Ivan Bulatovic, CEO of Montenegrin state-owned power utility EPCG, announced that construction of the company’s first wind farm, Gvozd, will commence in October. He also revealed plans for EPCG to launch its first auctions for awarding market premiums to renewable energy producers in the first quarter of 2025.
Initially, EPCG had aimed to start construction of the Gvozd wind farm in 2021, with commissioning expected 18 months later. However, the project faced delays primarily due to the impacts of the coronavirus pandemic, which affected the global business environment, the energy sector, and the processes for obtaining necessary permits and financing.
Once operational, the 55.4 MW Gvozd wind farm is expected to generate enough electricity to meet the annual demand of over 25,000 households, while saving at least 104,000 tons of CO2 emissions each year. This project will be the second wind farm financed by the European Bank for Reconstruction and Development (EBRD) in Montenegro, following the 72 MW Krnovo wind farm. Last June, the EBRD announced it would provide an €82 million loan to EPCG and Green Gvozd, a special purpose vehicle fully acquired by EPCG.
