EPCG Expands Generation and Storage Portfolio with 639 MW of New Projects
Montenegro’s state-owned utility Elektroprivreda Crne Gore (EPCG) is advancing a broad portfolio of solar, wind, battery storage, and hydropower projects with a combined capacity of 639 MW, and an expected annual electricity output of more than 1 TWh, according to Milutin Đukanović, President of EPCG’s Board of Directors.
In an opinion piece, Đukanović said the company has already completed part of a major investment cycle, including rooftop solar projects, the Gvozd 1 wind farm, the ecological reconstruction of the Pljevlja thermal power plant, and part of the modernization works at the Piva and Perućica hydropower plants. He added that new generation capacities, battery storage systems, hydropower upgrades, rooftop solar, wind projects, and strategic partnerships are EPCG’s response to the operational and market challenges it faced in 2025.
EPCG’s direct project pipeline amounts to around 639 MW/MWp, with estimated investments of approximately EUR 646.5 million and an expected annual output of about 1,024 GWh. Đukanović noted that the investment framework also includes reconstruction and upgrade projects that cannot always be expressed in megawatts.
When strategic and potential private partners are included, the company’s total portfolio rises above 4,636 MW/MWp, with a potential annual electricity generation of more than 8,176 GWh. Đukanović said EPCG is positioning itself for a larger role in Montenegro’s energy transition and in the broader regional power market.
The portfolio includes EPCG-owned solar power plants with a combined capacity of 221.1 MW and projected annual production of 299 GWh, rooftop solar systems for prosumers totaling 209.1 MW and 245 GWh in annual generation, the Gvozd 1 and Gvozd 2 wind farms with a combined capacity of 75.6 MW and expected output of 227 GWh, hydropower projects totaling 71.7 MW and 135 GWh annually, and battery energy storage facilities with an operating power of 60 MW.
A battery energy storage system is also planned at EPCG’s steel plant Željezara Nikšić. The project is estimated at around EUR 48 million and is designed as a 60 MW / 240 MWh system, with an expected annual electricity output of about 118.3 GWh, Đukanović said.
Among the completed investments, EPCG has already added 143.66 MW of new generation capacity, corresponding to around 268 GWh of annual electricity production. The value of these completed projects stands at approximately EUR 258.87 million.
These include rooftop solar systems installed under the Solari 3000+ and Solari 500+ programs, with a total peak capacity of 34.34 MW and expected annual generation of 40.18 GWh, as well as the completed portion of the Solari 5000+ project, which has a total peak capacity of 54.72 MW and expected annual output of 64.02 GWh. A further 20 MW of rooftop solar remains to be installed under the same program.
The 54.6 MW Gvozd 1 wind farm has also been completed, with an investment of EUR 82 million and projected annual output of 163.8 GWh. Together with the second phase, Gvozd 2, the project will raise total wind capacity by about 75.6 MW.
Additional completed investments include the ecological reconstruction of the Pljevlja thermal power plant, valued at EUR 75 million, along with the second phase of reconstruction and modernization works at the Piva hydropower plant, worth EUR 10.83 million, and the second phase at the Perućica hydropower plant, worth EUR 33 million.
Đukanović also noted that the Pljevlja coal mine carried out the diversion of the Ćehotina River during the power plant reconstruction, in a project worth EUR 20 million. The intervention was necessary to secure continued coal mining operations, as available reserves were close to exhaustion.
He said the main reasons for EPCG’s EUR 92.1 million loss in 2025 were the eight-month outage at the Pljevlja thermal power plant due to ecological reconstruction, as well as unfavorable hydrological conditions.
According to Đukanović, once production at Pljevlja resumed, EPCG’s energy balance returned to positive territory. The company then posted a profit of EUR 36.47 million in the first quarter of this year.
