Renewables

EPCG becomes sole owner of project firm for Gvozd wind farm

EPCG becomes sole owner of project company for Gvozd wind farm

Photo: EPCG

Published

November 1, 2021

Country

Comments

comments icon

0

Share

Published:

November 1, 2021

Country:

Comments:

comments icon

0

Share

State-owned power utility Elektroprivreda Crne Gore said it has signed a shareholder agreement with renewable energy company Ivicom Holding GmbH, based in Austria, on joining project firm Green Gvozd. The project company will install the Gvozd wind farm on the Krnovo plateau in Montenegro.

EPCG said that, in line with the shareholder agreement, it would own 100 percent of project firm Green Gvozd. The 55.4 MW wind farm will comprise 13 wind generators.

EPCG noted its shareholder assembly approved the construction of the Gvozd wind farm in September 2019 together with its decision on signing an agreement on joint project development.

EPCG has received an EBRD loan offer, but it will consider other options for financing the project

The decision on the construction of the wind farm followed the study of wind potential and assessment of energy production as well as the study of the market and business model for the project prepared by the German consulting company Fichtner, EPCG said.

EPCG has already received a preliminary offer from the European Bank for Reconstruction and Development (EBRD) to finance the Gvozd wind farm, but the company intends to consider other financing options. The funds will be used to purchase equipment in line with the rules of selected financial institutions.

The start of construction is planned for the spring of 2022

The start of the construction is planned for the spring of 2022, while commissioning is scheduled for 18 months later, EPCG underlined.

Initially, the works were announced for 2020, and then postponed for 2021.

Ivicom is involved in the project of wind farms on Krnovo plateau

According to Nikola Rovčanin, director of EPCG, the investment worth EUR 61 million will provide electricity for about 25,000 households.

He said he hopes the company would start investing in renewables.

Čondić: we expect a building permit in a couple of months

Krešimir Čondić, director of the Ivicom, underlined the company was involved in the development of wind farms in the Krnovo plateu. He added the project started more than two years ago, and that it was partially disrupted by the coronavirus pandemic.

He said he expects a building permit to be issued in a couple of months, followed by an agreement on financing and, in time, the start of construction works.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

belgrade energy forum bef 2025 western balkans electricity market coupling cbam

Western Balkans power markets: hope for coupling with EU, concerns about CBAM

29 May 2025 - Representatives of TSOs, regulators and power exchanges gathered at a panel on the integration of Western Balkans markets into the EU market

Global battery storage capacity expands record 200 GWh 2024

Global battery storage capacity expands by record 200 GWh in 2024

29 May 2025 - The cost of storing electricity has dropped thanks to the declining cost of battery projects and technological advancements, Rystad says

Olympus CCUS project breaks ground in Greece

Olympus carbon capture project breaks ground in Greece

29 May 2025 - Carbon capture, utilization and storage (CCUS) is a must for the future of the cement industry, Prime Minister Kyriakos Mitsotakis said

CyberGrid is committed to energy transition in SEE with its aggregation solutions Candellari

CyberGrid is committed to energy transition in SEE with its aggregation solutions

28 May 2025 - CyberGrid's Nikolaj Candellari said at BEF 2025 that the firm believes in the energy transition in SEE, contributing to the process with its solutions