Serbia has approved a plan proposed by the Securum Equity Partners company to start building a solar park next April that could make it one of the largest in the world when completed.

The company has said it signed a definitive agreement with Serbia on building the "largest solar park in the world" in the country.

The one-gigawatt park will cost EUR 1.28 B (USD 1.66 B) to build and enable production of 1.14 terawatt hours a year from panels provided by MX Group Southeast Europe with technology from Italy's MX Group SpA, the company has revealed.

Electricity will be exported "mainly to the markets in western Europe that need green energy," Ivan Matejak, Securum's manager for Serbia, has told Bloomberg.

The park would have a capacity of 1,000 MW, over a total area of 3,000 hectares. Some 500-600 jobs are expected to be created once the solar park is finished, while 2500-3000 people will be hired for its construction.

Construction work is to begin in April and the park should be completed by the end of 2015.

Serbia's government said in May it would provide land free of charge for the project.

Securum estimated the maintenance cost at 475 million euros over the park's expected service life of 25 years.

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