Respect Energy, EPCG sign MoU on green projects development

Warsaw-based Respect Energy Holding and Montenegrin state-owned power utility Elektroprivreda Crne Gore have agreed to develop renewable energy projects in Montenegro.

Respect Energy Holding and Elektroprivreda Crne Gore (EPCG) have signed a memorandum of understanding on the development and operation of renewable energy projects in Montenegro, said South Banat Energy Hazelnut, the Polish company’s partner in Serbia.

The memorandum was signed in Podgorica by Tomasz Zadroga, Vice Chairman of Respect Energy Holding, and Milutin Đukanović, Chairman of the Board of Directors of EPCG, in the presence of Andrzej Papierz, Ambassador of Poland to Montenegro.

The two companies agreed to examine the possibility of a joint venture including the development and operation of an offshore wind power plant with a capacity of approximately 2 GW, as well as the development of a battery energy storage and solar power plant in Montenegro.

Zadroga: Respect Energy intends to expand both in the local market as well as in the Balkan area

Additionally, the memorandum envisages the development of an ammonia and hydrogen production plant equipped with an 800 MW electrolyzer, the press release reads.

According to Zadroga, joining forces with EPCG – the main electricity producer and supplier in Montenegro – shows his company’s firm intention to expand both in the local market as well as in the Balkan area.

“We are delighted to work together with our Montenegrin counterparts on renewable energy projects such as an ammonia production facility, offshore wind and solar farms,” Zadroga stressed.

Đukanović: It is the beginning of a long-term and successful cooperation for mutual satisfaction

Đukanović said he highlighted many times the decade-long stagnation of Montenegro’s economy, but that now, fortunately, EPCG can develop itself and the country’s economy by establishing such partnerships and recognizing good projects.

“I am sure that the signing of this memorandum of understanding with such a respectable partner is just the beginning of a long-term and successful cooperation for mutual satisfaction,” Đukanović added.