The European Bank for Reconstruction and Development (EBRD) has announced that the Montenegrin state-owned power utility, EPCG, has engaged the Serbian branch of auditing firm KPMG to assess the price of its call option on Ivicom’s stake in Green Gvozd, the company behind the Gvozd wind farm project.
The Green Gvozd project, which includes the development of a 55 MW wind farm near the village of Gvozd, close to Nikšić, is backed by an €82 million loan from the EBRD.
In 2021, EPCG entered into a shareholder agreement with Austrian company Ivicom Holding, allowing EPCG to eventually acquire full ownership of Green Gvozd. Currently, EPCG holds a 7.97% stake in the project, while Ivicom Holding owns the remaining 92.03%.
Last month, EPCG CEO Ivan Bulatović announced that construction of the Gvozd wind farm is set to begin in October. The project aims to build the 55 MW Gvozd 1 wind farm, which is expected to generate approximately 150 GWh of electricity annually, with plans for future expansion to add an additional 22 to 25 MW of capacity.
