EBRD finances Montenegro wind farm

The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of renewable energy generation in Montenegro with an €82m loan to national electricity utility EPCG.

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

EPCG is active in the production, distribution and supply of electricity.
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 72MW Krnovo, which was the first major electricity generating facility in the country since the 1980s.

In addition to financing, on the policy side the EBRD is assisting Montenegro in developing its first renewable energy law and regulatory reforms aimed at creating an enabling environment for renewable energy investments, as well as the launch of the country’s first renewable energy auction.

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