Montenegro’s Electric Utility EPCG and German Development Bank KfW have signed a €1.5 million grant agreement to support EPCG’s market-oriented green transformation.
The agreement, signed by EPCG’s Board Chairman Milutin Đukanović and CEO Ivan Bulatović, along with KfW’s Energy and Transport Sector Head Pablo Obrador, aims to fund consultancy services and assist EPCG in its energy transition and green energy projects.
Đukanović highlighted the grant as a strong vote of confidence from international partners, emphasizing its importance for advancing Montenegro’s green energy development. CEO Bulatović noted the funds are non-repayable and will be used to modernize the company and improve operations.
Pablo Obrador stressed KfW’s commitment to supporting key initiatives like decarbonization strategy, business development, operational efficiency, and knowledge transfer.
KfW has partnered with EPCG for over a decade, including a recent €40 million loan for upgrading power infrastructure under a modernization project.
