The potential for renewable energy remains largely untapped in Serbia, but officials say that this is about to change. Speaking at a recent press conference, Energy Ministry State Secretary Nikola Rajakovic pledged investments of between € 300 M and 500 M over the next two years. That number, he added, could rise significantly over the next decade.

According to Mr. Rajakovic, wind power plants hold the greatest investment potential. However complicated administrative procedures pose a barrier, a company representative of Italian Fintel Wind, a partner of the Serbian MK Group, explained.

Currently, renewable sources provide only a fraction of the country's energy needs, even though such sources could generate the equivalent of 4.3 M tonnes of oil per year.

Securing sound financing is the biggest obstacle. The country does not have a large enough budget to meet the government's stated goal -- 20% of energy from renewable sources by 2020, compared to the current 12% -- on its own. That means external funding sources are crucial.