PODGORICA (Montenegro), April 27 (SeeNews) - Montenegro's state-owned power utility EPCG [MNE:EPCG] started a 70 million euro ($74.6 million) project for the reconstruction of Pljevlja thermal power plant (TPP), it said on Wednesday.
The project will allow for an extension of the life cycle of Pljevlja TPP, which is a responsible action in the context of the global energy crisis, EPCG said in a statement.
The reconstruction project should be completed in two and a half years.
In June 2020, EPCG signed a 54.4 million euro ($60.7 million) contract for the reconstruction of the coal-fired power plant with a consortium led by China's Dongfang Electric (DEC) and comprising Montenegrin companies Bemax, BB Solar and Permonte. However, in 2021 DEC informed the government that the planned investment will not be sufficient to make the overhaul compliant with the environmental standards set by the European Energy Community. Consequently, EPCG committed to invest additional 15 million euro in the project.
($ = 0.9384 euro)