The Serbian Government is reportedly planning to invest $7.1bn (€6bn) in new electricity production capacities by 2040.

The latest decision comes as the country intends to discontinue coal-fired power plants.

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Reuters reported that the country currently generates 70% of its electricity from ageing coal-fired power plants. These plants are said to be the major polluters.

Serbia Mining and Energy Minister Zorana Mihajlovic said that Belgrade plans to invest in renewable energy resources, gas-fired power plants and hydropower plants over the next two decades.

Mihajlovic was quoted by the news agency as saying in an interview: “We are currently preparing a new energy strategy and we will plan how to phase out coal…It needs to be done gradually and it will take time.”

Under the strategy, the country could generate up to 50% of electricity from renewable sources by 2040, Mihajlovic said.

Around 45% of the investment will be sourced from the private sector or include private-public partnerships.

In September 2019, Israel-based renewable energy projects developer Enlight Renewable Energy along with its Serbian partner New Energy Solutions opened its Kovacica wind farm in Serbia.

Equipped with 38 wind turbines, the wind facility can generate more than 104MW of clean energy, which will be sufficient to power 68,000 households in the region.

With a capacity to offset approximately 250,000tpa of carbon emissions, the project was completed with an investment of €189m.

The European Bank for Reconstruction and Development supported the construction of the wind farm with a €49m loan.