Renewables

Power utility EPCG to buy Nikšić steelworks, set up solar energy firm

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Published

December 8, 2022

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Published:

December 8, 2022

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Montenegrin state-owned power utility Elektroprivreda Crne Gore (EPCG) has reached an agreement with Turkey’s Tosçelik to buy steelworks Željezara Nikšić, where it intends to set up a firm that will not produce steel but operate in the solar sector.

EPCG’s board chairman, Milutin Đukanović, said EPCG will establish a subsidiary called Željezara solar Nikšić, with plans to open a technology center that will support the solar industry. He also said EPCG hopes to develop a business plan for the production of solar panels in Nikšić.

Đukanović: EPCG hopes that solar panels will be produced in Nikšić

According to previous reports, the Nikšić steelworks had a plan to build a solar power plant to produce energy for its own needs.

Đukanović said earlier that EPCG’s business philosophy was to build solar power plants in the vicinity of its energy facilities, where energy infrastructure already exists.

EPCG will pay EUR 20 million for Željezara’s assets

A EUR 20 million purchase agreement with the Nikšić steelworks’ current owner, Turkish company Tosçelik, is due to be signed on December 20. The first transaction, worth EUR 15 million, will be completed by January 15, when EPCG will take over the assets. The second installment, of EUR 5 million, will be paid by February 15, making EPCG the 100% owner, Đukanović explained.

In September, the Montenegrin government bought a stake in EPCG for EUR 15 million in a share issue intended for raising money for the steelworks acquisition.

EPCG is expanding its support to rooftop solar projects

The state power utility recently decided to expand its rooftop solar projects Solari 3.000+ i Solari 500+, which marked the beginning of the energy transition in Montenegro. EPCG approved the launch of a project called Solari 5.000+, which will make it easier for a further 5,000 households, businesses, and residential communities to start producing green energy for self-consumption and become prosumers.

According to previous announcements, EPCG also intends to launch the Solari 10,000+ program, and hopes to obtain financing for it from European Union funds.

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