Renewables

EPCG secures financing for Gvozd wind farm

epcg gvozd 2024.

Photo: Pete Linforth from Pixabay

Published

October 3, 2022

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Published:

October 3, 2022

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Montenegrin state-owned power utility Elektroprivreda Crne Gore (EPCG) plans to start producing electricity at its planned Gvozd wind farm in 2024.

EPCG is blaming the coronavirus pandemic for the delay in the implementation of the 54.6 MW Gvozd wind farm project, Vijesti reported.

The coronavirus pandemic over the last two years is the key reason for the delay in the construction of the Gvozd wind farm, EPCG said, adding that the pandemic affected the process of obtaining the necessary permits as well as the negotiations on financing the project.

According to the company’s plans, the power plant will come online in 2024. According to earlier announcements, the construction was supposed to start in 2021.

The construction of the wind farm will be financed with a loan from the EBRD

The construction of the wind farm will be financed with a EUR 82 million loan provided by the European Bank for Reconstruction and Development (EBRD). The contract will be signed in December, EPCG said.

The building permit for the construction of the wind farm should be issued in the next two months, while transmission system operator Crnogorski Elektroprenosni Sistem (CGES) has given consent for the connection to the power network.

EPCG noted that Austria-based company Ivicom, which was involved in the Krnovo wind power plant project, participated in project preparation and engineering.

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