EBRD extends EUR82mn financing for 55 MW wind project in Gvozd
The European Bank for Reconstruction and Development (EBRD) has extended a EUR82 million (US$100.09 million) loan for the development and construction of a 55 MW onshore wind farm project in Montenegro.
The loan is provided to Elektroprivreda Crne Gore a.d. Nikšić (EPCG), the national electricity utility, and Green Gvozd LLC, a special-purpose vehicle (SPV) to be fully acquired by EPCG. EPCG will use the financing for the acquisition, construction, and operation of a new 55 MW onshore wind farm near the village of Gvozd in Nikšić municipality.
Once completed, the Gvozd wind farm will generate renewable energy output equivalent to supplying 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.
