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

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Published:

November 1, 2021

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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.

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