EBRD offers €82m loan for Montenegro's Gvozd wind farm
Montenegro's power utility Elektroprivreda Crne Gore (EPCG) has received a non-binding loan offer of up to €82 million ($99 million) from the European Bank for Reconstruction and Development for the construction of the 54.6MW Gvozd wind farm.
The loan will be used to finance the acquisition of equipment for the wind farm under favourable commercial conditions, while tenders for the procurement of wind turbines, construction works, connections to the transmission network and other infrastructure will be conducted in accordance with the EBRD rules.
The construction of the wind farm is expected to start in 2021, while its commissioning will be carried out within 18 months after the start of works. The wind farm will be able to produce 150GWh of electricity annually. In September, the shareholders of majority state-owned EPCG approved a €58 million investment in the construction of the Gvozd wind farm, in cooperation with Austria's Ivicom Holding, to be financed through loans.
