EPCG is looking for EUR 70 million loan to finance rooftop solar power plants

State-owned power company Elektroprivreda Crne Gore (EPCG) intends to borrow EUR 70 million to finance the Solari 5,000 + project. The program will secure the installation of rooftop solar power plants for another 5,000 households, legal entities and residential communities.

EPCG has published an international public call for the selection of domestic and foreign financial institutions for the financing of the Solari 5,000+ project.

Funds for the implementation of the Solari 5,000+ project will be provided by loan of EUR 70 million through negotiations with financial institutions. Banks can offer the total amount or at least EUR 10 million each.

The public call was designed to ensure the maximum possible amount of grants is secured

The subject of negotiations will be the grant, terms and loan repayment period, interest rate and grace period, said EPCG.

All domestic and international financial institutions are eligible to apply, and the deadline for submission of bids is January 31, 2023.

According to EPCG, the public call was designed to ensure the maximum possible amount of grants is secured, given that European and world banks are allocating significant funds for financing green projects.

The company intends to secure financing which enables the consumers to repay the investment in monthly installments lower or equal to their current monthly bills, the public call reads.