Elektroprivreda (EPCG) and the German Development Bank (KfW) signed today an agreement on the award of a grant for consulting services and support for the market-oriented green transformation of that Montenegrin power company, in the total amount of 1,5 million euros.
The contract was signed by the Chairman of the Board of Directors and CEO of EPCG, Milutin Đukanović and Ivan Bulatović, and the Head of the Energy and Transport Sector at KfW and the bank's Director for Southeast Europe and Turkey, Pablo Obrador.
The contract, as explained by EPCG, is based on the Contribution Agreement signed on November 28th between the European Commission (EC) and KfW.
Đukanović assessed that the signing of the contract represents significant recognition and confirmation of the trust that EPCG enjoys among international partners.
"No bank will risk its funds or spend them in vain. Therefore, this grant is a great compliment for everything we are doing in the process of energy transition and the development of green energy," said Đukanović.
Bulatović emphasized that these are grants that will be used to modernize the company and improve its business, with a focus on green energy projects.
Obrador announced that EPCG is implementing projects of great importance for Montenegro and deserves the support of international financial institutions.
"We will always support key topics such as product portfolio development, decarbonization strategy, business development, market position, operational business, reporting according to international standards, as well as capacity development and efficient knowledge transfer. This is the main reason why we awarded this grant to EPCG," said Obrador.
KfW has been cooperating with EPCG for several years for the installation of the A8 generator as part of the third phase of the reconstruction and modernization project.
Bonus video:
