Renewables

EPCG to invest EUR 300 million in next three years – CEO

epcg ivan bulatovic investments gvozd perucica

Published

October 24, 2024

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Published:

October 24, 2024

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Montenegro’s power utility Elektropriveda Crne Gore is conducting a big investment cycle, with a plan to spend almost EUR 300 million in the next three years, focusing on renewable energy sources, according to the company’s CEO Ivan Bulatović.

“We are fully committed to the green agenda and devoted to the trends coming from the European Union, but the challenge is that 40% of electricity in Montenegro is generated from the Pljevlja coal-fired power plant, which is of great importance for the country’s power system”, CEO of state-owned Elektroprivreda Crne Gore (EPCG) Ivan Bulatović said on the panel ‘Is there a green Europe without a green Western Balkans’ within the Montenegro 2024 conference organized by the Chamber of Commerce of Montenegro.

Bulatović announced the start of construction works on the EPCG’s first wind farm. In June last year, the company signed a EUR 82 loan agreement for the Gvozd wind farm. However, EPCG recently said that the completion of the Gvozd wind farm has been delayed due to permitting.

Bulatović: More green energy projects will follow

Bulatović recalled that EPCG has signed a EUR 40 million loan agreement with Germany’s KfW Development Bank for the construction of the eighth, A8 unit at Perućica hydropower plant.

EPCG is continuing to implement the Solar 5000+ project, which includes the installation of solar power plants on residential buildings, he said. The company is fully committed to green projects and it plans to materialize more such initiatives, EPCG’s CEO stressed.

Bulatović: I believe there will be no shortage of energy from renewable sources

Bulatović said renewable energy projects with an installed capacity of 1.5 GW have obtained construction permits last year. It is an enormous energy potential, which EPCG will control some day, he added.

“I believe there will be no shortage of energy from renewable sources,” he stated.

Of note, EPCG signed a memorandum of understanding a month ago with French state-owned power utility EDF.

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