October 30, 2025
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Montenegro’s EPCG appoints Bojan Đordan as acting CEO

Elektroprivreda Crne Gore has appointed a new chief executive officer. Instead of Ivan Bulatović, the new head of Montenegro’s state-owned power utility is Bojan Đordan.

The Board of Directors of Elektroprivreda Crne Gore (EPCG) has relieved the previous chief executive officer Ivan Bulatović of his duties and appointed Bojan Đordan as the acting CEO.

Đordan is assuming the top position after leading the utility’s sector for renewable energy sources.

The decision was made in line with the statute and internal acts of EPCG, to ensure continuity in company management and the implementation of ongoing business and investment activities.

The company intends to soon open a contest for a new CEO

The board of directors vowed to announce a contest soon for a new CEO, in line with the law and company procedures.

The company will remain focused on implementing strategic projects in the energy transition, modernization, and development of new capacities, while consistently adhering to the principles of transparency, accountability, and professional management, according to the update.

Đordan was also head of EPCG’s production section

Bojan Đordan has graduated from the School of Electrical Engineering in the country’s capital Podgorica.

From 2008 to 2011, he worked at Crnogorski Telekom before moving to EPCG, according to his LinkedIn profile.

Before becoming the head of the renewables sector in EPCG, Đordan led the company’s production section.

Ivan Bulatović was chosen for a four-year term in January 2024 after a contest for the top job.

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October 17, 2025
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Montenegro’s EPCG to develop floating solar, thermal batteries, high-altitude wind turbines

Montenegrin state-owned power utility Elektroprivreda Crne Gore has signed memoranda of understanding with Akuo, E2S Power AG, and wind fisher for a floating solar power plant, thermal batteries, and a pilot project for high-altitude wind turbines, respectively.

Memoranda of understanding (MoUs) were signed within the framework of the European Union – Montenegro Investment Conference. Domestic and European companies initiated 14 projects, including for wind and solar power, energy storage, and the electricity grid.

The two-day conference Smart Growth, Green Future: Accelerating Investment in Montenegro, held earlier this week in Luštica, near Tivat, was opened by European Commission President Ursula von der Leyen and Prime Minister of Montenegro Milojko Spajić.

Bulatović: We will develop three projects with Akuo

Ivan Bulatović, CEO of government-controlled Elektroprivreda Crne Gore (EPCG), told Balkan Green Energy News that the memorandum with French renewable energy company Akuo includes a 36 MW floating solar power plant on Slano lake.

The investment is estimated at EUR 60 million.

It is an innovative technology and it helps the environment by reducing water evaporation, Bulatović explained.

Scotto: Montenegro has everything it needs for the development of renewables

Another project within the deal is for a solar power plant, and the third one is for energy storage. On behalf of Akuo Energy, the memorandum was signed by CEO Eric Scotto.

He stressed that floating solar saves water and space while providing energy. Scotto revealed the possibility for the proposed onshore photovoltaic plant to be agrisolar.

Montenegro has everything it needs for the development of renewable energy sources – sun, wind and space, Scotto stressed.

Thermal batteries at TE Pljevlja

Photo: EPCG

EPCG signed its second memorandum with E2S Power AG, based in Switzerland, for the joint development, production, and application of thermal energy storage. The ceremony was attended by Montenegrin Prime Minister Milojko Spajić.

The aim of the project is to lower the domestic utility’s CO2 emissions, primarily from the Pljevlja coal power plant.

Electricity would be purchased on the market when it’s cheap, to charge the energy storage facility and later produce steam to drive the turbine and generate electricity, Bulatović explained.

He stressed that the cooperation opens up the possibility for the application of advanced technologies enabling more efficient energy use and a reduction in CO2 emissions.

Wind fisher is developing innovative high-altitude wind turbines

“Our thermal energy storage technology, TWEST, provides concrete solutions for decarbonizing thermal power plants and stabilizing power systems that are increasingly reliant on renewable sources,” E2S Power AG CEO Saša Savić said.

The memorandum with French innovative solutions firm wind fisher envisages the development of a joint pilot project for high-altitude wind turbines. Bulatović signed it with the company’s CEO Stéphane Vidaillet.

It is an innovative idea that should take off in the future, and this is a pilot project in the testing phase, Bulatović revealed.

The company, in his words, has the technology, and Montenegro has the space where it can be tested.

Photo: EPCG
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April 6, 2025
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Alcazar Energy, EPCG open talks on PPA for Montenegro’s biggest wind farm

Renewable energy investor Alcazar Energy Partners has signed a memorandum of understanding with Montenegrin state power utility Elektroprivreda Crne Gore (EPCG), initiating negotiations on a power purchase agreement (PPA) for electricity that will be produced by Alcazar’s future 118.8 MW Bijela wind farm.

Alcazar Energy acquired the rights to the Bijela wind farm project in September 2023. A year later, it signed a contract for the construction of infrastructure for connecting the facility to the grid.

A key component of the government’s 2040 National Development Strategy, Bijela will support Montenegro’s commitment to reducing greenhouse gas emissions, Alcazar said in a press release. The largest wind farm in Montenegro will provide clean energy to more than 16,000 households while preventing the release of up to 230,000 tons of CO2 annually, according to the statement.

The wind farm will provide green energy to more than 16,000 homes

The development of Bijela, backed by the European Bank of Reconstruction and Development (EBRD), will support Alcazar’s strategic expansion in the Western Balkans and it target of developing 1GW of renewable energy in the region, according to the statement.

“This partnership is continued evidence of our commitment to developing the largest renewable energy platform in the Western Balkans,” said Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners.

The Bijela project supports Alcazar’s ambition to develop 1 GW of renewables in the Western Balkans

Ivan Bulatović, the executive director of EPCG, described the memorandum of understanding as “a crucial step in strengthening Montenegro’s energy stability.”

“Cooperation with renowned international partners, such as Alcazar Energy Partners, not only enables the modernization of the sector but also accelerates the transition to cleaner and more sustainable energy sources,” he added.

Alcazar Energy Partners is an independent sustainable investment manager with a strong track record in developing utility-scale renewable energy projects in emerging and growth markets since 2014, reads the press release.

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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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