Completion and commissioning of Gvozd 2 wind farm expected in spring – Investment value EUR 105 million

The Gvozd 2 wind farm is currently under construction, with completion and commissioning expected in the spring, announced Ivan Mrvaljevic, Executive Director of the Development and Investment Directorate at Elektroprivreda Crne Gore (EPCG). Speaking at the “Energy Transition: Investments, Innovation, and Competitiveness” panel, held in Podgorica as part of the “Sustainable Leadership: From Decision to Impact” conference, he stated that EPCG was continuing a robust investment cycle aimed at developing new renewable energy generation capacities while maintaining affordable electricity prices for citizens and the business sector.

Mrvaljevic highlighted EPCG’s focus on harnessing solar and wind potential, alongside the development of battery storage systems and a continued responsible energy transition, including the ongoing operation of the Thermal Power Plant Pljevlja, now ecologically retrofitted.

Discussing the development of wind energy capacity, Mrvaljevic pointed to the Gvozd 1 and Gvozd 2 wind farm projects. While Gvozd 1 is already operational, Gvozd 2 is under construction, with completion and the start of operations anticipated for the spring. Financing for the project has been secured through a loan agreement with the European Bank for Reconstruction and Development (EBRD), totaling approximately EUR 105 million.

– Construction work is underway, and the Gvozd 2 wind farm is expected to become operational in the spring. The total value of this project is approximately EUR 105 million, and it is being implemented through an EBRD loan arrangement – said Mrvaljevic.

At the same time, EPCG is continuing its cooperation with international financial partners on the project to install unit A8 at the Hydro Power Plant Perucica, which is being carried out with the support of the German development bank (KfW). The project is valued at around EUR 40 million, with the contract for its execution expected to be signed later this year. A particularly significant aspect of the project is that it is being implemented without a state guarantee, relying instead on support from KfW and the European Commission via an EFSD+ guarantee.

– This project is crucial for structuring future initiatives, as it marks the first time EPCG, with the support of KfW and the European Commission, has implemented an energy project of this kind without a state guarantee – Mrvaljevic noted.

Speaking about the Solari project, Mrvaljevic expressed satisfaction with its implementation and the level of interest shown by both citizens and the business community. To date, approximately 10,000 citizens and small business representatives have participated in the project, supported by funding from the Investment and Development Fund and international financial institutions. He highlighted the expansion of the project to include educational and healthcare facilities, enabling the installation of solar panels on the roofs of public institutions, as the next challenge.

EPCG also plans to develop large-scale solar power plants while continuing efforts to attract strategic international investors. In this context, Mrvaljevic particularly highlighted the significance of the agreement with Masdar, which opened up opportunities for cooperation on renewable energy projects.

– We have plans to build a large-scale solar power plant, and we are proud that, thanks to the signed state-level agreement, we have secured an investor of Masdar’s caliber – said Mrvaljevic.

Developing renewable energy sources, building new generation capacities, and attracting strategic investors constitute a key part of EPCG’s long-term development strategy, alongside maintaining supply stability and affordable electricity prices for domestic consumers.

Elektroprivreda crne Gore

EPCG

TPP Pljevlja

European Bank for Reconstruction and Development

EBRD

German Development Bank

KfW

Masdar

European Commission

Investment and Development Fund

Ivan Mrvaljević

HPP Perućica

Solari project

renewable energy sources

RES