy between solar and hydropower. The state-owned hydropower operator intends to obtain know-how from the construction and exploitation of the pilot system and replicate the concept elsewhere.

The turnkey contract includes design, purchases, assembly, installation, testing and commissioning.

Hidroelectrica operates 188 plants with a capacity of 6.4 GW overall. It has one wind farm, Crucea Nord, of 108 MW.

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June 27, 2025
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Satellite dishes get new life, hosting solar panels for data center

A Swiss telecom service provider converted unused satellite dishes into solar dishes, powering its data center’s rising energy needs. Smart energy tech firm SolarEdge provided its DC-optimized inverter solution, overcoming the challenge of shading.

CKW, a Swiss provider of integrated energy and building technology solutions, has transformed disused satellite dishes located on the premises of telecom service provider Leuk TDC. The project was developed in collaboration with smart energy technology company SolarEdge, highlighting the potential of repurposing infrastructure for solar.

Instead of disposing of the parabolic antennas, they now host photovoltaic systems. Axpo’s subsidiary CKW fitted two satellite dishes in Leuk, Switzerland, with 307 solar panels each.

The new design for the complex, constructed in 1972, enables meeting the energy requirements of Leuk TDC’s power-hungry data centre. Each dish generates an estimated 110 MWh of clean energy per year. The telecommunications firm has also installed a rooftop solar system on the main building of the computing and data centre, for a further 555 MWh.

The data centre is powered by hydroelectric plants as well, so its electricity demand is covered with 100% renewable energy.

SolarEdge systems maximizing output of each pair of PV panels in satellite dishes

Given the complex orientation and inclination of the solar panels on the satellite dishes, shadows threatened to reduce the efficiency of the solar system. With traditional string solar inverters, they reduce the overall performance of the solar array to match the weakest-performing panel on the string, meaning one shaded panel could reduce energy yield considerably.

In a string structure, a photovoltaic unit in a satellite dish wouldn’t be cost-effective

SolarEdge’s DC-optimized inverter solution was used with Power Optimizers, attached to the underside of every pair of solar panels. It enables the solar system to mitigate the impact of module mismatch on the satellite dishes. Inverters turn the direct current (DC) from PV panels into alternating current (AC).

“Having design flexibility with a solar installation is a huge benefit for installers. In complex cases such as these, with uneven surfaces, without the use of power optimizers we simply would not have been able to achieve anywhere close to the level of energy being produced today. I recommend that others planning similar solar installations allocate sufficient time for planning and collaborate with trusted personnel to overcome any technical challenges,” said CKW’s Deputy Head of Solar Technology for Central Switzerland Manuel Jossi.

Making use of existing ability to track sun’s movement

The combination of PV and hydropower provides Leuk TDC with more financial stability by reducing its dependency on variable grid electricity costs. “The satellite dishes were becoming obsolete, so we always knew we wanted to make use of them in some way or another,” the company’s Chief Executive Officer John Harris explained.

One other advantage is that the parabolic antennas follow the sun’s path throughout the day, maximizing the solar power output.

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