EPCG, UGTR discuss cooperation: Velje Brdo is among joint projects

epcg ugtr new york velje brdo ing bank


September 13, 2023






September 13, 2023





Montenegro’s state-owned power utility Elektroprivreda Crne Gore and United States–based UGT Renewables intend to implement several renewable energy projects including the Velje Brdo solar power plant. It is the first investment that they pointed to under a memorandum signed between the two companies.

The delegation of Elektroprivreda Crne Gore (EPCG) discussed future cooperation with representatives of UGT Renewables (UGTR) and the ING Bank in New York City. The meeting was attended by Milutin Đukanović, President of the Board of Directors of EPCG, Nikola Rovčanin, Executive Manager of EPCG, Ivan Mrvaljević, Executive Officer of the Directorate for Development and Engineering of EPCG, CFO of UGTR Robert Doyle, and Gemma Bae, Managing Director and Head of Structured Export Finance of ING Bank, EPCG said on its website.

The utility noted that the two firms signed a memorandum inepcg ugtr new york velje brdo ing bank djukanovic rovcanin November last year on strategic cooperation in the joint development of renewable energy projects, primarily solar energy.

UGTR has established a strategic partnership for Europe and Central Asia with Hyundai Engineering from South Korea, EPCG pointed out.

Bae: ING Bank is interested in financing other EPCG projects as well

According to EPCG, Gema Bae said ING is fully committed to financing the projects that EPCG and UGTR are planning, including the construction of the Velje Brdo solar power plant.

In addition, the bank, which operates in all countries within the Organisation for Economic Co-operation and Development (OECD), is ready to be involved in other renewable projects planned by EPCG, she stressed.


Of note, the Government of Montenegro said in June 2020 that a tender for the construction of a solar power plant at the location of Velje Brdo near Podgorica should be launched by the end of the year.

According to local media, S&Z Energie Systeme, headquartered in Germany, was interested in the project.

Đukanović: Cooperation with US companies in the energy sector is of strategic importance for EPCG and entire Montenegro

During the meeting in New York City, Đukanović pointed out that cooperation with US companies in the energy sector is of strategic importance not only for EPCG but for Montenegro as well.

The country must use its potential in the energy sector while the help of US firms and financial institutions is welcome and can be very significant, Đukanović said.

According to Nikola Rovčanin,  investments by US companies and banks in the energy sector of Montenegro represent a great push for the country’s rating and economy and improve the investment climate.

EPCG also said that at the invitation of the UGTR, the company’s delegation would be participating at US Solar Power International 2023, one of the world’s largest energy fairs and the largest renewables fair in the US.

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