Early generation from 54.6 MW Gvozd
Montenegro’s 54.6 MW Gvozd wind farm produced 26 GWh during its first three months of operation, contributing to offsetting the country’s summer electricity deficit. The output reduced state utility EPCG’s electricity deficit by 8.5 per cent.
At Montenegrin Power Exchange prices, EPCG valued the production at approximately €2.43mn. This corresponds to an average captured value near €93.5/MWh. The valuation reflects the company’s methodology and market timing rather than audited project revenue.
The initial generation implies a capacity factor of roughly 22 per cent over the three-month period. The level is below the project’s expected long-term performance, while also covering commissioning months and a season that may not represent annual wind conditions.
Long-term expectations and hydropower constraints
Gvozd is expected to generate 150 GWh annually, implying a long-term capacity factor slightly above 31 per cent. Its financial value is described as rising during dry summers because wind output reduces imports when EPCG’s Perućica and Piva hydropower plants are constrained.
Turbines, financing and maintenance arrangements
The first phase was developed by Nordex using eight N163/6.X turbines. An €82mn EBRD loan supports the project’s initial build. Nordex also holds a 25-year maintenance agreement, which is described as reducing part of EPCG’s availability and lifecycle-service risk.
A further 21 MW Gvozd II project will add three turbines under a €26mn Nordex contract. The expansion is supported by an additional €26mn EBRD facility. The expanded complex of 75.6 MW is expected to produce more than 210 GWh annually.
Brajići pipeline and separation from solar generation profiles
The operating evidence is cited alongside Montenegro’s broader wind pipeline, including WPD Europe’s proposed 101 MW Brajići project across Budva and Bar. Brajići is expected to require more than €140mn, with construction potentially starting in 2027, subject to environmental assessment, permits, grid arrangements and financing.
The source material also states that wind should remain analytically separate from solar. It notes that Gvozd output is less concentrated in midday hours already affected by regional photovoltaic capacity, with a higher capacity factor and a different seasonal profile. It adds that production can retain greater system value during evening or winter periods, while also involving more complex access-road, foundation, crane and terrain risk across Montenegro’s mountainous coastal interior.
