EPCG has received approval to seek as much as €64.22mn of long-term borrowing for ten renewable projects with combined capacity of 95.87 MW and projected annual generation of 124.5 GWh.
The portfolio includes Solari 5000+, solar installations at Željezara Nikšić, arrays at the Vrtac, Slano and Krupac dams, four Kapino Polje units and the first phase of Krupac 47.
The proposed financing corresponds to approximately €670,000 per installed MW, suggesting that the debt could cover a large proportion of construction expenditure if grid works are limited. The implied portfolio capacity factor is about 14.8 per cent, consistent with a group dominated by distributed and conventional photovoltaic generation.
The debt’s maturity, interest rate, grace period and security package have not been disclosed. Those terms will determine whether the assets can maintain adequate debt-service coverage during low-price years. A portfolio DSCR of at least 1.25–1.35 would normally be expected for contracted solar assets, with higher coverage required where revenues remain merchant.
Distributed installations can reduce the cost of grid connection and place output closer to consumption. Solar projects at dams and industrial sites can also use existing land, access roads and electrical infrastructure. Their production remains highly correlated, meaning portfolio diversification by location does not eliminate midday price exposure.
EPCG’s balance sheet must simultaneously support coal-plant compliance, hydropower maintenance, new wind generation and the Masdar partnership. The €64.22mn facility therefore creates a useful separation between smaller, rapidly deployable assets and the multibillion-euro strategic pipeline.
