Securum Equity Partners cancels 1 GW Serbian PV project, sues Serbian government

Luxembourg-based investment firm Securum Equity Partners & Associates plans to sue the Republic of Serbia for failing to provide Securum with the appropriate land for the construction of a 1 GW PV project the company was to develop in Serbia. According to the lawsuit, which will be filed shortly in the International Court of Arbitration of London, Securum is seeking compensation totaling €160 million ($213.7 million). The company has also sent a termination letter to the Serbian government for the proposed OneGiga PV project.

In October 2012, Securum announced it had signed a binding agreement with the Serbian government to develop 1 GW of PV projects in Serbia. First announced in May 2012, the €1.755 billion OneGiga project was to consist of one hundred 10 MW PV power plants spread across Serbia.

The PV systems were to be built by Serbian EPC contractor MX Group South East Europe, a subsidiary of Malta-based MX Group International Ltd., and the resulting 100 companies were to be managed by Naxxar Company Management, part of Malta-based Naxxar Holding. In addition to the OneGiga project, Securum was planning to build its own 60 MW module factory in Serbia as well as an 80 MW inverter factory using technology provided by Fimer SpA. In June 2012, MX Group shut down module production in Italy, telling trade unions that it closed its Italian factory because the Serbian government had cancelled a 1 GW supply contract.

More information about Serbian solar PV market you may read here: Western Balkans Photovoltaic (Solar PV) Market: Outlook 2013÷2018