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EBRD lending Montenegro’s EPCG 82 mln euro for wind farm

Jun 20, 2023, 11:40:36 AMArticle by Djordje Jajcanin
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June 20 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is lending 82 million euro ($89.5 million) to Montenegro's state-controlled power utility Elektroprivreda Crne Gore (EPCG) and Green Gvozd, a special-purpose vehicle (SPV) to be fully acquired by EPCG.

EBRD lending Montenegro’s EPCG 82 mln euro for wind farm
Photo: Pixabay

The loan will help finance the acquisition, construction and operation of a new 55 MW onshore wind farm near the village of Gvozd in Nikšić municipality, the EPCG’s first, the EBRD said in a statement on Monday.

Once completed, the Gvozd wind farm will generate renewable energy output equivalent to supply more than 25,000 households per year in Montenegro and is expected to save at least 104,000 tonnes of CO2 emissions per year, equivalent to the annual emissions of approximately 62,000 cars. It will be the second wind farm financed by the EBRD in Montenegro, after the 72 MW Krnovo, which was the first major electricity generating facility in the country since the 1980s.

“It is critical in order to initiate the decarbonisation of the energy sector in Montenegro and will support not only EPCG’s decarbonisation ambitions, but also significantly contribute to Montenegro’s energy security and green transition,” said Ramon Zakaria, head of the EBRD in Montenegro.

$ = 0.9158 euro

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