UGT Renewables from Miami Candidate for Entering EPS?

The PE Elektroprivreda Srbije (EPS) should become a joint-stock company by January 2023. This ownership transformation opens the way toward the privatization of EPS, that is, the entrance of a strategic partner or recapitalization. According to Nova’s findings, the American company UGT Renewables LLC is mentioned as the future potential strategic partner.

Almost everything is ready at EPS for the ownership transformation, that is, for switching from a public company to a JSC. The first step is already finished, which is the evaluation of the property that has passed the Government of Serbia and everything should be completed by the beginning of January 2023.

The sources of Nova from the Government of Serbia say that the future partner is practically already chosen and that, allegedly, it is UGT Renewables LLC. This Miami-based company builds RES facilities and has been present in the Serbian market for a long time. Also, it already cooperates with the state.

– That American company is a potential future strategic partner. The cooperation is already ongoing, and it started around ten months ago – says the EPS source.

In August 2021, the Agreement on strategic cooperation between the Ministry of Mining and Energy of Serbia and the company’s representatives was signed. On behalf of the Government of Serbia, the agreement was signed by the energy minister, Zorana Mihajlovic.

Elektroprivreda Srbije ad Beograd

Ministarstvo rudarstva i energetike Republike Srbije

Elektroprivreda Srbije

EPS

UGT Renewables LLC Miami

Ministry of Mining and Energy

privatization

ownership transformation

public enterprise

joint stock company