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.

On 22nd June 2026, GS E&C announced that it had entered into a memorandum of understanding (MOU) with global infrastructure investment firm I Squared Capital. Under the agreement, the two companies will establish a renewable energy joint venture (JV) focused on promoting renewable energy businesses within South Korea’s domestic market.

Focus on Solar Power and Battery Storage Projects

The cooperation is centered on a goal of developing and securing a combined 1.5GW of energy transition assets by 2035. The portfolio will primarily focus on solar power and battery energy storage systems (BESS). As part of the broader plan, solar power generation assets are expected to reach approximately 820MW. The total estimated cost of the initiative stands at about 3 trillion won. To fund the projects, the partners are reviewing a structure in which a portion of the capital would be invested directly through the renewable energy JV, while the remaining financing would be secured through external sources, including project financing (PF).

Strategic Shift Beyond the EPC Model

Through the establishment of the renewable energy JV, GS E&C intends to transform its renewable energy business from an EPC-centered structure into a developer-oriented model. This approach is regarded as offering stronger profitability and greater scalability because it enables participation in site acquisition, permissions and authorizations, business structure design, and the securing of business rights and power generation assets from the beginning of a project’s lifecycle.

Under the planned division of responsibilities, GS E&C will oversee new business discovery, site acquisition, permissions and authorizations, business structure establishment, project management, and technical advisory functions. Meanwhile, I Squared Capital will provide support in investment structure design and financing, drawing on its experience in global infrastructure investment.

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 Sudanese government on 21st June 2026 relaunched a Turkish-Sudanese joint transformer factory located south of Khartoum, a move aimed at addressing the severe shortage of electrical equipment resulting from the ongoing conflict and supporting broader industrial recovery efforts. The reopening comes after extensive damage to Sudan’s power infrastructure following the outbreak of conflict in April 2023.

Authorities estimate that approximately 15,000 electricity transformers of varying capacities have been destroyed since the conflict began. Each transformer is valued at around $46,000. In addition to the loss of transformers, substantial quantities of electrical cables were looted for their copper content, while utility companies lost entire stocks of critical hardware after warehouses in Khartoum were ransacked. 

Officials Highlight Importance of Local Production

Sudan’s Industry and Trade Minister Mahasin Ali Yaqoub joined the governors of Khartoum and Al-Jazirah states to officially inaugurate the Maxan transformer factory in the Safola industrial area. The facility was originally established in 2020 as a partnership between Sudanese and Turkish investors but ceased operations after suffering war-related damage and looting.

Yaqoub stated that the return of the joint transformer factory will assist government initiatives focused on rebuilding the country’s industrial sector while reducing dependence on imported equipment. Domestic transformer manufacturing plays an important role in stabilizing electricity services, reducing costs, and supporting both maintenance activities and grid expansion projects.

Khartoum State Governor Ahmed Osman Hamza said the state had lost around 14,000 transformers in addition to extensive quantities of cables and other equipment. He described the reopening as a strategic measure to ease the shortage and urged factory management to expand output and accessory production lines to meet reconstruction needs. Hamza also pledged state support for securing industrial zones and facilitating the return of factories to operation.

Production Expansion Planned as Demand Rises

Al-Jazirah State Governor Al-Tahir Ibrahim al-Khair emphasized the significance of domestic manufacturing, noting that his state is home to eight industrial cities that depend on such services for both industrial and agricultural activities. Representing the Maxan board of directors, Ibn al-Jarrah Ali announced that the joint transformer factory has already begun operations with an initial production capacity of 150 transformers per month under a single-shift system. Plans are in place to add more shifts and modernize production lines to satisfy growing demand across Sudanese states.

Earlier in June 2026, the Ministry of Energy and Petroleum unveiled an urgent four-track strategy designed to rehabilitate the electricity sector, improve supply reliability, and stabilize the national grid. Measures include repairing inactive stations in Khartoum State to support the return of residents, reinforcing distribution networks, and installing new transformers in densely populated areas. According to the United Nations Development Programme, Sudan’s electricity sector has incurred damages of around $3 billion since the war broke out, contributing to worsening power outages across multiple states.

Pattern Energy Group (Pattern Energy), a leader in clean energy and transmission infrastructure, has announced that the SunZia project, recognized as the largest renewable energy infrastructure project in U.S. history, has reached full operational status. The SunZia project is now capable of generating and delivering more electricity than the Hoover Dam while providing affordable and reliable energy to customers throughout the western United States.

Commenting on the milestone, Hunter Armistead, CEO of Pattern Energy, said, “SunZia proves that we can still build the consequential infrastructure this country needs.”

“We did this the right way, we did it on time and on budget – in genuine partnership with the local communities and landowners who trusted us, with the environmental stewardship this unique landscape deserves, and with the determination to see something through that many thought was too big and too complex to finish,” he added.

Adressing Rising Power Needs

The SunZia project consists of an approximately 3,650-megawatt (MW) wind project and a 550-mile high-voltage direct current (HVDC) transmission line. Together, these assets are generating and delivering affordable, American-made energy from New Mexico into Arizona and onward to customers connected to the western grid. Operating at full capacity, the facility can supply enough electricity to serve approximately one million American homes each year. The SunZia project is designed to address growing energy demand through new interregional transmission infrastructure capable of moving reliable and affordable power across long distances. In doing so, it tackles a key challenge facing the energy sector by combining large-scale energy generation with the transmission systems required to deliver that energy where it is needed.

Advanced Transmission Technology at Project Core

A central component of the SunZia project is its HVDC transmission network, which is engineered to transport significant volumes of electricity efficiently over extended distances. Converter stations located at each end of the transmission line convert electricity for transmission and then convert it back for use on the grid. Through this system, SunZia is deploying one of the first major HVDC systems constructed in the United States in a generation, creating advanced infrastructure intended to support large-scale power delivery.

Highlighting the broader significance of the development, Elliot Mainzer, President and CEO of the California Independent System Operator (ISO), said, “Projects of this scale help deliver energy reliably to areas of rising demand, improve the movement of power across states and support a more resilient, flexible and affordable electric system. SunZia represents the kind of long-term infrastructure investment needed to serve customers today and prepare the grid for the future.”

Economic Benefits and Community Investment

Construction activities on the SunZia project commenced in September 2023. At peak construction, the development supported more than 2,000 quality jobs. In addition, more than 100 permanent operations positions will be created across New Mexico and Arizona. The project is expected to invest over $20 billion in communities within those states, including $1.3 billion in direct payments to local governments, schools, counties and private landowners during the first 30 years of operation.

According to Pattern Energy, the fully contracted project progressed through extensive development, permitting, financing, construction and community engagement processes, requiring coordination among private companies, local governments, state and federal agencies, landowners and energy customers.

The two new nuclear reactors planned for Yeongdeok County will each have a capacity of 1,400 MW and are expected to be completed in 2037 and 2038. These units are anticipated to employ South Korea’s domestically developed Generation III+ APR1400 pressurised water reactor (PWR) technology. The APR1400 was created by KHNP and Korea Electric Power Corporation (Kepco). KHNP operates as a wholly-owned subsidiary of Kepco and is responsible for owning and operating South Korea’s commercial nuclear power facilities.

Alongside the large-scale reactor project, KHNP is moving ahead with plans for the i-SMR plant in Gijang County, which is targeted for completion in 2035. The i-SMR is South Korea’s proprietary next-generation SMR nuclear plant and was developed by a consortium of South Korean organisations led by KHNP and the Korea Atomic Energy Research Institute. Known as the Innovative Small Modular Reactor, the design is based on PWR technology and delivers an electrical output of 170 MW. Reports in South Korea stated that the Gijang SMR facility is expected to have a total capacity of about 700 MW, suggesting the deployment of four units with a combined capacity of 680 MW.

The designation of these locations for the two new nuclear reactors marks the first occasion since 2011 that South Korea has selected new sites for nuclear power plants. According to KHNP, the chosen locations were identified following assessments covering suitability, environmental impact, construction feasibility and public acceptance. The company intends to launch licensing procedures, including an environmental impact assessment in early 2027.

Building on the Success of Previous Projects

The new agreement builds directly on the achievements of the preceding project, which demonstrated substantial progress in large-scale renewable energy deployment. AMEA Power’s successful commissioning of the 500MW Wind Power Plant at Ras Ghareb, Egypt, in June 2025, established a blueprint for utility-scale development. Operating as Africa’s largest wind farm, the Ras Ghareb facility showcased AMEA Power’s capabilities in managing complex renewable energy projects while reinforcing confidence among investors regarding the bankability and scalability of such endeavors.

Combined Capacity and National Impact of Amunet II

The Amunet II project represents the second major utility-scale wind initiative for AMEA Power in Egypt. Upon completion, AMEA Power’s combined wind power capacity in Egypt will reach 1GW, a substantial contribution to Egypt’s renewable energy portfolio. This expansion directly supports the country’s strategic objectives for diversifying its energy mix and accelerating the transition toward cleaner power sources.

Strategic Partnership of Envision Energy and AMEA Power

“From Amunet I to Amunet II, our partnership with AMEA Power has evolved into a strategic collaboration built on trust, innovation and long-term value creation,” said Kane Xu, Senior Vice President of Envision Energy.

“The project demonstrates the scalability of our partnership model and the value of global collaboration in advancing the energy transition. Today, Egypt is increasingly playing a key role in the global energy transition. Envision will continue to leverage our leading technologies and global execution capabilities to deliver reliable and efficient clean energy solutions across Egypt and the wider MENA region, supporting a more sustainable energy future,” he further added.

“The successful delivery of our 500MW wind project in Ras Ghareb, Egypt, demonstrated what can be achieved when strong partners share a common vision and commitment to execution. The Amunet II project marks the next phase of our collaboration with Envision Energy and reflects our continued confidence in Egypt’s renewable energy sector. Together, these projects will bring our wind portfolio in Egypt to 1GW, supporting the country’s energy transition while creating lasting economic and social value,” said Hussain Al Nowais, Chairman of AMEA Power.

Rosatom’s commitment to Vietnam’s nuclear industry

Likhachev reaffirmed Rosatom’s readiness to assist Vietnam in advancing its nuclear industry through support for the establishment of a modern nuclear center, the promotion of the peaceful use of nuclear energy, and the training of highly qualified nuclear specialists. He also emphasized the corporation’s intention to maintain close cooperation with Vietnamese partners to ensure the effective implementation of previously agreed projects while exploring additional areas with strong potential for future collaboration. Likhachev stated that cooperation with Vietnam remains one of Rosatom’s top priorities.

Ninh Thuan Project Remains Central to Nuclear Cooperation

He further noted that Rosatom is working closely with Vietnamese counterparts to move forward with the Ninh Thuan 1 Nuclear Power Plant project. In addition to cooperation in the nuclear industry, he pointed to opportunities for expanded collaboration in renewable energy, high technology, logistics, and shipbuilding for the Arctic region.

Vietnam’s Commitment to Nuclear Energy Development

Vietnam’s Prime Minister Le Minh Hung expressed appreciation for the longstanding contributions of Rosatom and the Russian side to Vietnam’s nuclear energy sector over the past four decades, including support related to the operation of the Da Lat nuclear reactor. He said that the Vietnam–Russia Comprehensive Strategic Partnership, supported by a high degree of political trust, provides a strong platform for elevating bilateral cooperation in atomic energy into a long-term strategic pillar.

The Prime Minister also noted that, as an active member of the International Atomic Energy Agency (IAEA), Vietnam places significant importance on the peaceful application and development of nuclear energy. In that context, cooperation with Russia and the implementation of the Ninh Thuan I Nuclear Power Plant project continue to rank among Vietnam’s highest priorities. He called on Rosatom and the Russian side to continue supporting the extension of operations at the Da Lat reactor and the implementation of the Nuclear Science and Technology Center project in Dong Nai city.

The project has been structured with a total capital expenditure of $111 million, financed through a combination of non-recourse debt and equity arrangements. The financing structure maintains a leverage ratio of approximately 70%. The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) serve as the senior lending institutions.

Project Partnership and Development Structure

Sidi Bouzid II has been developed through a collaborative partnership between Scatec and Aeolus SAS (Aeolus) that brings together complementary expertise in renewable energy development and investment. The ownership structure divides the project equally, with Scatec holding a 50% stake and Aeolus holding the rest 50% in the project.

Scatec will provide comprehensive project delivery services, including Engineering, Procurement and Construction (EPC), Asset Management, and Operations and Maintenance services. The EPC scope represents approximately 75% of total capital expenditure.

Renewable Energy Contribution and Climate Impact

Once it reaches commericial operation in second half of 2027, the Sidi Bouzid II solar power plant is projected to generate 276 gigawatt-hours of electricity annually. This electricity generation will contribute meaningfully to Tunisia’s renewable energy targets and enhance the nation’s energy security. Furthermore, the plant is expected to reduce annual CO2 emissions reductions by approximately 107,000 tonnes.

Currently electricity generation in Tunisia relies heavily on natural gas, which accounts for 95% of generation capacity. Notably, more than 60% of Tunisia’s natural gas requirements are met through imports, creating both economic and energy security considerations. Tunisia has established an ambitious target to increase renewable energy’s share of electricity generation to 35% by 2030.

EU Providing Financial Support for the Project

The Sidi Bouzid II project has received substantial support from the European Union through grant funding via the EU Neighbourhood Investment Platform and guarantees provided by the European Fund for Sustainable Development Plus.

Opening the event, Mr. Orkhan Zeynalov, Deputy Minister of Energy of the Republic of Azerbaijan, articulated the critical importance of regional energy connectivity as a driver for economic advancement and sustainable development.

IsDB’s Vision for Optimized Energy Resources

Delivering a keynote address, Mr. Issa Faye, Director General of Global Practice and Partnerships at IsDB, elaborated on how robust regional energy interconnections empower countries to optimize their energy resources more effectively. He emphasized that such collaborations enhance the reliability of electricity supply, reduce costs, significantly support the integration of renewable energy sources, and cultivate more robust regional economic cooperation.

Expert Panel Discusses Landmark Projects and Lessons Learned

The forum included in-depth panel discussions moderated by Mr. Idrissa Dia, Director of the Economic and Social Infrastructure Department (ESID) at IsDB. The distinguished panelists included H.E. Mr. Yusuf Majidi, First Deputy Minister of Finance of the Republic of Tajikistan; Mr. Sherard Cowper-Coles, Vice President and Corporate Secretary at the Asian Infrastructure Investment Bank; Mr. Siegfried Leffler, Head of Operations at GIZ International Services; and Mr. Abdoulaye DIA, Secretary General of the West African Power Pool (WAPP).

These leaders shared invaluable insights from their involvement in major initiatives such as CASA-1000, the OMVG Interconnection Project, and the Rogun Hydropower Plant. Their contributions provided crucial lessons on project preparation, financing strategies, effective governance, comprehensive risk management, and the development of commercially viable regional electricity markets.

Benefits of Interconnected Power Systems

Participants universally acknowledged that interconnected power systems offer substantial advantages. These include improved energy security, substantial cost reductions, expanded access to reliable electricity, and a greater capacity for integrating renewable energy sources. The discussions also brought to the fore the critical need for enhanced regional cooperation and the vital role of initiatives like Mission 300 in addressing escalating energy demand and underpinning long-term economic transformation.

Call for Accelerated Collaboration and Key Priorities

The event concluded with a compelling call for intensified collaboration among governments, development institutions, utility providers, and regulatory bodies. The objective is to accelerate the development of regional energy corridors. Key priorities identified for future action include deepening market integration, strengthening regulatory cooperation, pioneering innovative financing mechanisms, refining risk-mitigation frameworks, and fostering greater coordination among all stakeholders.

The deliberations reaffirmed the IsDB’s unwavering commitment to advancing regional integration through the development of sustainable energy infrastructure, with the ultimate goals of promoting energy security, facilitating economic transformation, and fostering shared prosperity.