Serbia’s Ministry of Mining and Energy has concluded the country’s second renewables auction.

It allocated 645 MW of renewables capacity through the procurement exercise, exceeding the initial 424.8 MW quota.

The capacity is spread across 10 wind and solar projects, with average prices at €0.0509 ($0.0533)/kWh for solar and €0.0535/kWh for wind. The Serbian government said the rates are well below market levels.

The authorities originally planned to tender 124.8 MW of solar and 300 MW of wind at maximum prices of €0.072/kWh for solar and €0.079/kWh for wind.

The selected developers will secure 15-year power purchase agreements (PPAs).

The first auction secured 715 MW of projects and attracted more than €1.1 billion in investment.

Serbia recently announced several large-scale solar developments, including plans for 1 GW of solar across six sites and a 1 GW solar panel factory. State-owned utility Elektroprivreda Srbije has also started working on its first solar project.

Serbia had 137 MW of cumulative installed solar capacity by the end of 2023, according to the International Renewable Energy Agency (IRENA).