British company Hive Energy has announced securing a £19 million (EUR 22.3 million) banking guarantee to support its projects in Serbia, Croatia, Turkey, and Poland. With the guarantee from Santander, backed by UK Export Finance (UKEF), Hive can finance its ongoing projects in Turkey, where it has already developed 11 MW of operational photovoltaic plants, and expand into new markets like Serbia.

This additional financial capacity will accelerate the delivery of clean energy, aligning with Hive Energy’s mission to reduce global carbon emissions, according to Roy Neijmeijer, the company’s CFO. Hive Energy entered the renewable energy market in Serbia, Bosnia and Herzegovina, and Montenegro in late 2021, opening its first regional office in Belgrade in May 2022.

In January of the same year, the company unveiled plans for 14 projects in Serbia with a total capacity of 2,211 MW (2.2 GW) and explored opportunities in Bosnia and Montenegro. Hive Energy has secured land for three projects in Serbia, totalling 450 MW, with plans to secure additional land for a 40 MW project.

The company aims to secure a total of 290 MW by mid-2023. Prokuplje approved the detailed regulation plan for the South Two solar power plant in May 2023, while Pirot approved the plan for the East One solar power plant in June 2023. The latter project, with a capacity of 50 MW, covers an area of about 57 hectares and is owned by the British firm Hive Energy.