April 13, 2023
April 13, 2023
United Kingdom–based Chayton Capital, the Government of Montenegro and state-owned power utility Elektroprivreda Crne Gore (EPCG) have signed a memorandum of understanding on the development of an industrial complex in Pljevlja. Projects include the construction of a new unit in the Pljevlja coal plant.
The memorandum of understanding was signed by Prime Minister Dritan Abazović, executive director of EPCG Nikola Rovčanin, and David Allen, a representative of Chayton Capital.
According to the deal, the British company will carry out a feasibility study divided into seven industrial and infrastructure segments, for the town and municipality of Pljevlja, which hosts the country’s only coal-fired power plant. If the projects are feasible, they could bring EUR 700 million in investments and around 600 jobs.
The three parties said in the memorandum that they are willing to invest in industrial infrastructure in the Pljevlja region based on the principles of environmental, social, and corporate governance (ESG) and circular economy.
The first segment is the modernization of production at thermal power plant Pljevlja. It envisages the construction of a CFB boiler in line with the highest environmental standards to enable 0% to 100% biomass use, and investment in facilities for capturing and processing carbon dioxide and other waste gasses, the memorandum reads.
Fuel for the boiler would be produced from waste lumber and other locally available resources
The new unit would operate in parallel mode with the existing one, which is fueled by coal, and produce 150 MW of thermal energy, replacing 25% of its 600 MW capacity, the document adds.
The fuel for the new boiler would be produced from waste lumber and other locally available resources in a recycling, waste treatment and biomass facility.
One of the segments would be the development of environmentally friendly agricultural production based on the utilization of CO2, thermal energy and byproducts from the operation of TPP Pljevlja.
The memorandum also envisages the construction of plants that would make cement, gypsum and innovative prefabricated building elements, as well as the opening of a faculty of mining and geology and a secondary technical school in Pljevlja.
Abazović: The project will be in line with all environmental standards and EU regulations
Prime Minister Dritan Abazović stressed the memorandum enables the transition to the next phase of the project, which is the preparation of a feasibility study. If it is positive, concession and other steps will follow, he claimed.
He noted it is the first time that Montenegro is combining several activities in one industrial project. The application of all environmental standards and EU regulations is a top priority, he added.
David Allen from Chayton Capital company stressed the projects would result in people returning to Pljevlja instead of leaving the town.
The project will promote energy production with a focus on environmental protection, create new jobs and improve the socio-economic environment while respecting Montenegro and the European Union’s laws, Alen added.
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