K-Sure provides $1B financing package for Serbian solar project

SEOUL, June 22 (UPI) -- The Korea Trade Insurance Corp., or K-Sure, said Monday it will provide a $1 billion financing package for a solar power project in Serbia involving a South Korean builder.

The state-run organization said that the solar initiative is designed to support Serbia's transition toward cleaner energy sources as the country advances its bid to join the European Union.

The Serbian project calls for the development of solar power plants with a combined generation capacity of 1,200 megawatts, making it one of the largest renewable energy ventures in Southeast Europe.

Hyundai Engineering, an affiliate of Hyundai Motor Group, is leading the project in partnership with U.S.-based investment and development company UGT Renewables, according to K-Sure.

The consortium will be responsible for procuring and building the facilities, while South Korean manufacturers will supply key equipment, including solar panels and transformers.

K-Sure said its participation will be providing reinsurance support for financing guaranteed by Sweden's export credit agency, EKN.

The two renewable energy companies jointly worked on a solar development in Angola in 2020, K-Sure said.

"This is highly significant as it is the largest-scale solar project ever secured overseas by a Korean company, and marks our first participation in Serbia's national energy sector," K-Sure CEO Jang Young-jin said in a statement.

"In line with the global energy paradigm shift, we will spare no effort in helping Korean companies expand their presence in global renewable energy markets,."

Neither K-Sure nor Hyundai Engineering is publicly listed.

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This story was originally published June 22, 2026 at 6:30 AM.