European Bank for Reconstruction and Development: Support for key energy projects

The European Bank for Reconstruction and Development (EBRD) is ready to support the further development of the Gvozd wind farm through the continuation of the Gvozd 2 project, which would significantly increase renewable energy capacities in Montenegro, it was assessed at a meeting between them and representatives of the Electric Power Company.

At the meeting, representatives of EPCG and EBRD discussed the results of successful cooperation so far, especially in relation to the Gvozd wind farm project, as well as opportunities for further improvement of the partnership in the context of Montenegro's energy transition.

EPCG announced that the meeting discussed extending the credit arrangement for an additional 21 megawatts (MW) of installed capacity, which would further strengthen the country's energy security and accelerate the decarbonization process.

"A loan arrangement of 82 million euros has already been signed for the Gvozd wind farm, whose installed capacity is 54,6 MW," EPCG reminded.

In addition, EPCG presented other key projects in the field of renewable energy sources, including the Solari 5000+ program, Krupac Power Plant, Slano Power Plant, as well as battery energy storage systems (BESS), which are of strategic importance for the future of the Montenegrin energy sector.

The Executive Director of EPCG, Ivan Bulatović, said that they greatly appreciate the cooperation with the EBRD so far, which has been crucial for the implementation of large energy projects in Montenegro.

"We continue to build a strong partnership to enable further development of renewable energy sources and accelerate the green transition process," said Bulatović.

EPCG and EBRD remain, as announced, committed to improving energy efficiency and sustainability, through joint projects that contribute to an environmentally responsible and economically sustainable future for Montenegro.

The meeting was attended by EBRD Vice President for Banking Matteo Patrone, Regional Director for the Western Balkans Matteo Kolangeli, EBRD Head in Montenegro Remon Zakaria, and Banker for Energy, Real Estate and Infrastructure Danilo Raičević.

On behalf of EPCG, the meeting was attended by Bulatović and the Executive Director of the Directorate for Development and Investments, Ivan Mrvaljević.