State-controlled utility Elektroprivreda Crne Gore has requested approval to raise up to €64.22 million of long-term financing for ten renewable-energy projects with combined capacity of 95.87 MWp.
The portfolio includes Solari 5000+, solar installations at Željezara Nikšić, projects at the Vrtac, Slano and Krupac dams, developments at Kapino Polje and the first phase of Krupac 47. Expected annual production is approximately 124,518 MWh. EPCG has already invested around €18.9 million from its own resources.
No lender or mandated arranger has been disclosed, and the proposal should be treated as a financing pipeline rather than a completed transaction.
EPCG’s submitted management case projects first-full-year revenue of approximately €20.7 million, EBITDA of around €20 million, an internal rate of return of 30.44%, net present value of €196.2 million, a 3.29-year payback period, 2.21 debt-service coverage and 2.47 loan-life coverage.
The implied revenue exceeds what would normally be expected from unhedged wholesale solar generation alone. The financing model likely includes customer repayments, self-consumption value or other contractual receipts associated with distributed solar installations. Prospective lenders will need to separate merchant electricity revenue from customer-finance and corporate cash flows.
