The Balkan Opportunity
The Balkan region has been experiencing a significant increase in solar power installations over the past few years. Countries such as Albania, Bosnia and Herzegovina, Croatia, Kosovo, North Macedonia, Montenegro, and Serbia have all been investing in solar energy as a means of transitioning towards a more sustainable energy system.
In recent years, the solar power industry has been thriving in the Balkans due to a number of factors. One key factor is the abundance of sunlight in the region, which makes it an ideal location for solar power installations. As the Balkans receive a higher amount of solar radiation compared to many other parts of Europe, due to its geographic location and climate. it is an attractive market for solar energy companies.
Additionally, the adoption of renewable energy targets by the European Union has provided a further incentive for countries in the Balkan region to invest in solar power. The EU has set a target of sourcing 32% of its energy from renewable sources by 2030, and this has encouraged countries in the Balkans to ramp up their efforts to increase renewable energy production.
A New Market for Alectris
One of the major highlights for Alectris in 2022 was the team’s expansion into the Balkan market. The company is looking forward to increasing its presence with plans to provide O&M and implement ACTIS ERP Software for Renewable to new renewable clients.
The signing of a 17 MW plant contract in North Macedonia for a full-scope O&M is the first step in this growth plan. The O&M contract includes a wide array of business services tailored to the plant owners’ needs and business goals. This will be a significant project for Alectris Hellas, as it has allowed the group to expand its reach and expertise to a new region.
The solar power industry in the Balkans is poised for significant growth in the coming years, driven by factors such as increasing demand for renewable energy, abundant solar resources, and support from international organizations. As the world transitions towards a more sustainable energy system, the Balkans have a unique opportunity to position themselves as a leading market for solar power.
In the previous decade, large-scale solar investments were mainly focused on large markets in Europe, specifically Germany, Italy and Spain. Consequently, the Balkan markets were not exposed to the same large international investors. This is changing rapidly due to the ongoing solar boom in Europe.
Alectris offers customers a unique advantage by combining its experience accommodating the needs of large investors with its knowledge of the particularities of the Balkan region due to its geographical vicinity.
