Podgorica, (MINA-BUSINESS) – According to the company’s Executive Director Zdravko Dragas, Elektroprivreda (EPCG) is implementing the most dynamic investment cycle in its history, focused on developing renewable energy sources, modernizing the power system, and strengthening the country’s energy security.

“Energy transition is one of the most significant development processes of our time. For Montenegro, it is not only a challenge but, above all, an opportunity for growth. That is why we have launched a major investment cycle that will shape not only the future of EPCG, but also the country’s long-term energy and economic stability,” Dragas said during a panel discussion at the conference “Montenegro on the Path to a Green Energy Transition”.

The conference, held at the Hilton Hotel in Podgorica, brought together representatives of institutions, the energy sector, international organizations, the diplomatic corps, and the expert community to exchange experiences and define further steps in the green transformation of Montenegro’s economy.

Dragas highlighted the continued development of the Gvozd wind farm through the Gvozd 2 project, for which a contract was recently signed with Germany’s Nordex, as well as a €25 million loan agreement with the European Bank for Reconstruction and Development (EBRD).

“With an additional 21 megawatts (MW) of installed capacity, Gvozd will become Montenegro’s largest wind power facility, with a total capacity of 75.6 MW,” Dragas said.

Among the company’s most significant projects is the installation of the A8 generating unit at the Perucica hydropower plant, a €40 million investment being implemented with the support of Germany’s development bank KfW. 

The project will increase the plant’s generation capacity by an additional 58.5 MW, while a €1.5 million KfW grant will provide technical assistance to EPCG in its market-oriented green transition.

Outlining the company’s next development steps, Dragas said EPCG would focus on three key areas in the coming period: further development of renewable energy sources, construction of energy storage systems, and modernization of power infrastructure.