EPCG to invest EUR700 million in renewable energy by 2022

Renewable energy developer in Montenegro, EPCG, is set to invest EUR700 million (US$773.3 million) by 2022 in the development of renewable energy projects with an installed capacity of up to 500 MW.

Among these projects is the construction of hydropower plant Komarnica, solar power plant Briska Gora and Gvozd wind farm.

In August 2019, EPCG shareholders approved the investment in the construction of wind farm Gvozd, a project worth some EUR58 million (US$64 million), developed in cooperation with Austrian company Ivicom.

In 2018, EPCG and Ivicom have signed a Memorandum of Understanding (MoU) on the construction of the Gvozd wind farm. Total investment in the construction of this 50 MW wind farm, located near Niksic, will amount to EUR70 million (US$77.3 million). Its estimated annual electricity production should be 140 GWh and the construction is expected to start in 2020.

Last year, the Ministry of Economy of Montenegro has tendered the leasing of land for the construction of solar power plant Briska Gora near Ulcinj. It has ranked the offer submitted by the consortium consisting of Montenegrin power utility EPCG and Finnish Fortum as the best one. The consortium's total investment in the solar power plant will amount to EUR178 million (US$196.65 million). The first stage of the project envisages the construction of a 50 MW solar power plant within 18 months from the date of the signing of the contract. The second stage envisages the increase of installed capacity to 200 MW, which should be done within 24 months from the completion of the first stage of the project. The plant is expected to be commissioned in 2021.