State-owned power utility Elektroprivreda Crne Gore (EPCG) will not be privatized, but it will look for foreign partners to invest in new power plants, according to the Ministry of Capital Investments.
Rumors about a plan for the privatization of EPCG have recently emerged in the domestic media. The Balkan state earlier bought back a minority stake from Italian energy company A2A.
The Ministry of Capital Investments revealed its stance on the status of EPCG to daily Pobjeda after it asked whether the Government of Montenegro plans to privatize EPCG and if any entities expressed interest in acquiring a stake.
EPCG needs to find foreign partners with references and know-how to jointly build wind farms and solar power plants
The ministry said EPCG should find suitable foreign partners with the know-how for the development of renewable energy projects such as wind farms and solar power plants.
The ministry said Montenegro would get a national energy and climate strategy that would prioritize the transition to green energy sources as soon as possible and that partners for EPCG should be found for joint work on its implementation.
EPCG earlier said it expects the construction of the Gvozd wind farm to start this year and that the works should be completed in 18 months. The company added it plans to meet the deadlines for the Briska Gora solar power plant. The two projects would add a combined 100 MW to 250 MW to EPCG’s production portfolio.