Power Construction Corporation of China (PowerChina), one of the world’s largest companies by revenue, wants its first European renewable energy investment to be realized in Serbia.

State-owned PowerChina, ranked among the Asian country’s top 50 enterprises, was supposed to build thermal power plant Kolubara B in Serbia, but the Ministry of Mining and Energy has cancelled the project. Even so, the Chinese giant plans to invest in Serbia, and its officials have recently met with Minister Zorana Mihajlovi?.

Ji Xiaoyong, general manager of the company’s overseas business department, said that Serbia has strengthened its support to sustainable development and green energy by adopting new legislation in this area.

PowerChina wants its first large European renewable energy investment to be realized in Serbia, particularly in the hydropower, solar, and wind energy segments, because it believes there are great opportunities given the excellent relations between the two countries as well as Serbia’s potentials and favorable investment environment.

Mihajlovi?, for her part, highlighted Serbia’s new investment plan and regulatory framework.

“Our goal is to improve energy security in the coming decades, while the vision of a green Serbia will ensure economic growth, new jobs, and enough energy produced from renewable sources,” she said.

The bulk of the EUR 17 million worth of projects in the new investment cycle are to be implemented in the renewable energy sector, Mihajlovi? said, adding that PowerChina is welcome in Serbia’s renewables market as the country wants to work with top global companies in the fields of hydropower, energy efficiency, mining, and innovative hydrogen technologies.