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NewsMontenegro, Elektroprivreda energy company and the American company UGT Renewables are implementing...

Montenegro, Elektroprivreda energy company and the American company UGT Renewables are implementing projects of renewable sources

Elektroprivreda Crne Gore (EPCG) and the American company UGT Renewables are implementing projects of renewable sources and electricity storage facilities, and the Government of Montenegro is ready to provide prerequisite financial support for development projects of national interest.

This was announced during the meeting of Finance Minister Aleksandar Damjanović with representatives of the Electric Power Company of Montenegro (EPCG) and the American company UGT Renewables on the possibilities of financing energy programs, provided for in the Memorandum on the joint development of the project of renewable energy sources and electricity storage facilities, which will be owned and management of EPCG.

Milutin Đukanović, chairman of the EPCG Board, said that these projects represent a significant step towards the improvement of the overall economic environment, as well as that their focus is on energy, which, as he assessed, is the main economic branch of Montenegro.

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– Two strategic projects are planned, of which the project in the first phase concerns the construction of solar power plants, and the next phase concerns facilities for the storage of reversible energy, which, in addition to the significant improvement of electricity production, would also contribute to the economic stability of this majority state-owned company , as well as more favorable economic prospects for the entire country – said Đukanović.

Minister Damjanović expressed the readiness of the Government to support strategic projects and in this particular case provide preconditions of financial support for development projects of national interest. He emphasized that he is encouraged by the fact that it is an American company, assessing that this confirms the willingness of investors from the USA to invest in Montenegro, which was also emphasized during the recent talks he had with representatives of the State Department during his recent visit to Washington.
Duke Gim, on behalf of the company UGT Renewables, said that the company will make respectable international experience in this field available to the joint project, which will give a new dimension to the energy sustainability of Montenegro.

Let us remind you that the Memorandum, which planned these projects, was signed in November last year, in the presence of Prime Minister Abazović and American Ambassador Judy Rising Reinke, and includes development, arranging financing, procurement of equipment, construction of the project and handing it over to the ownership and management of EPCG, along with the delivery of appropriate software tools and training for managing these mechanisms, according to the so-called “turnkey” system.

Project financing is planned from the leading funds of credit export agencies, as well as with the active participation of MIGA, a member of the World Bank Group.

The working meeting with the team of the Ministry of Finance was also attended by Ivan Mrvaljević, executive director of the Directorate for Development and Investments EPCG, Holly Christie, Duke Gim, Nebojša Arsenijević and Vladimir Bešlagić from UGT Renewables.

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