State-owned power utility Elektroprivreda Crne Gore (EPCG) has submitted a request for approval to secure up to €64.22 million in long-term financing for a portfolio of ten renewable energy projects with a combined planned capacity of 95.87 MWp. The planned investments include the Solari 5000+ programme, solar facilities at Željezara Nikšić, renewable projects connected with the Vrtac, Slano and Krupac dams, developments at Kapino Polje, and the first phase of the Krupac 47 project.
The projects are expected to generate approximately 124,518 MWh of electricity annually. EPCG has already committed around €18.9 million in funding from its own resources toward the development of the renewable energy portfolio.
The company has not disclosed a lender or financial institution that would arrange the financing. The proposal currently represents a financing plan under consideration rather than a completed borrowing transaction.
According to EPCG’s submitted management projections, the projects are expected to generate first full-year revenue of approximately €20.7 million and EBITDA of around €20 million. The submitted financial model estimates an internal rate of return of 30.44%, a net present value of €196.2 million, and a payback period of 3.29 years. The projected financing indicators include a debt-service coverage ratio of 2.21 and a loan-life coverage ratio of 2.47.
