As per the agreed terms with Vienna-based Energy Community, the country is planning to boost renewable share in from 21.2% to 27% in the overall energy sector by the end of 2020.

In addition, the Serbian government has adopted new incentives in February for the purchase of electricity from renewable sources such as wind, hydro and biomass at higher rates, reports Bloomberg.

Continental Wind Serbia, a member of Serbian Wind Energy Association, was quoted by the publication as saying that the new regulations will enable the association, grouping firms that are interested in wind farms to begin the development of €500m worth projects.

Meanwhile, the Balkan nation is planning to invest around €2bn in wind farms, biomass, waste, solar, gas and geothermal energy, as part of its strategy to add 1,092MW of energy from renewable sources by 2020.