Ivan Bulatovic, CEO of Montenegro’s state-owned power utility EPCG, announced that the company will invest €300 million over the next three years, primarily focusing on renewable energy projects. While EPCG is committed to the green agenda, Bulatovic acknowledged that 40% of Montenegro’s electricity is still generated from the coal-fired thermal power plant Pljevlja.
To address this, the plant will undergo significant reconstruction next year, aimed at extending its operational life and aligning it with EU environmental standards. This renovation is expected to cost around €70 million and take eight months, with plans for the facility to resume operations by the end of 2025.
EPCG’s first wind farm, a 55 MW project at Gvozd, is set to commence construction soon, supported by an €82 million loan from the European Bank for Reconstruction and Development (EBRD). Additionally, EPCG recently secured a €40 million loan from the German Development Bank (KfW) for the installation of an eighth unit at HPP Perucica, which will increase the plant’s capacity to 365.5 MW and add an estimated 50 GWh annually to Montenegro’s energy supply.
Another initiative, the Solari 5000+ project, aims to install solar panels on residential rooftops with a budget of €70 million, targeting a total capacity of 100 MW and projected annual production of 115.038 GWh.
Last year, EPCG issued permits for 1.5 GW of renewable energy projects, highlighting significant future potential. In September, the company also unveiled plans to develop a battery energy storage system (BESS) to maximize the benefits of renewable energy generation.
