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HomeFinanceEBRD finances 55 MW wind farm in Montenegro

EBRD finances 55 MW wind farm in Montenegro

The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of renewable energy generation in Montenegro with an 82 million euros loan to Elektroprivreda Crne Gore (EPCG), the national electricity utility and Green Gvozd, a special-purpose vehicle (SPV) to be fully acquired by EPCG.

The investment will help EPCG to finance the acquisition, construction and operation of a new 55 megawatts (MW) onshore wind farm near the village of Gvozd in Nikšić municipality, helping accelerate EPCG’s decarbonisation plan and the energy transition of Montenegro.

Once completed, the Gvozd wind farm will generate renewable energy output equivalent to supply more than 25,000 households per year in Montenegro and is expected to save at least 104,000 tonnes of CO2 emissions per year, equivalent to the annual emissions of approximately 62,000 cars. The Gvozd wind farm is a milestone project for EPCG, being its first major new-generation asset in over 40 years, as well as its first wind farm.

It will be the second wind farm financed by the EBRD in Montenegro, after the 72 MW Krnovo, which was the first major electricity-generating facility in the country since the 1980s.

“We are proud to support EPCG in developing this important project,” said Remon Zakaria, Head of the EBRD in Montenegro. “It is critical in order to initiate the decarbonisation of the energy sector in Montenegro and will support not only EPCG’s decarbonisation ambitions but also significantly contribute to Montenegro’s energy security and green transition.”

Including this project, the EBRD has invested 811 million euros in 83 projects in Montenegro to date.

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