Gvozd wind project receives financing preliminary offer from EBRD

In order to finance the project for the construction of Gvozd wind farm, Montenegrin state-owned power utility Elektroprivreda Crne Gore (EPCG) has received a preliminary offer from the European Bank for Reconstruction and Development (EBRD). 

The received offer envisages that the project should be entirely financed through loans, with favorable commercial conditions. The amount of planned funds is EUR82 million (US$100.09 million).  EPCG will now be analyzed the received offer. 

Wind farm Gvozd will have a total installed capacity of 54.6 MW and the expected annual electricity production of around 150 GWh. The project envisages phased construction and commissioning of 13 wind turbines, 110/33 kV Gvozd transformer station at the project location, reconstruction of Krnovo and Niksic transformer stations as well as the construction of two single transmission lines 3 and 14 kilometers long. It is expected that the construction of the wind farm will start in 2021.

Last August, EPCG shareholders approved the investment in the construction of wind farm Gvozd, developed in cooperation with Austrian company Ivicom. In 2018, EPCG and Ivicom signed a Memorandum of Understanding (MoU) on the construction of Gvozd wind farm.