Montenegro's EPCG to invest 700 mln euro in renewable energy projects by 2022

Montenegro's majority state-owned power utility company EPCG [MNG:EPCG] plans to invest a total of 700 million euro ($779.9 million) in the construction of renewable energy facilities with a total capacity of 500 MW by 2022, development and engineering director Ivan Mrvaljevic said.

"The Briska Gora photovoltaic plant, the Gvozd wind farm and the Komarnica hydropower plant will have a total capacity of about 500 MW," Mrvaljevic said in a video file posted on the website of public broadcaster RTCG on Monday.

Last month, the shareholders of EPCG approved a 58 million euro investment in the construction of the 50 MW Gvozd wind farm in cooperation with Austria's Ivicom Holding GmbH.

The Montenegrin company won in December 2018 a contract to build the 178 million euro Briska Gora PV plant, with a capacity of about 200 MW, in consortium with Finland's Fortum.

($ = 0.8975 euro)

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