Elektroprivreda Crne Gore (EPCG) and the European Bank for Reconstruction and Development (EBRD) have signed an additional €25 million loan agreement for the expansion of the Gvozd 2 wind farm, increasing its total installed capacity to 75.6 MW. The expansion adds three new turbines, raising annual production to over 210 GWh, enough to power more than 35,000 households, while reducing CO₂ emissions by nearly 137,000 tons per year.
The original €82 million loan, signed in June 2023, financed the construction of VE Gvozd and its connection infrastructure, marking EBRD’s largest direct investment in Montenegro’s energy sector at the time.
EPCG leadership highlighted that the project strengthens Montenegro’s energy transition and demonstrates EPCG as a reliable partner for international financial institutions. The expansion of VE Gvozd contributes to energy stability, reduces emissions, and supports the country’s long-term sustainable development and European integration goals.
EBRD officials emphasized their commitment to supporting Montenegro’s green transition through renewable energy investments, including private sector engagement and the Renewable Energy Market Accelerator program, which facilitated the country’s first renewable energy auction.
The Montenegrin Energy Minister underlined the project’s significance for national energy security, CO₂ reduction, and sustainable development. EPCG described VE Gvozd as a state-significant project and a pillar of Montenegro’s energy transition, contributing to the goal of producing electricity exclusively from clean sources by 2050.
