Elektroprivreda Crne Gore (EPCG) and the Investment and Development Fund (IRF) have formalized a major new initiative with the signing of a €10 million contract for the “Solari 5000+ 70MW” project. The agreement was signed by Milutin Đukanović, Chairman of the Board and CEO of EPCG, and Nikola Tripković, CEO of IRF.
The “Solari 5000+ 70MW” project, which has already commenced, has achieved an installed capacity of 18.627 MW, or 21.366 MWp. The project aims to facilitate the installation of photovoltaic systems for households and businesses across Montenegro. It will benefit over 5,000 individual users and 500 businesses, with the potential total project value reaching up to €82 million.
Đukanović expressed his satisfaction with IRF’s continued partnership in the project and expressed hope for ongoing collaboration in green energy initiatives. “The key to success in the green transition is self-generated electricity, and the future lies in solar energy and renewable energy development,” Đukanović stated.
Interest in the project has been substantial, with over 19,000 households and businesses expressing interest. EPCG will provide a 10% discount on the investment value for future owners of photovoltaic systems, which, combined with an additional 10% discount from the Eco-Fund, totals a 20% discount.
Ivan Bulatović, CEO of EPCG, emphasized that the “Solari 5000+ 70MW” project represents a major step forward in Montenegro’s energy transition and is one of the most significant investments in the energy sector in the past four decades.
Bulatović also highlighted that an agreement with the Eco-Fund for joint financing and implementation of the project had been signed earlier this year. He expressed confidence that the project would be successfully executed through combined efforts.
“The interest is high, and we plan to begin construction for both households and businesses, adhering to the technical requirements and needs of future users,” Bulatović added.
Nikola Tripković, CEO of IRF, noted that the Investment and Development Fund, a leader in green financing, recognizes the importance of supporting the “Solari 5000+ 70MW” project as part of Montenegro’s transition to a green economy and the effective use of renewable energy resources.
“This support ensures the continuation of a project that has already delivered excellent results and helps increase the use of renewable energy, implement energy-efficient measures, and lower costs for many households and small to medium-sized businesses in Montenegro,” Tripković said.
He also highlighted that over 3,000 households and businesses have already been supported through these projects, and the number is expected to grow significantly with the new project funding.
Predrag Drecun, Chairman of the IRF Board, who was present at the contract signing, emphasized that green financing is a critical development opportunity for Montenegro’s economy and its people.
“As we prepare to become a Development Bank, we will leverage institutional mechanisms and international financing to apply best practices from development banks in supporting sustainable development in Montenegro,” Drecun said.
Montenegrin consumers who meet the requirements for solar energy use will have the opportunity to generate their own electricity and potentially sell any excess to the national electricity company. This provides a chance for significant energy and economic savings while benefiting the environment.
The signing of this contract reaffirms that the previous €30 million arrangement has fully met its high expectations.
