State claims there is no basis for compensation of damages for solar park

Serbia's Energy Ministry assessed today that the US company Securum Equity Partners, which has terminated an agreement with the Serbian government to build a solar park in Serbia, had no basis to claim EUR 160 million compensation.

Securum Equity Partners announced that it would claim compensation at the International Court of Arbitration in London because Serbia failed to meet its contractual obligations and provide a 3,000 hectare location for the construction of a 1,000MW solar plant.

Assistant Energy Minister Dejan Trifunovic told Beta news agency that his ministry had not received an agreement termination letter from Securum, stressing that public interest was not endangered.

- When it comes to this agreement, public interest is not in jeopardy, given that the partner has not shown the capacity to build the promised solar park although they were oferred a land 10 times as big as they requested - said Trifunovic.

According to him, the only thing that Serbia can do is agree to the termination of the agreement or claim compensation because the US company was given the requested land and an opportunity to invest.

- There has been no damage so far - Trifunovic said and added that nothing was lost except time.