EPCG signs EUR 29.4 million deal to overhaul three units at HPP Perućica

EPCG HPP perucica modernization agreement units

Photo: EPCG


December 15, 2022






December 15, 2022





Montenegrin state power utility Elektroprivreda Crne Gore (EPCG) and German hydropower plant equipment supplier Voith Hydro have signed an agreement on an overhaul of three generators at HPP Perućica, the second phase of a project to modernize EPCG’s oldest power plant. The aim of the work on units A5, A6, and A7 is to extend their operating life and ensure high operational efficiency, improve environmental protection, reduce breakdown risk, and cut the costs of operation and maintenance.

The second phase of the HPP Perućica overhaul, worth EUR 29.4 million, is financed by the German development bank KfW. EPCG CEO Nikola Rovčanin said a new loan of up to EUR 30 million is expected to be signed in 2023 to finance the installation of an eighth unit, with a capacity of 58.5 MW.

An agreement with KfW to finance the installation of an eighth unit is expected in 2023

Željko Uljarević, head of KfW’s office in Montenegro, confirmed that the agreement for generator A8 at HPP Perućica is expected to be signed next year, adding that the loan will increase the value of KfW’s projects with EPCG to over EUR 100 million.

The modernization will make HPP Perućica the “youngest” power plant operated by EPCG

HPP Perućica is EPCG’s oldest power plant, but the reconstruction and modernization will make it the “youngest” one, according to Milutin Đukanović, chairman of EPCG’s board of directors. Works on the reconstruction and modernization of HPP Perućica are divided into 18 lots and are planned to be performed between 2023 and 2027.

EPCG is working on increasing the share of renewables in its electricity production

Rovčanin noted that EPCG has launched a new investment cycle, which will enable the company to diversify electricity generation and continuously increase the share of renewable energy sources.

Last December, EPCG initiated the procedure to install two solar power plants at dams at HPP Perućica. The solar power plants will have a total capacity of 3.7 MW.

Earlier this month, EPCG reached an agreement with Turkey’s Tosçelik to buy steelworks Željezara Nikšić, where it intends to set up a firm that will operate in the solar energy sector.

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