May 7, 2026
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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.

October 30, 2025
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Second phase of Gvozd wind farm gets green light from environment agency

The Environmental Protection Agency of Montenegro has determined there is no need for an environmental impact assessment report for the second phase of the Gvozd wind farm, and allowed the project to proceed. It is for three additional wind turbines with a total capacity of 21 MW, bringing the wind farm’s overall capacity to 75.6 MW.

Within the same decision, the firm implementing the Gvozd 2 project is instructed to conduct a one-year survey of birds and bats at the project site by November 1, 2026, and to submit the findings to the Environmental Protection Agency, which reserves the right to order additional measures if necessary.

During construction, the project developers must take steps to reduce noise and use the existing road network to avoid the destruction of bird and bat habitats. It is also necessary to monitor bird nesting and take measures to protect nesting sites, while minimizing forest clearance and reducing the risk of vehicle collisions, according to the agency’s decision.

Special attention must be paid to bird and bat habitats

The second phase of the Gvozd wind farm project is financed by a EUR 25 million loan from the European Bank for Reconstruction and Development (EBRD), signed with Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG). Its subsidiary in charge of the project, Green Gvozd WPP Second Phase, is registered in Podgorica.

Once completed, Gvozd will be the largest of Montenegro’s three wind farms, with a capacity to generate over 210 GWh of electricity annually. It would be enough to supply around 36,000 households, with CO₂ emissions expected to be reduced by nearly 137,000 tons per year, EPCG said after signing the loan agreement.

The first phase should be completed by the end of this year, and the entire project before the end of 2026

The first phase of Gvozd will have eight wind turbines with a total capacity of 54.6 MW. Construction began in November 2024. EPCG expects the plant to be put into trial operation by the end of this year. Its annual electricity output is estimated at 150 GWh.

EBRD financed the first phase as well, with an EUR 82 million loan. Gvozd will be EPCG’s first large-scale power generation facility built in more than 40 years.

The EBRD previously announced that all 75.6 MW should be online before the end of 2026.

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June 30, 2025
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Montenegrin power utility to borrow EUR 25.6 million for phase 2 of Gvozd wind farm

Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG) plans to take out a EUR 25.6 million loan from the European Bank for Reconstruction and Development (EBRD) to finance the second phase of the Gvozd wind farm project, with an installed capacity of 21 MW. The first phase of wind farm Gvozd, which is under construction, will have a capacity of 54.6 MW.

Announcing its request for government consent, EPCG stated that the capacity increase through the second phase of Gvozd would improve the security of electricity supply, increase the share of renewable energy in the country’s energy mix, and help Montenegro meet its international climate policy commitments.

EPCG previously announced that it expected the start of construction of the Gvozd 2 wind farm in early 2026.

The new document also states that EPCG has submitted a viability assessment of the Gvozd 1 and Gvozd 2 projects, prepared by German consultancy Fichtner GmbH & Co. KG for the purpose of securing financing from the EBRD.

The first phase of wind farm Gvozd will cost EUR 82 million

The first phase of the Gvozd wind farm, with eight turbines, is financed by an EUR 82 million loan from the EBRD. The groundbreaking ceremony was held in November 2024, and EPCG expects the power plant to enter trial operation by the end of this year. Its planned annual electricity output is 150 GWh.

A contract for the design, procurement, supply, and installation of equipment, as well as the commissioning and long-term maintenance of the future wind power plant, was signed with German company Nordex. EPCG said at the time that wind farm Gvozd would be its first large-scale power generation facility built in more than 40 years.

SCADA and ADMS will be introduced through a EUR 35 million project

In the announcement, EPCG also says it signed an agreement with the EBRD in January on financing a project to introduce the SCADA and ADMS systems into Montenegro’s power system. The implementation of SCADA (supervisory control and data acquisition) and ADMS (advanced distribution management system) is a key step towards modernizing the electricity distribution network, the document states.

SCADA enables remote control, monitoring, and automation of electricity distribution, while ADMS supports the integration of renewable energy sources. Together, these systems significantly improve the reliability, efficiency, and security of the power system, EPCG explains.

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June 18, 2025
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Đukanović: EPCG is implementing three key strategic policies

State-owned power company Elektroprivreda Crne Gore is currently implementing three key strategic policies: producing energy at the point of consumption, utilizing existing hydropower infrastructure to connect solar power plants, and developing battery energy storage systems, the President of EPCG’s Board of Directors, Milutin Đukanović, said at the EPCG NET conference.

EPCG NET is organized by Elektroprivreda Crne Gore (EPCG) and its partners. At the event’s opening in Budva, Milutin Đukanović announced the start of trial operations at the Gvozd wind farm and the launch of tendering to install battery energy storage systems (BESS).

“Our ‘produce where you consume’ policy is, in our view, the winner of the energy transition. At the same time, hydropower infrastructure provides technical and meteorological compatibility for connecting solar power plants. However, these activities will have their full impact only with the development of BESS,” Đukanović noted.

The 10,000+ solar project is expected to begin in mid-2026

He also said that numerous investments are underway. By the end of the year, the 55 MW Gvozd wind farm, an EUR 82 million investment backed by KfW, will enter trial operation. Early next year, the company expects to start construction on the second phase of the project – Gvozd 2, with a capacity of 21–22 MW.

A few days ago, tendering was completed for the installation of the eighth unit at the Perućica hydropower plant, with a capacity of 58 MW. The new unit is expected to be online in 2027.

Đukanović recalled that the 3000+ project, featuring 35 MW of solar capacity across 3,500 facilities, has been completed, while the 5000+ project is halfway through, with 40 MW and over 4,000 consumers involved. The 10,000+ project is expected to start in mid-2026, he added.

Preparations are ongoing for the construction of several solar power plants: Krupac (50 MW), Štedim (150 MW), four plants at Kapino Polje (totaling 50 MW), as well as facilities in the Željezara Nikšić industrial complex, where 10 MW of the planned 30 MW has already been installed.

The first tendering for procuring BESS will be launched soon, covering two systems with a capacity of 30 MW each (120 MWh). By the end of 2027, EPCG plans five such systems, with a combined capacity of 600 MWh.

The energy transition is a great opportunity for progress

Đukanović also announced an upcoming call for bids for the construction of a tunnel that will connect the Krupac and Slano reservoirs, valued at EUR 12 million, as part of a broader plan to enhance the utilization of the water resources of Nikšićko polje, Montenegro’s largest karst field. Additionally, plans are underway to develop Lake Liverovići and underground waters in the Nikšićko polje, with total investments potentially exceeding EUR 1 billion and a projected capacity reaching 700 MW, he added.

“The energy transition is a great opportunity for progress, but also a serious threat if risks are overlooked. Time is of the essence – we must act immediately,” Đukanović urged, calling on forum participants to focus their discussions on concrete solutions and offer ideas for improving existing policies.

The two-day forum has brought together numerous experts, investors, and representatives of institutions from the energy sector across the region and Europe.

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June 9, 2025
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Billot: Balkans is key region for Nordex

This year Nordex Group is celebrating its 40th anniversary as one of the largest wind turbine manufacturers in the world. “We’re number one in Europe and the Balkans is actually a key region for us,” Christopher Billot, Sales Director for the Mediterranean region of Nordex Group, said at Belgrade Energy Forum 2025.

Nordex installed its first N27 turbine with a capacity of 250 kW in 1986, just one year after the company was founded. In 1995, it became the first in the world to start serial production of a megawatt-class turbine. Today, the capacity of its units ranges from 4 MW to 7 MW.

Christopher Billot noted that the company has been manufacturing wind turbines for the last 40 years.

Nordex entered the Balkans 10 years ago

“We’re number one in Europe and the Balkans is actually a key region for us where we focus intensively. We’ve been there for the last 10 years, and so far we have achieved up to 1 GW of wind turbine installation but also construction across Croatia, Montenegro, and Serbia,” Billot stated.

Nordex is spreading within the region and that’s key, in his words, for the company and its future in the region and overall.

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“We’re happy to be a silver sponsor of the Belgrade Energy Forum. This is for us a great opportunity to network and to basically partner with all the institutions, clients, and continue to grow and build the network for growth in the Balkans,” Billot stressed.

The global company has marked its 40th anniversary at the recently held Belgrade Energy Forum 2025 (BEF 2025), affirming its commitment to the region.

Helping the pioneering steps in renewables development

Nordex installed and contracted an overall 1 GW in Croatia, Montenegro, and Serbia, encompassing 222 wind turbines across 16 wind farms. Looking at the company’s portfolio, it can be said that it plays a pioneering role in the development of renewable energy sources in the region.

Here are a few examples.

In November last year, it signed an agreement with Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG) for its first wind farm, Gvozd, with a capacity of 54.6 MW. The contract is worth EUR 46.4 million.

A few months earlier, it was announced that Nordex would participate in the expansion of the largest wind farm in Serbia. It received an order for 22 turbines with a total capacity of 154 MW for the Čibuk 2 project. The investors are Masdar and Taaleri SolarWind III Fund.

Nordex was also a partner to Croatian state-owned Hrvatska Elektroprivreda (HEP) in building its first wind power plant. The contract for the delivery of 18 wind turbines with a total capacity of 58 MW for the Korlat wind farm was signed in July 2019.

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April 17, 2025
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Montenegro’s power consumption grows 25%

Electricity consumption in Montenegro has risen by 25% over the past four years, driven, among other factors, by solar power expansion. The installed capacity of photovoltaic plants amounts to around 80 MW, and it is expected to exceed 100 MW by the end of the year.

Jovan Kasalica, executive manager of the supply department in power utility Elektroprivreda Crne Gore (EPCG), attributed the surge in electricity consumption both to a low price of electricity and the growing contribution of solar power plants.

“The majority of this increase is linked to the heating sector, especially in central and northern Montenegro. We are making a significant contribution to decarbonization in the region, which we will document with precise data,” Kasalica noted at the international conference Energy 2025, held in the Zlatibor mountain in Serbia.

Rooftop solar is capacity is increasing

He said the development of the solar power segment was successful. Currently, nearly 80 MW of solar capacity is operational in Montenegro.

The Solari 3000+ and 500+ project brought online 30 MW of solar panels, and the second project, Solari 5000+, which aims for another 70 MW, is currently in advanced stages.

The initiatives focus on installing photovoltaics on the roofs of households and businesses, enabling citizens and entrepreneurs to produce electricity for self-consumption and become prosumers.

The Gvozd wind farm is set to be connected to the grid by the of the year

By the end of the year, it is anticipated that the total capacity of PV facilities in Montenegro will surpass the planned 100 MW, according to Kasalica.

He further noted that the company didn’t have any additional costs for the Solari 3000+ project, because the loans for the installation were switched to the funding facilities and consumers. The project has resulted in lower bills and greater energy efficiency, Kasalica said.

Additionally, he announced plans to connect the 54 MW Gvozd wind farm to the grid by the end of the year.

In addition to increasing the number of prosumers in Montenegro, EPCG plans to install ground-mounted solar power plants and to put online a total capacity of 200 MW within the next three years.

The company has also recently kicked off the main phase of the so-called ecological reconstruction of the Pljevlja thermal power plant. The only coal-fired facility in Montenegro won’t produce electricity until November.

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April 6, 2025
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Montenegro labels 15 energy projects as infrastructure priorities

The most valuable priority infrastructure projects in the energy sector of Montenegro are the Komarnica and Kruševo hydropower plants, the Trans-Balkan Electricity Corridor and the Ionian-Adriatic pipeline.

The Government of Montenegro has adopted a list of priority infrastructure projects for the energy sector to fulfill the final criteria of chapter 21 – Trans-European Network, of the country’s negotiations on the accession to the European Union.

The list consists of 15 projects with a total estimated value of around EUR 1.38 billion, according to the announcement.

The EU will use list to consider financial support from the Western Balkans Investment Framework

The list was updated in line with the Western Balkans Investment Framework (WBIF) methodology. In line with priorities defined at the state level, the list is for the European Commission to select projects for financial support from the scheme.

WBIF is the main mechanism for the EU’s financial support in the region in the period from 2024 to 2027, the government noted.

The following projects are on the list:

  • HPP Komarnica – EUR 315 million
  • Ionian-Adriatic Pipeline for natural gas (IAP) – EUR 210 million
  • interconnection Italy – Montenegro – Serbia – Bosnia and Herzegovina (Trans-Balkan Electricity Corridor) – EUR 163 million
  • HPP Kruševo – EUR 160 million
  • energy efficiency in public and residential buildings – EUR 104 million
  • improving the quality of power supply in tourist regions – EUR 78 million
  • creation of conditions for the integration of renewables and the construction of a new power interconnection – EUR 73.6 million
  • solar power project Solari 10,000+ – EUR 66 million
  • Slano floating solar power plant – EUR 60 million
  • Krupac photovoltaic plant – EUR 40 million
  • smart grid and smart metering system for electricity distribution system operator CEDIS – EUR 35 million
  • A8 unit at HPP Perućica – EUR 24 million
  • smart grid program of electricity transmission system operator CGES – EUR 21 million
  • decarbonization – EUR 21 million
  • reconstruction of oil storage tanks – EUR 10 million.

Montenegro also has a list of priority infrastructure projects, including energy. It was introduced in 2018 and updated in the meantime.

Compared to the list from 2021, the Gvozd wind farm and the ecological reconstruction of the Pljevlja thermal power plant were erased, while the following projects were added: HPP Kruševo, Krupac solar power plant, decarbonization and the reconstruction of oil storage tanks.

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April 6, 2025
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Montenegro’s EPCG to install 200 MW of solar power plants

Power utility Elektroprivreda Crne Gore plans to install solar power plants with a total capacity of 200 MW over the next three years, CEO Ivan Bulatović announced.

State-owned power company Elektroprivreda Crne Gore (EPCG) intends to start production at the Gvozd wind farm by the end of the year and connect photovoltaic plants with a total capacity of 200 MW to the grid over the next three years.

With small rooftop solar systems of an overall 70 MW already online, Montenegro is a leader in the region in the development of the prosumer concept, Bulatović claimed and added that by the end of the year the capacity would reach 100 MW.

He also pointed to the importance of the Kruševo hydropower project, which is being developed in cooperation with French partners. In December last year, EPCG signed a contract for project design. The company’s partner in the endeavor is EDF.

Montenegro’s grid is relatively well developed thanks to the investments made in former Yugoslavia

Bulatović underlined that the problem of insufficient development of the transmission system is not a case only in Montenegro, but in the entire region and Europe. Simply, the grid wasn’t prepared for the sudden introduction of renewable energy, according to him.

The utility’s chief recalled that investors in Montenegro have the opportunity in the country’s legal framework to build a grid connection themselves.

The Montenegrin network, as he emphasized, is relatively well developed thanks to investments from former Yugoslavia, Bulatović noted.

Everything is ready for the installation of the second line of the submarine electricity interconnection to Italy

Turning to the undersea interconnection with Italy, he said the second cable is expected to be laid as the required infrastructure has been built on both sides. The first link has 600 MW.

Another cable to Italy and the planned new interconnections are creating transmission capacities enabling Montenegro and the entire region a better connection with the European electricity market, according to Bulatović.

The construction of the Trans-Balkan Corridor is underway and interconnectors with Albania and Bosnia and Herzegovina are in the pipeline, he stressed at the Trebinje Energy Summit.

The development of the transmission system will continue in line with the needs of investors and for electricity production, Bulatović asserted.

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