Will the American company UGT Renewables LLC acquire a stake in EPS?


The national electricity supplier, Elektroprivreda Srbije (Electric Power Industry of Serbia – EPS) is expected to become a joint-stock company by January 2023.

This transformation paves the way for the privatization of EPS, ie for the company to obtain a strategic partner or to recapitalize. According to Nova, the American company UGT Renewables LLC is considered as the future strategic partner of EPS.

At EPS, almost everything is ready for the transformation of ownership, that is, the transition from a public company to a joint-stock company. The first step has already been taken, while the entire procedure should have been completed at the beginning of January 2023.

Sources in the Serbian government confirmed that UGT Renewables LLC would be chosen as a strategic partner: “This Miami-based company is building a power plant that will run on renewable energy and is already present in the Serbian market and cooperates with the state . ”

Sources within the US company say the same – “the company is already seen as the future strategic partner. The cooperation between EPS and UGT began about ten months ago.

The strategic cooperation agreement concluded between the Ministry of Mines and Energy of the Serbian government and the representatives of the UGT was signed in August 2021. Minister of Energy Zorana Mihajlović signed the agreement on behalf of the Serbian government.

On the other hand, Serbian President Aleksandar Vučić refutes claims that the sale of EPS is being considered. “It’s a notorious lie. Anyone considering such a possibility at the moment would be foolish because it would go against the best interests of Serbia. We are trying to buy power companies in the region, not sell the ours,” Vučić said.

(eKapija, 15.06.2022)


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