Montenegro’s state-owned power utility EPCG and the European Bank for Reconstruction and Development (EBRD) have signed an additional 25 million euro loan to finance Gvozd 2, the expansion of the Gvozd wind farm. The upgrade will add three new turbines, increasing the project’s installed capacity to 75.6 MW — the highest for a single plant in the country. Annual output is now expected to exceed 210 GWh, enough to supply over 35,000 households, while reducing CO2 emissions by nearly 137,000 tons per year.
This financing follows an 82 million euro facility agreed in June 2023 for the construction of the original wind farm and its network connection, which was at the time the EBRD’s largest direct investment in Montenegro’s energy sector. EPCG describes the follow-on loan as a logical step in diversifying and decarbonizing the country’s energy mix, emphasizing its role as a dependable partner for international lenders. The company’s leadership highlights Gvozd as a flagship of Montenegro’s energy transition, delivering long-term supply stability, significant emissions reductions, and greater energy security.
The Ministry of Energy and Mining classifies Gvozd as a project of special national interest, strengthening the country’s resilience and supporting sustainable economic growth. From the financier’s perspective, the EBRD sees the project as an example of how flexible, long-term funding can accelerate clean energy development and raise implementation standards. The bank also notes its broader support for the sector through the Renewable Energy Market Accelerator, which assisted national authorities in preparing Montenegro’s first 250 MW renewables auction.
