The agreement envisions co-operation in the development of solar power plant and electricity storage systems projects, with the aim of using Serbia's potential to build energy capacity using renewable sources.

The agreement was signed on the behalf of the Government of the Republic of Serbia by the Deputy Prime Minister and Minister of Mining and Energy, Prof. Zorana Mihajlovic, PhD, and on behalf of UGTR, Financial Director, Peter Goodall. "This is a great and important thing for Serbia, for our energy security and stability, and it represents the beginning of a new era and a step into the future." We are about to talk about all the conditions, and if we fulfill everything from the agreement together, we can have solar panels that will produce more than one gigawatt of electricity. It is important for us to have cleaner air, and the agreement is also financially important for us, and in this way we are reforming and modernizing the entire energy sector and the future work of public companies, "said President Aleksandar Vucic.

Peter Goodall, CFO of UGT Renewables, said the company operates in several countries around the world. "We are pleased to be in Belgrade again and we want to develop cooperation and contribute to economic growth, energy stability and security," Goodall said. Anthony Godfrey, the US Ambassador to Belgrade, thanked the Deputy Prime Minister and the Ministry he heads for their cooperation so far, and said that the US and Serbia need to be partners in the energy transition process.