Montenegro's EPCG to assume full ownership of Gvozd wind farm project co

Montenegro's majority state-owned power utility Elektroprivreda Crne Gore (EPCG) [BEL:EPCG] said it signed an agreement with Austria's Ivicom Holding to assume the full ownership of Green Gvozd, the company that will build the Gvozd wind farm.

The construction of the wind farm is expected to start in the spring of 2022, while the commissioning of the power plant is planned for 18 months after the start of works, EPCG said in a statement earlier this week.

Green Gvozd was established by Ivicom in 2016 and the Austrian company owns 100% of its capital, according to data from Montenegro's business register.

"The investment is worth 61 million euro ($71 million), with a capacity of 55.4 MW, 13 generators, and will provide energy for about 25,000 households," EPCG CEO Nikola Rovcanin said.

EPCG received a non-binding loan offer of up to 82 million euro from the European Bank for Reconstruction and Development (EBRD) for the construction of the Gvozd wind farm in December.

In September, the shareholders of EPCG approved an investment in the construction of the Gvozd wind farm in cooperation with Ivicom, to be financed through loans.

($ = 0.8634 euro)

Choose your newsletter by Renewables Now. Join for free!