The Korea Trade Insurance Corporation (K-Sure) announced on 22nd June 2026 that it will extend export financing support valued at €900 million for a large-scale solar power development in Serbia being carried out by a consortium that includes Hyundai Engineering. The EUR 900M solar project forms part of Serbia’s broader energy transition strategy as the country advances efforts toward European Union membership.

According to K-Sure, the development will involve the construction of solar power facilities with a combined generation capacity of 1200 megawatts. The scale of the undertaking places it among the largest renewable energy projects currently planned in the region. Hyundai Engineering is leading the EUR 900M solar project together with U.S.-based investment and development company UGT Renewables. Under the consortium structure, the partners will manage the engineering, procurement and construction (EPC) of the solar facilities, while major equipment requirements, including solar modules and transformers, will be supplied by South Korean manufacturers.

Reinsurance Structure Designed to Share Project Risks

K-Sure stated that its participation will take the form of a reinsurance arrangement covering the portion of financing supported by Sweden’s export credit agency, EKN, that is linked to the supply of Korean-made products. Through this framework, participating institutions will be able to distribute project risks while also supporting exports of renewable energy equipment produced in South Korea. The Serbia development carries particular significance for the South Korean renewable energy sector.

K-Sure noted that it is the largest overseas solar power project secured by a Korean company to date and also marks the first involvement of a South Korean firm in a Serbian national energy project.

Commenting on the development, K-Sure CEO Jang Young-jin said: “Korean companies’ involvement in this project is highly meaningful, as it is both the largest overseas solar project won by our firms and the first case of participation in Serbia’s national energy program.””As the global energy paradigm shifts toward cleaner and more sustainable sources, K-Sure will continue to provide strong support for Korean companies seeking opportunities in overseas renewable energy markets,” Jang added.

Second Renewable Energy Collaboration Between K-Sure and EKN

The agreement represents the second major renewable energy partnership between K-Sure and EKN. The two export credit agencies previously cooperated in 2020 on support for a solar power project in Angola. Through the reinsurance framework being applied to the EUR 900M solar project, the agencies are sharing project risks while helping mobilize financing for renewable energy infrastructure. Furthermore, the partnership aids in expanding the footprint of Korean companies beyond the boundary.

K-Sure expects the support package to enhance the international competitiveness of Korean engineering firms and manufacturers by increasing exports of high-value renewable energy equipment and services.

The EU-Kuwait energy roundtable was organized by the EU Delegation to Kuwait as part of commemorations marking 40 years of diplomatic relations between the EU and Kuwait. The roundtable brought together representatives from Kuwait’s Ministry of Electricity, Water and Renewable Energy, the Kuwait Institute for Scientific Research (KISR), the Kuwait Foundation for the Advancement of Science (KFAS), the Kuwait Petroleum Corporation (KPC), alongside leading European energy experts and diplomats.

Focus Areas for EU-Kuwait Energy Cooperation

The discussions at the EU-Kuwait energy cooperation event centered on multiple dimensions of energy sector development. Participants examined promising opportunities across renewable energy projects, advanced technology deployment, infrastructure development, regulatory framework enhancement, investment mobilization, and capacity building initiatives.

The deliberations reflected the broader context of Kuwait’s commitment to achieving carbon neutrality by 2060, a goal that requires comprehensive restructuring of the nation’s energy landscape and increased reliance on clean energy sources.

European Expertise in Kuwait’s Energy Sector

EU Ambassador to Kuwait Anne Koistinen emphasized the long-standing contribution of European professionals to Kuwait’s energy development. She noted that European experts have collaborated with Kuwaiti counterparts for decades across multiple energy domains, including conventional oil and gas operations, renewable energy projects, engineering consultancies, technical standardization bodies, and policy advisory services.

Koistinen highlighted that the current roundtable built upon outcomes from the EU-Kuwait Green Transition Forum held in February, which was organized under the leadership of Kuwait’s Minister of Electricity, Water and Renewable Energy, Dr Sabeeh Al-Mukhaizeem. That forum brought together government officials, research institutions, and private-sector stakeholders to strengthen collaboration on clean energy, climate resilience, and skills development.

Strategic Partnership Framework

The EU Ambassador indicated that negotiations are being prepared for an EU-Kuwait Strategic Partnership Agreement. This formal framework would provide structured foundations for existing cooperation efforts and place particular emphasis on energy sector collaboration, creating pathways for more coordinated and sustained engagement between the two parties.

Key Outcomes and Stakeholder Perspectives

Dina AlNakib, Senior Director of Research and Technology Deployment at KFAS and moderator of the roundtable, emphasized the event’s success in bringing together leading European and Kuwaiti energy stakeholders. She noted that the EU-Kuwait energy roundtable effectively demonstrated the contributions of EU professionals within Kuwait’s energy sector and identified avenues for deepening cooperative efforts.

According to AlNakib, participants highlighted several critical elements necessary for effective energy transition. These included operational excellence, infrastructure readiness, technology deployment, supportive regulatory and investment frameworks, institutional knowledge transfer, and stronger partnerships among government agencies, industry, research organizations, and diplomatic stakeholders.

Learning from EU’s Energy Transition Experience

The EU-Kuwait energy roundtable also showcased valuable lessons from the EU’s own energy transition journey. Speakers highlighted that renewable energy now generates more electricity across the EU than fossil fuels, reflecting the bloc’s substantial restructuring of its energy system over the past decade.

This European experience holds particular relevance for Kuwait as it seeks to expand clean energy deployment and diversify its energy mix. The EU Delegation to Kuwait indicated its commitment to ongoing engagement with Kuwait to advance green transition initiatives. The organization stated that it will continue supporting the development of a more sustainable and resilient energy system through innovation, expertise sharing, and long-term strategic cooperation between the two partners.

The symposium was arranged to broaden opportunities for cooperation linked to the planned new Dutch nuclear power plant construction project. Approximately 150 participants attended the gathering, including Shin Dal-won, Managing Director of Hyundai E&C’s NewEnergy Division, Roman Romanowski, Vice President of Westinghouse, government officials from South Korea, the United States, and the Netherlands, along with representatives from local industries. During the event, Hyundai E&C presented its achievements and expertise in nuclear power plant construction, highlighting capabilities developed over more than fifty years. The company also outlined its procurement process and the requirements for partner participation while encouraging local businesses to become involved in future projects related to Dutch nuclear power.

The event also drew participation from officials of the Nuclear Energy Organisation of the Netherlands (NEO NL). The Dutch government formally launched NEO NL in February 2026 as part of efforts to enhance energy security and support its carbon neutrality target for 2050. The organization is currently advancing procedures connected to the development of two new nuclear power plants.

A dedicated ‘B2B Matching Session’ was conducted alongside the symposium, providing a platform for direct discussions between Hyundai E&C and local companies regarding potential cooperation. Through these meetings, Hyundai E&C assessed the technological strengths and execution capabilities of participating firms while identifying strategic partners that could contribute to future projects.

Hyundai E&C has continued to broaden its presence across Europe’s nuclear power sector. Following its involvement in the Kozloduy large-scale nuclear power plant in Bulgaria, the company has expanded collaboration with Westinghouse through initiatives that include a technical feasibility study for a new nuclear power plant project in Slovenia and an Early Work Agreement (EWA) with the Finnish state-owned energy company Fortum. The company has also increased its activities in next-generation nuclear technologies. In March 2026, Hyundai E&C signed a technology cooperation agreement concerning Molten Salt Reactors (MSR) with Thorizon, a spin-off company of the Nuclear Research and consultancy Group (NRG) in the Netherlands.

An official from Hyundai E&C said, “This symposium was an opportunity to closely interact with local companies and solidify the nuclear power plant supply chain in the Netherlands.”

“As we have laid the foundation for local suppliers to fully understand Hyundai E&C’s nuclear power business strategy and project execution standards and cooperate with us, we will make every effort to win orders for new nuclear power plant projects in the Netherlands in the future,” they added.

Under the draft plan, the transmission system operators (TSOs) submitted 159 proposed expansion measures. Following its evaluation, the Bundesnetzagentur has determined that 118 of those measures are currently eligible for confirmation. According to the agency, the remaining proposals do not presently make a sufficient contribution to the required upgrading of the transmission system. Of the measures under consideration, 76 are already included in the existing Federal Requirements Plan Act (BBPlG) or in the version currently undergoing revision. In addition, five projects initially scheduled only for the target year 2045 were reviewed against the requirements for 2037 and have been assessed as provisionally eligible for confirmation. These assessments form a central part of the broader electricity grid expansion strategy outlined in the draft plan.

The revised NDP also proposes up to eight additional offshore transmission links by 2037 to support the continued development of offshore wind energy. The Bundesnetzagentur considers these links necessary to meet the expansion targets established under the Offshore Wind Energy Act. Alongside these offshore developments, the consultation covers proposals for further interconnectors intended to strengthen the integration of the European energy supply network. It also includes plans for an additional high voltage direct current (HVDC) transmission line. Together, these proposals are intended to advance electricity grid expansion, improve cross-border connectivity, and support the future evolution of the electricity transmission system.

The offshore wind tenders are poised to considerably enhance France’s offshore wind capacity, which is targeted to grow from its current level of under 2GW to 15GW by the year 2035. The development aligns with broader European efforts to bolster renewable energy generation, as the continent’s total offshore wind capacity was just under 40GW projected for 2025.

The initial call for the offshore wind tenders, launched in 2024, will be divided equally between two key offshore wind technologies, 5GW for fixed-bottom wind farms and 5GW for floating wind farms. Fixed-bottom wind farms utilize turbines directly attached to foundations anchored to the seabed, representing a more established and generally more cost-effective technology. In contrast, floating wind farms position turbines on platforms that are moored to the seabed. This latter approach enables projects to be deployed in deeper waters, although it introduces additional costs due to the complexity of the platforms, mooring systems, and installation processes.

Companies interested in participating in the development of these crucial offshore wind projects will have a four-month period to submit their bids. The selection of the winning bids is anticipated in February 2027.

The offshore wind tenders will operate under a contracts-for-differences system, which guarantees a set price for the electricity produced. Under this arrangement, the state bridges the gap when market prices fall below the guaranteed level, while operators contribute when prices exceed it. The ministry highlighted that this mechanism is intended to encourage maintenance work on turbines during periods of low electricity prices, thereby mitigating risks associated with potential negative pricing resulting from an oversupply of renewable energy.

Furthermore, the offshore wind projects will be subject to stringent environmental regulations. The ministry has indicated that components manufactured outside of Europe will also need to adhere to these strict environmental rules, underscoring a commitment to sustainable development within the renewable energy sector.

The foundational portfolio for this new renewable energy JV comprises approximately 570MW of installed capacity. This initial set of assets includes a diverse mix of wind, solar, and battery energy storage facilities strategically located across Finland, France, Ireland, Spain, Sweden, and the United Kingdom. The equity value of this seed portfolio is estimated to be close to €400 million (approximately $461 million).

A key feature of the assets forming the initial portfolio is their operation under long-term power purchase agreements (PPAs). These agreements provide a stable revenue stream, with an average of approximately ten years remaining on their terms. The companies highlighted that this contractual structure is specifically designed to generate consistent cash flow and income, offering resilience across various market conditions.

The newly formed renewable energy JV will operate as a privately held joint venture. Beyond its initial European focus, the venture is actively exploring further acquisition opportunities in both Europe and Australia. The strategy for future purchases will continue to emphasize stabilised, operating renewable energy assets that are underpinned by durable commercial agreements, mirroring the approach taken with the current portfolio.

Mitsubishi HC Capital Global Environment & Energy Department general manager, senior corporate officer Hayato Shinada said, “This initiative is positioned as a growth investment under the ‘Invest in high-profitability business domains’ of our business portfolio restructuring strategy in our Medium-term Management Plan for FY2026 [fiscal year 2026]–FY2028 (“2028 MTMP”).

“By combining Mitsubishi HC Capital’s financial and investment expertise with Brookfield’s asset management capabilities, we will build and scale our business platform to deliver reliable and sustainable operations,” he added.

The T-MED initiative was formally unveiled during the European Sustainable Energy Week (EUSEW) by key figures within the European Commission, including Commissioner for the Mediterranean, Dubravka Šuica, and Commissioner for Energy and Housing, Dan Jørgensen. This program is a core component of the broader Pact for the Mediterranean, which serves as the European Union’s established framework for strengthening cooperative efforts with nations in the Middle East and North Africa.

To effectively support the T-MED program’s objectives, the European Commission is committing significant financial backing. Over €5 billion in guarantee capacity will be made available through the European Fund for Sustainable Development Plus (EFSD+). This financial instrument is intended to mitigate investment risks, thereby encouraging both public and private capital to flow into a diverse range of energy and clean technology projects across the Mediterranean region.

The Commission anticipates that the T-MED initiative will yield substantial results. Projections indicate a contribution to the development of 15 GW of new renewable energy capacity by 2035. Furthermore, the program is set to support crucial regulatory reforms within partner countries and is expected to facilitate the creation of more than 100,000 employment opportunities within the clean energy sectors. The overarching aim is to bolster energy cooperation through the establishment of strategic partnerships that involve governments, financial institutions, commercial enterprises, and local stakeholders.

According to official statements from the Commission, T-MED is poised to play a vital role in diversifying energy systems and supply chains. This diversification is expected to simultaneously enhance energy security across the region, improve competitiveness, and accelerate decarbonization efforts.

The implementation of T-MED will be structured around five key areas. As an initial step, the Commission has issued a Call for Expressions of Interest specifically targeting private investors, including commercial banks, asset managers, and impact funds. This call remains open for submissions until June 15. Concurrently, a separate Call for Expressions of Interest has been launched for project promoters, which will remain accessible until August 15, 2026. This call is aimed at companies eager to develop projects under the T-MED framework.

Looking ahead, the Commission plans to convene the inaugural operational meeting of the T-MED Investment Platform in October 2026. Subsequently, the first EU-Mediterranean clean-tech industrial partnerships are anticipated to begin taking shape in 2027, signaling a tangible start to collaborative ventures.

During the launch event, Commissioner Dubravka Šuica emphasized the significant renewable energy potential inherent in the Mediterranean region. She noted that the region holds an estimated 2,300 GW of renewable energy potential, a figure more than double the European Union’s current installed renewable capacity. Additionally, she highlighted that the generation costs for solar and wind power in the region are considerably lower, estimated at 30% to 40% less than in Europe.

Commissioner Dan Jørgensen underscored the critical link between Europe’s energy security and its transition towards electrified energy systems powered by clean energy. He stressed the importance of stronger interconnections and modern electricity networks, which are essential for reducing reliance on fossil fuel imports and mitigating exposure to volatile global energy prices.

Under the Italian renewable energy aid scheme, support will be directed toward new renewable energy projects based on onshore wind, solar, hydropower, and sewage gas technologies. Collectively, these developments are projected to contribute approximately 37.15 GW of additional renewable electricity capacity. According to the European Commission, this increase would amount to nearly 48% of Italy’s current renewable energy capacity. The Commission indicated that the scheme will be instrumental in helping Italy meet its objective of obtaining 39.4% of its gross final energy consumption from renewable sources by 2030. In addition, the measure is expected to contribute to lower electricity prices and reduce Europe’s reliance on imported fossil fuels while advancing wider EU decarbonization goals linked to both the Clean Industrial Deal and the REPowerEU strategy.

Financial assistance within the Italian renewable energy aid scheme will be delivered through two-way Contracts for Difference (CfDs). Through this mechanism, renewable energy producers will receive compensation whenever electricity market prices fall below a predetermined strike price. When market prices rise above that strike price, beneficiaries will be required to repay the difference. These contracts will remain valid for 20 years.

Most funding will be awarded through transparent and non-discriminatory competitive bidding procedures, allowing project developers to bid for the strike price needed to carry out their projects. Italy will organize a dedicated competitive process for solar and wind projects with capacities exceeding 1 MW, and applicants in these tenders will need to satisfy additional pre-selection criteria established under the Net-Zero Industry Act and related implementing regulations. Renewable energy facilities below 1 MW will be permitted to participate directly without competitive bidding, with strike prices set administratively by the Autorità di Regolazione per Energia Reti e Ambiente (ARERA).

The European Commission noted that the €23 billion budget has been calculated on the basis of projected market conditions and that actual public spending could be considerably lower if electricity prices remain above current expectations.

This strategic Baltic battery storage investment arrives at a critical juncture for the Baltic energy sector. The region’s recent synchronisation with the European electricity network and its subsequent disconnection from the Russian grid have led to a heightened demand for services that balance the grid and control its frequency. These new facilities are designed to address precisely these needs.

The collective storage capacity of these four planned facilities in Latvia will reach 490 megawatt-hours (MWh). This initiative forms part of a broader regional partnership that has the potential to expand to a total of 790 MWh, which would include a proposed project in Estonia. The announcement was made during the inauguration of Sunly’s new solar park in Valmiera, a site notable for being one of Latvia’s pioneering hybrid renewable energy locations, integrating both solar power generation and battery storage capabilities.

The first of these Baltic battery storage installations, located in Valmiera, is anticipated to commence operations in early 2027. The remaining three projects are scheduled for completion later in the same year. This phased rollout aims to swiftly bolster the region’s energy infrastructure.

Under the terms of the agreement, Rolls-Royce will serve as the principal contractor. Its responsibilities will encompass the complete lifecycle of the projects, including design, the supply of necessary equipment, construction, and the final commissioning of the systems. The company is set to implement its advanced mtu EnergyPack battery systems, complemented by sophisticated energy management software. These technologies are specifically engineered to help manage the equilibrium between electricity supply and demand, thereby contributing to overall grid stability.

Rolls-Royce has highlighted that these Baltic battery storage systems will play a pivotal role in facilitating the integration of renewable energy sources and reinforcing the region’s energy security. As a further step in this collaboration, the companies have also signed a memorandum of understanding for an additional 300 MWh battery storage project to be situated in Risti, Estonia.

The formal application for the 1.5 GW offshore wind farm, situated off the coast of Normandy, was filed by Centre Manche Energies, a wholly-owned project company of TotalEnergies. This submission follows the French government’s initial award of the project to TotalEnergies eight months prior. The comprehensive application includes detailed technical and environmental surveys, a preliminary design for the wind farm’s infrastructure, and the proposed installation program.

Upon completion, the 1.5 GW offshore wind farm in Normandy is anticipated to produce approximately 6 terawatt-hours of green electricity each year. This output is substantial enough to meet the electricity needs of more than one million French households. TotalEnergies has projected the investment required for this venture to be approximately 4.5 billion euros, equating to roughly $5.2 billion.

The planned construction phase for the project is expected to span three years and will support employment for up to 2,500 individuals, thereby delivering economic benefits to the Normandy region. In line with evolving European energy policies, TotalEnergies intends to prioritize sourcing materials and components from European suppliers. This includes a focus on wind turbines and electric cables, reflecting an increasing effort within the European Union to safeguard its domestic clean energy sector from international competition. The development of this Normandy wind project is a key part of their strategy.

The 1.5 GW offshore wind farm will now proceed through a crucial permitting process, involving a thorough government review of the submitted assessments and application. Concurrently, Centre Manche Energies will engage in consultations with local authorities, environmental organizations, maritime stakeholders, and the wider public. These dialogues are intended to ensure the seamless integration of the new renewable energy projects into the regional economy and community fabric.