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ABSTRACT
Our study analyses the effects of wind farm investments on sustainable development in Serbia after the political changes in 2000. With the purpose of creating the conditions for the inflow of renewable energy investments, the institutional and legal frameworks, as well as energetic and economic reforms, were initiated after 2000. The new laws and strategy were the impetus for the promotion of utilization of and investing in renewable energy sources (RES) in Serbia. The new Law on Energy (2011) defines an action plan for the utilization of RES and systematically regulates the position of electricity producers in Serbia. Hence, the energy legislative framework harmonized with the European Union, as well as the new economic conditions in Serbia, was finally defined. It was an opportunity for foreign direct investment in the RES sector.