The European Bank for Reconstruction and Development (EBRD) is ready to support the further development of the Gvozd wind farm through the continuation of the Gvozd 2 project, which would significantly increase renewable energy capacity in Montenegro, as discussed in a meeting between EBRD and representatives of Elektroprivreda Crne Gore (EPCG).
During the meeting, the representatives of EPCG and EBRD reviewed the successful collaboration to date, particularly regarding the Gvozd wind farm project, and explored opportunities to further strengthen their partnership in the context of Montenegro’s energy transition.
According to EPCG, the meeting focused on extending the loan arrangement for an additional 21 megawatts (MW) of installed capacity, which would further enhance the country’s energy security and accelerate the decarbonization process.
“A loan agreement for €82 million has already been signed for the Gvozd Wind Farm, which has an installed capacity of 54.6 MW,” EPCG representatives reminded.
Additionally, EPCG presented other key projects in the renewable energy sector, including the Solari 5000+ program, the Krupac Solar Power Plant, the Slano Solar Power Plant, and battery energy storage systems (BESS), which are strategically important for the future of Montenegro’s energy sector.
EPCG’s Executive Director, Ivan Bulatović, emphasized the great value of the collaboration with EBRD, which has been instrumental in the realization of large energy projects in Montenegro.
“We continue to build a strong partnership to enable the further development of renewable energy sources and accelerate the green transition process,” said Bulatović.
Both EPCG and EBRD remain committed to improving energy efficiency and sustainability through joint projects that contribute to an environmentally responsible and economically sustainable future for Montenegro.
The meeting was attended by EBRD Vice President for Banking Matteo Patrone, Regional Director for the Western Balkans Matteo Colangeli, EBRD Head in Montenegro Remon Zakaria, and Banker for Energy, Real Estate, and Infrastructure Danilo Raičević.
From EPCG, the meeting was attended by Bulatović and the Executive Director of the Development and Investment Directorate, Ivan Mrvaljević.
