PODGORICA (Montenegro), January 20 (SeeNews) - Montenegro's government said it approved a 30 million euro ($34 million) loan in favour of power utility EPCG [MNE:EPCG] from state-owned investment and development fund IRF, to be used to finance investment in photovoltaic equipment.
The loan will be used to finance the Solari 3000+ and Solari 500+ programmes for installation of rooftop solar panels by households and small industrial facilities, the government said in a statement on Wednesday.
The loan will be granted at an annual interest rate of 1.6%, with a repayment period of 96 months, including a grace period of 24 months.
Under the project, EPCG will provide solar panels and will manage their installation, while households and companies will repay the equipment over a period of five to seven years.
($ = 0.88115 euro)