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July 7, 2025
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EU’s Modernisation Fund disburses EUR 3.66 billion for clean energy projects in nine countries

Energy modernization projects in nine member states of the European Union will receive a total of EUR 3.66 billion from the Modernisation Fund, in the largest disbursement to date from the facility financed by carbon pricing revenues, according to a press release from the European Commission. The selected projects focus on renewable energy, grid upgrades, energy storage, and energy efficiency.

The largest beneficiary of the latest disbursement is Poland, which will receive EUR 1.33 billion for its projects, followed by the Czech Republic, with EUR 1.05 billion, and Romania, with EUR 712.3 million. Hungary will get EUR 181.3 million, Croatia EUR 170 million, and Greece EUR 113.6 million. The rest will go to Latvia (EUR 40 million), Lithuania (EUR 37 million), and Slovenia (EUR 19.7 million).

Croatia will finance renewable heat production and zero-emission transportation, and Slovenia will upgrade power grid to integrate renewables

In Croatia, EUR 80 million will be used for the production and use of heat from renewable energy sources and energy efficiency improvement in heating and cooling systems. The rest will go to investments in zero-emission transportation. In Slovenia, the funding will facilitate renewables integration through the modernization and development of the electricity transmission and distribution network.

Greece, which became a Modernisation Fund beneficiary in January 2024, intends to replace urban diesel buses with new electric buses, improve energy efficiency in municipal swimming pools, and switch the heating and cooling systems in its greenhouse infrastructure to renewables.

In Romania, the funding will help improve the energy efficiency of facilities covered by the European Union’s Emissions Trading System (EU ETS), support the contract-for-difference (CfD) scheme for onshore wind and solar, and finance the installation of solar and wind power plants for self-consumption in the agricultural and food sectors and public institutions. It is also intended for investments in new solar, wind, and hydropower capacities and to support the modernization and rehabilitation of the district heating network.

In the Czech Republic and Lihtuania, the funding will support energy storage projects

Other example projects include investments in storage capacity for renewable electricity in the Czech Republic, investments in large-scale energy storage capacities in Lithuania, and a clean air program in Poland that focuses on energy efficiency improvements and heat source replacements in single-family houses, according to the press release.

The investments will reduce greenhouse gas emissions in the energy, industry, and transportation sectors, improve energy efficiency, and help the beneficiary states meet climate and energy targets, the commission said.

The projects will also help improve people’s everyday lives, by reducing bills, improving public services, creating jobs, and making the energy transition real, fair, and beneficial for all, according to Teresa Ribera, the European Commission’s Executive Vice-President for Clean, Just and Competitive Transition.

With this latest round of funding, the total disbursements from the Modernisation Fund since January 2021 have climbed to EUR 19.1 billion. The fund is financed by revenues from the auctioning of emission allowances under the EU ETS.

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July 6, 2025
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Slovenia’s sole coal-fired power plant Šoštanj to keep main unit offline until fall

As of this year, Slovenia’s only coal-fired power plant, Termoelektrarna Šoštanj (TEŠ), has shifted its primary focus to supplying heat, with electricity now sold as a byproduct. The ongoing overhaul of its unit 6 is expected to be completed in the coming days, but the 600 MW block will not be restarted until the end of September, when demand for heat is set to rise.

As part of the coal-phaseout process, targeted for completion in 2033, the Government of Slovenia decided last year to set aside EUR 403 million to save TEŠ and coal mine Velenje from bankruptcy and take over both from state-owned power utility Holding Slovenske Elektrarne (HSE).

TEŠ hopes the fall months will drive revenues

TEŠ hopes that the fall months will enable it to meet this year’s revenue target, as the operation of unit 6 is unprofitable in the summer due to low market prices for electricity and reduced demand for heat. This year, the power plant aims to earn EUR 400 million from the sale of heat and electricity.

Apart from unit 6, TEŠ operates only one other coal-fired generator, unit 5, with a capacity of 345 MW, while its first four blocks have been shut down.

The changed circumstances have been challenging for TEŠ, according to its CEO, Branko Debeljak. As HSE no longer sells TEŠ’s electricity, the plant had to set up its own sales department and seek customers on the market. Even so, the first four months of 2025 were quite successful when it comes to electricity sales, says Debeljak. The plant sold 1,045 GWh of electricity, generating revenues of EUR 138 million, or EUR 29 million more than initially planned, according to him.

The overhaul of unit 6 began in April

The overhaul of unit 6 began on April 22 and was expected to be completed by June 20. However, due to delays in the delivery of components, it had to be extended until early July. The completion of the overhaul will be followed by a short trial run, and a restart is planned at the end of September when the need for heat supply is set to rise again.

Slovenia aims at a 55% drop in emissions by 2033, and an early closure of its only coal-fired plant could help achieve that target. It seems likely that TEŠ will be shut down within a few years or operate at minimum capacity.

In June, Ireland’s Moneypoint power plant stopped burning coal, marking the end of coal use in the country. Slovakia and Spain officially intend to exit coal in 2025, followed by Greece (2026), France and Hungary (2027), and Denmark and Italy (2028). However, the dates could be pushed forward, and more countries could join the group in the meantime.

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July 4, 2025
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Serbia, North Macedonia working on gas interconnector project

Serbia’s state gas company Srbijagas and North Macedonia’s gas transmission system operator Nomagas signed a memorandum of understanding expressing their intention to soon build a gas interconnector between the two countries. Srbijagas is also expected to present a plan for a gas interconnection with Romania.

The memorandum, signed by Srbijagas General Manager Dušan Bajatović and Nomagas Executive Director Muhamet Elmazi, confirms the pipeline’s border crossing point, an important step in preparing technical documentation and project implementation, according to a press release from Srbijagas.

The interconnector’s planned two-way capacity is 1.5 billion cubic meters of natural gas per year. The feasibility study, financed through the Western Balkans Investment Framework (WBIF), is expected to be completed soon, according to a statement by Nomagas.

The interconnector’s planned capacity is 1.5 billion cubic meters

In North Macedonia, the interconnector would be connected to the existing Klečovce gas pipeline, and in Serbia, to a pipeline in Vranje that has already been built. Its total length would be approximately 70 kilometers – about 47 kilometers in Serbia and 23 kilometers in North Macedonia.

The memorandum reaffirms the political will expressed in a memorandum signed by the two countries’ relevant ministries in October 2024, particularly the importance of interconnecting energy markets, strengthening the security of gas supply, and diversifying supply routes, according to Srbijagas.

With this document, the two sides also declare their support for increased cooperation between Southeast European countries and the establishment of a regional energy market as part of the European Union’s internal energy market.

Serbia-Romania interconnector project to be presented in September

Srbijagas has also signed a memorandum of understanding with Romania’s national gas transmission system operator SNTGN Transgaz. On the sidelines of a meeting in Bucharest, the two companies’ top executives agreed to present a joint plan in September for a gas interconnection.

The project involves the construction of a new natural gas pipeline to link the BRUA pipeline in Romania with the Mokrin hub in Serbia. The plan is also expected to include the construction of a gas pipeline between Južni Mokrin and Belgrade, via the Banatski Dvor underground gas storage facility and the city of Pančevo, according to a press release from Srbijagas.

The Serbia-Bulgaria gas interconnector was put into trial operation at the end of 2023.

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July 4, 2025
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Project underway for 99 MW Bokšić solar plant with battery storage

The Croatian Ministry of Environmental Protection and Green Transition has initiated a procedure to determine the need for an environmental impact assessment for the planned 99 MW solar power project Bokšić, which includes a battery energy storage system.

The annual electricity production of the Bokšić solar power plant is estimated at just under 120 GWh. The facility, with a planned connection power of 89 MW, would be connected to the grid through a new 110/33 kV transformer station, and then to the existing 110 kV Našice-Slatina transmission line.

The annual electricity output is estimated at just under 120 GWh

The project also includes a battery energy storage system (BESS), according to the environmental impact assessment report prepared in February and updated in June. It would be designed for an operating power of 38 MW and a capacity of 70.8 MWh, with an expected lifespan of 20 years.

Solar power plant Bokšić will have a 70.8 MWh battery system

The assessment procedure is necessary because the developer, Zagreb-based Funicula, intends to build a stand-alone photovoltaic plant, according to the ministry. The project’s site is near Bokšić, in the Đurđenovac municipality in Osijek-Baranja County.

The solar power plant is planned to occupy ​​about 123.8 hectares of land, with photovoltaic panels covering about 46 hectares. The site will be enclosed by a protective masonry fence up to two meters high, raised at least 15 centimeters above the ground to allow small animals to pass underneath, according to the ministry.

Bokšić is among the largest solar projects in Croatia

Few solar projects in Croatia are for a larger capacity than Bokšić. State power utility Hrvatska elektroprivreda (HEP) is working on the Korlat endeavor, also of 99 MW. At an auction last year, two major solar power projects were awarded market premiums – Promina, with a planned installed capacity of around 189 MW, developed by Spain-based Acciona Energia, and Obrovac Sinjski, for 144 MW, to be built by Aurelis Solis.

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July 4, 2025
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IHA: Turkey’s 2024 hydropower additions highest in Europe again

The world’s hydroelectric capacity increased 1.7% last year to 1.44 TW, the International Hydropower Association said in its annual report. It highlighted the sharp rise in the pumped storage hydropower segment. Turkey doesn’t host any such energy storage facilities, but the country’s additions of conventional capacity were the highest in Europe for the second time in a row.

Hydropower generation rallied 10% to 4.58 PWh in 2024. It rebounded strongly from drought-affected lows the previous year, the International Hydropower Association (IHA) calculated. Data from its 2025 World Hydropower Outlook points to strong global momentum, led by a surge in pumped storage hydropower.

The world’s largest source of renewable electricity accounted for 14.3% of supply.

Scandinavia and Central Asia may see a 5%-15% rise in hydropower output from their current fleet, while Southern Europe, North Africa and the Middle East could experience declines of up to 40% by the century’s end, the authors warned. The declines are driven by longer dry periods, reduced flows and greater evaporation. IHA expects the strongest impact in countries such as Spain, Italy and Turkey.

Notably, the last of the three achieved the highest growth in Europe in overall capacity last year, for the second time in a row. Turkey added 241 MW, making it 11th in the world, after 399 MW the year before. Then it was three notches higher on a global scale.

More than half of capacity in project pipeline is for pumped storage

Hydropower development pipeline grew 8% to 1.08 TW, including 600 GW of pumped storage.

Growth in global capacity amounted to 24.6 GW, against 22 GW in 2023. In relative terms, it rose 1.7% to 1.44 TW, of which pumped storage jumped 5% or 8.4 GW to 189 GW. The rise was 6.5 GW in the previous year. The rate in the pumped storage segment doubled in the past two years.

China continues to dominate, with 14.4 GW of capacity added in 2024, including 7.75 GW of pumped storage. It translates to shares of 59% and a head-spinning 92%, respectively, on the global scale. China reached 436 GW, which was 30.2% of the world total.

Hydropower plants in Norway generated almost two times more electricity than the ones in Turkey

The country has more than 91 GW of pumped storage capacity under construction, compared to over 105 GW in the whole world! China is planning to add a whopping 136 GW beyond that in the segment.

The overall hydropower sector faces a potential shortfall of 60 GW to 70 GW by 2030 from the International Renewable Energy Agency’s (IRENA) target in its “tripling renewables” scenario.

A clear business case for pumped storage in Europe is emerging, supported by a project pipeline of 52.9 GW in development, of which 3 GW is under construction, the report reads.

Turkey has strongest conventional hydroelectric fleet in Europe but poor utilization rate

Norway has the most hydropower capacity in Europe, as it reached 33.9 GW last year. Pumped storage hydropower had a share of 1.4 GW.

Turkey remained second in Europe in overall hydropower capacity and ninth in the world, at 32.77 GW. But there are no pumped storage hydroelectric units in the country, so in conventional terms it ranks the highest on the continent.

On the other hand, hydropower production in Norway was almost two times higher than in Turkey in 2024, 140 TWh versus 75 TWh. The latter increased its output from 66 TWh.

Interestingly, while IHA measured an increase of 241 MW in capacity last year in Turkey, IRENA’s earlier annual report showed growth of 424 MW, to 32.39 GW. There is nearly 600 MW currently under construction in the country, according to the update. It compares to 460 MW in the report released a year ago.

France is Europe’s third, with 25.45 GW at the end of 2024, of which 5.1 GW was pumped storage. Output was equivalent to Turkey’s.

Spain was next overall, at 22.75 GW. Portugal came in second-best in added capacity, at 160 MW. Germany is at the top of the chart in operational pumped storage hydropower – 9.45 GW.

As for the other markets that Balkan Green Energy News tracks, Greece had more than 3 GW of pumped storage projects in development at the end of 2024.

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July 4, 2025
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YEO’s Defic Globe buys projects for 219 MW in Romania amid rebranding

Defic Globe, YEO’s Istanbul-based joint venture with Emsolt Investments, acquired 15 project firms developing plans for power plants of 219 MW in total. The portfolio also brings a potential 320 MWh in battery energy storage systems (BESS). Separately, YEO launched its CALL Energy brand, which aims to build 1 GW in capacity by 2030.

Through its subsidiary Defic Globe, YEO Technology (YEO Teknoloji Enerji ve Endüstri) is continuing its expansion in Romania. The Istanbul-based joint venture with Emsolt Investments took over 15 special purpose vehicles (SPVs) or firms for particular investments. They are developing projects for power plants of 218.7 MW in overall peak capacity.

The facilities would be of different sizes and in various locations around Romania, the company said. In addition, the new portfolio brings the possibility for building BESS units with a combined capacity of 320 MWh, according to the update.

YEO, which holds 51% of Defic Globe, estimated the total investment at EUR 220 million. It said the acquisition grows its project portfolio in Romania to 590 MW in peak capacity. Some facilities are operational or under construction, and the others are in the planning phase.

The group comprises direct investments and joint endeavors with Shanghai Electric Power, Scatec and other international companies.

New brand CALL Energy investing up to USD 1 billion

YEO is active in more than 30 countries, delivering turnkey solutions in energy and industrial systems. In the Balkans, in addition to its energy expertise role, it invests in renewable energy projects.

The company carries out projects in areas from advanced energy storage solutions to power grids, high voltage transformer centers, renewable energy plants, industrial, commercial facilities and household energy conversion to hydrogen. YEO was a friend of this year’s edition of Belgrade Energy Forum, organized by Balkan Green Energy News.

Separately, the company launched its CALL Energy brand, formerly YEO Energy (YEO Enerji), and appointed Sacit Akbaş as the subsidiary’s chief executive officer. It aims to invest between USD 750 million and USD 1 billion, of which up to 70% abroad, to build 1 GW in capacity by 2030.

Projects for 1.5 GW in ten countries

Under the slogan CALL to Renewable Energy, the firm intends to develop large-scale projects, especially in Europe. The target growth markets are the eastern part of Europe and the Sub-Saharan regions of Africa, it revealed.

YEO Technology’s renewable energy arm operates 32.6 MW in peak capacity in Romania and Italy. It is about to boost the Romanian part to over 190 MW in peak capacity this year, with two power plants under construction. The project portfolio amounts to 1.5 GW.

YEO Technology’s renewable energy arm counts on growth through EPC services as well

CEO Akbaş came from Enerjisa, where he was the energy solutions director for more than two years. He said more than 30 projects are underway in ten countries on three continents.

CALL Energy also sees growth opportunities in contracting engineering, procurement and construction (EPC) services through the said endeavors. It added that it would engage in asset management as well.

The firm highlighted its preliminary licenses for nine battery-backed solar power projects in Turkey, of 346 MW in total connection capacity. It slated two of them for the start of construction next year. Furthermore, permitting is nearly complete for four hydropower projects of 32 MW altogether. The sites are on the Aras river in eastern Turkey.

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