SunCarlito Beta has offered tokens worth EUR 1.7 million to raise funds for installing a 2.2 MW solar power plant near the northern Serbian city of Subotica. The deadline to purchase the tokens is July 9.
Investors can buy 3,402 tokens called Solar Token ST_1, priced at EUR 500 each.
This is the second token offering in Serbia’s energy sector. In mid-March, AVR Solar Park successfully completed the first tokenization in the energy sector, introducing this innovative financing method to the Serbian market.
So far, SunCarlito Beta has invested EUR 450,000 in land acquisition, permitting, and digital token technology. The total project value is estimated at EUR 2.1 million, according to the White Paper, approved by the Securities Commission.
A building permit has been obtained for the construction of the solar power plant
A construction permit for the solar power plant has been granted, and the installation is well underway. Trial operation is expected to begin by the end of 2025, with an anticipated annual output of 1.2 GWh.
The company has identified two main goals: to finance the project with funds raised via tokenization and to allow interested parties to invest in digital assets.
A digital token has the characteristics of a dematerialized bond, the company explained.
The tokens yield an annual return of 6%
The tokens are issued for a period of 15 years and yield an annual return, a fixed interest rate of 6% per year calculated on the remaining principal, according to the White Paper.
During the investment period, token owners are entitled to principal repayments. The first two repayments are set at 33% of the principal every five years, with the final repayment at 34% of the principal.
The tokens can be purchased by individuals or legal entities, including entrepreneurs, with residence in the Republic of Serbia, who must also pass the accreditation process.
The World Bank has decided to end its 2013 moratorium on financing nuclear energy projects amid growing global electricity demand. The move means the lender would support projects to extend the operating life of existing nuclear power plants and speed up the rollout of small modular reactors (SMRs).
The World Bank board’s decision comes at a time when nuclear energy is experiencing a global revival, as electricity demand in developing countries is projected to more than double by 2035.
Ajay Banga, the president of the World Bank Group, said the institution would work closely with the International Atomic Energy Agency (IAEA) on the issues of safety, security, and regulation.
Banga: Delivering electricity as a driver of development
“We’ve made real progress toward a clear path forward on delivering electricity as a driver of development,” Banga said.
Recently, Germany agreed with France to end its opposition to new nuclear power technologies in the European Union. Economy and energy minister Katherina Reiche said Germany would respect other EU member states’ choice of energy mix, but would not return to nuclear power itself. The country shut down its last remaining nuclear reactors in 2023.
Nuclear energy is making a comeback in Southeast Europe as well
The global nuclear energy revival includes the region tracked by Balkan Green Energy News as well. Slovenia is developing its second reactor, Krško 2, while Romania and Bulgaria are planning new units, as well as SMR projects. Croatia is also taking steps to introduce nuclear energy, including SMRs.
Hungary is already building new reactors at the Paks nuclear power plant, as is Turkey, while Serbia is considering the use of nuclear energy.
Banga said the World Bank’s revised strategy would allow countries to determine the best energy mix, with some choosing solar, wind, geothermal, or hydroelectric power, while others might opt for natural gas or nuclear.
However, no agreement has been reached yet on ending a ban on upstream natural gas projects, with further discussions needed on the issue, according to him.
Serbia is expected to finish drafting its energy storage regulations by the end of the year, completing its already strong regulatory framework for renewables, according to Svetlana Cerović, Head of Specialized Lending at UniCredit Bank Serbia. In the next auction for market premiums, Serbia should consider recognizing the contribution of projects involving energy storage, she said at Belgrade Energy Forum 2025.
The two renewable energy auctions Serbia has held so far have shown that its regulatory framework is exceptionally good, Svetlana Cerović said on the sidelines of BEF 2025, adding that it is very important for a third auction to take place to ensure the development of additional renewable energy capacities.
Initiating and financing investments in renewable energy requires a stable, predictable, and transparent regulatory framework, she stressed.
When it comes to regulations covering energy storage, Cerović said she was encouraged to hear that they were being drafted quickly and could be finalized before the end of this year.
“When we talk about renewable energy sources, we talk about long-term financing. Most of these projects are financed through project financing without the right of recourse, and in this sense, the regulatory framework and the predictability of cash flows are very important,” she reiterated.
UniCredit, as a pioneer in the field of renewable energy financing, offers various types of services and has already supported several projects that have been awarded market premiums and guarantees, according to Cerović. “We continue to actively finance these projects and remain open to dialogue,” she said.
UniCredit has financed several projects that have won market premiums
Speaking at a panel on energy storage in Southeast Europe, Cerović said that Serbia should consider involving energy storage in the next auction for market premiums and facilitate flexibility services, adding that the first renewables projects in Serbia that are required to include energy storage are already negotiating financing.
Cerović: The state should subsidize batteries for prosumers and back smaller renewables projects
She also recommended subsidizing battery storage for prosumers as an energy efficiency measure and allocating part of the auction quota for smaller renewables projects, which find it difficult to secure long-term power purchase agreements (PPA).
Talking about BEF 2025, she said the forum had demonstrated its exceptional significance and relevance by bringing together key players in the financing and development of energy projects. The conference was extremely useful for UniCredit, allowing it to make important contacts and initiate potential partnerships, according to her.
Slovenian non-governmental organization Mladi za Podnebno Pravičnost (Youth for Climate Justice) has conducted what it claims to be the first independent economic study on the construction of a second unit of the Krško nuclear power plant.
The economic study on the Krško 2 project (JEK2) showed that the project would not be profitable for a private investor but could be viable for the Government of Slovenia. The authors recommended that, before making a final decision, studies should be produced under two nationwide scenarios: 100% renewable energy or a combination of renewable energy and Krško 2.
Youth for Climate Justice said the largest project in Slovenia’s history requires at least one independent, detailed economic study. It needs to set aside both the potential investors’ aspirations and the opposition to the construction of the second nuclear power plant, the NGO stressed.
The referendum fiasco opened the way for a different approach to the project, but politicians demonstrated no interest, so the organization took the initiative. The study and proposal for a comprehensive project management framework took over a year.
The organization presented four main findings from the study.
The state can go through with the project if it doesn’t count on a profit margin
First, the project is not economically viable for a private company, the authors said and added such a scenario is therefore unlikely. Under a common economic logic, the state would also decide against the endeavor as it wouldn’t be able to achieve the desired return on investment.
However, due to the project’s strategic importance, the state could opt for a version without a profit margin and define the price of electricity generated in Krško 2 at a breakeven level, the study reads.
In that case, there is a chance the project could be profitable after all, as such a price would still be a bit lower than the one that the operator would achieve in the market.
The state could also secure other benefits such as low-carbon, stable energy with minimal impact on biodiversity, the organization noted.
Two important recommendations
The study’s authors suggested establishing a new management framework, giving the project a chance of success and to avoid repeating the issues seen with the TEŠ 6 project, for the sixth unit of the Šoštanj coal-fired power plant.
Of note, there was much controversy over the decision to build it. TEŠ 6 began operating in 2016, but now it is facing closure. The construction cost exceeded the budget, raising suspicions of corruption.
There are two scenarios for the development of Slovenia’s power system
Finally, the NGO recommended reviewing two scenarios for the development of Slovenia’s power system before making a final decision: 100% renewable energy and renewable energy combined with Krško 2.
“Based on that, we will know whether it makes sense for the state to waive financial gains and build JEK 2 or if there are better alternatives for the development of the system,” Youth for Climate Justice underlined.
The study has been presented to the public, but stakeholders will have another opportunity to discuss it on Wednesday, June 18, in Ljubljana.
A ground-mounted solar power plant of 466 kW started generating electricity on a regular basis at Slovenian state-owned gas power plant Termoelektrarna Brestanica (TEB).
GEN-I’s subsidiary GEN-I Sonce installed a photovoltaic system, as the contractor, at the gas power plant run by fellow GEN Group member Termoelektrarna Brestanica (TEB). The 466 kW ground-mounted solar power plant entered regular operation, Naš stik reported.
The new facility in Brestanica in the municipality of Krško near Slovenia’s border with Croatia consists of 810 modules. The project was backed by the government’s renewable energy grant program. It covered 20% of the cost, which amounted to just under EUR 600,000.
MFE TEB4, the new unit, entered test operation in February. It is the fourth PV system at the Brestanica gas power plant. Two are on roofs and one is a solar canopy on the parking lot. Commissioned in 2009 and 2010, they have 170 kW in combined peak capacity.
The estimated annual production of the fourth solar power system can meet the electricity needs of more than one hundred Slovenian households.
Almost a third of the project budget was invested in the installation of a transformer. It enables more renewable electricity capacity to be connected to the grid around TEB, the article reveals.
GEN Group’s state-owned parent company GEN energija operates the Krško nuclear power plant, also known by the acronym NEK and, in Slovenian, JEK.
Author: Delia Villagrasa, Director of the Cool Heating Coalition, EUSEW’s partner organisation, and Beatriz Yordi, Director, Carbon Markets and Clean Mobility, DG CLIMA, European Commission
Millions of people already struggle to pay energy bills in Europe. ETS2 – which will be launched in 2027 and will put a price on carbon emissions from buildings and transport – risks deepening the energy poverty problem. However, a significant share of ETS2 revenue will be directed to energy efficiency upgrades and clean heating solutions. Through the Social Climate Fund, vulnerable groups will also receive access to these benefits. With clean heat at its heart, the fund could mark a pivotal step in the EU’s journey to net-zero, tackle energy poverty, slash emissions, and finance a fair, fossil-free future.
In 2023, 47 million Europeans were unable to afford to heat their homes. Europe’s largely inefficient building stock relies heavily on fossil fuels for thermal comfort, subjecting citizens to volatile energy prices. Amidst high energy bills and other increases in the cost of living, it has never been more important to get the pricing right on fossil fuels.
Clean heat is the key to energy independence
Following the onset of the energy crisis in 2021, gas prices experienced significant volatility, peaking on the Dutch TTF at more than 10 times current gas prices (340€/MWh in late 2022 vs 32€/MWh today). As Russia continued to wage war against Ukraine, citizens have had to shoulder the burden of fossil fuel import costs to the tune of €427 billion in 2024. As long as Europe remains dependent on fossil fuels, citizens will continue to face soaring energy prices, whether through taxes which fund gas subsidies or through their rising energy bills. The way forward is through independence from fossil fuels.
Decarbonising heating and cooling, which together account for around half (47%) of the EU’s energy consumption, is a major step towards energy independence. Over 73% of EU household heating comes from fossil fuels. Households that are able and willing to invest in energy efficiency works and clean heat technologies face multiple barriers. Consumers across Europe are often not able to easily decarbonise their homes as they are battling high upfront costs and face a lack of skills and structural factors that make clean heating and cooling technologies more expensive to use, like a high electricity-to-gas price ratio and fiscalities. Markets are currently misaligned with our ambition for a fossil-free future, and need a clear policy steer towards decarbonisation.
Enabling Europe’s energy transformation
Starting in 2027, the Emissions Trading System 2 (ETS2) will put a price on carbon emissions from fossil fuel use within buildings. The policy incentivises the switch to efficient, low-carbon solutions by increasing the costs for fossil fuels. The roll-out of ETS2 could cause fossil fuels prices to rise, but it also provides funding opportunities for modern and clean heat technologies.
Instead of directing money from higher energy bills towards paying for Europe’s fossil fuel imports, ETS2 will raise money that Member States can use to invest in modernising their energy systems. Member States will collectively raise approximately €270 billion before 2032, generating an unprecedented amount of funds for investment in energy efficiency improvements, renewables, and bill assistance. While pricing out the fossil fuel status quo, which has long been upheld by subsidies, ETS2 will ensure a stream of investments that can transform our energy systems.
Fairness and fossil-free futures
For many consumers, well-designed programmes and investments will mean they have the freedom to choose cleaner, modern technologies. However, low-income households will likely have more difficulties absorbing the higher costs of fossil fuel use. Though responsible for the lowest amount of emissions, the poorest households are likely to feel the deepest effects of the rise in costs.
To shelter the vulnerable from rising prices, revenues from ETS2 will also provide at least €86.7 billion towards the Social Climate Fund (SCF). This instrument ensures that the distribution of revenues remains fair by earmarking a sizeable amount for direct support of those most in need. The five countries who will receive the largest amounts from the SCF pot will be Poland, France, Italy, Spain, and Romania. Relative to the number of vulnerable households, Greece, Bulgaria, Slovakia, and Romania will receive the most resources to provide assistance to those with the lowest income.
Copyright: Bruegel
For instance, a quarter of the Romanian population experienced some form of energy poverty in 2021. Romania is also one of the Member States with the highest percentage of households struggling with unpaid utility bills. The country stands to receive approximately €6 billion to enact its Social Climate Plan, supporting low-income and vulnerable households and SMEs to make green investments.
Beyond a new pricing system, ETS2 is a signal for the buildings and heating markets to decarbonise, a way of raising the capital needed to invest in renewables and energy efficiency, and an opportunity to foster solidarity between Member States and in society. Pricing fossil fuel use aligns global financial flows with our vision of the future: one where energy independence, warm homes, and thriving citizens are the norm.
This opinion editorial is produced in co-operation with the European Sustainable Energy Week (EUSEW) 2025. See ec.europa.eu/eusew for more details.
