The week’s largest corporate financing proposal came from Elektroprivreda Crne Gore. On 10 July, EPCG requested government consent for long-term borrowing of up to €64.22mn to finance a portfolio of 10 renewable-energy projects with combined installed capacity of 95.87 MWp and projected annual production of 124,518 MWh.
The implied debt requirement is approximately €670,000 per MWp, although the portfolio structure means this should not be treated as a direct project-capex benchmark. The financing covers several projects rather than a single standardised utility-scale plant and may include different development stages, site conditions and balance-of-plant requirements.
The proposal reinforces EPCG’s position as Montenegro’s principal renewable-energy aggregator. Its wider direct pipeline includes solar, wind, hydropower and battery projects, with projects under development previously estimated at about 639 MW and approximately €646.5mn of investment. EPCG’s portfolio includes the operational 54.6 MW Gvozd 1 wind farm, the planned 21 MW Gvozd 2 expansion and a proposed 60 MW/240 MWh battery facility at EPCG Željezara Nikšić.
The financing request nevertheless increases the importance of consolidated balance-sheet monitoring. EPCG’s earnings recovered strongly in the first quarter of 2026, when net profit reached approximately €36.5mn, compared with €10.2mna year earlier. The recovery followed a difficult 2025 marked by high electricity-import costs, weak hydrology and the prolonged outage of the Pljevlja thermal power plant.
EPCG also completed a small capital restructuring during the week. The utility cancelled 110,015 treasury shares, reducing share capital from approximately €714.7mn to €713.8mn. The cancelled shares had originally been purchased for about €923,100 from shareholders who opposed the company’s €82mn EBRD loan for Gvozd. The government continues to control approximately 98.6% of EPCG.
The credit case for the new renewable portfolio will depend on project-specific generation assumptions, connection readiness, curtailment exposure, EPC pricing and the treatment of merchant electricity revenues. Projects financed principally against EPCG’s corporate balance sheet may reach construction faster than standalone project-finance assets, but they also aggregate hydrology, thermal-generation, import-price and construction risks within one state-controlled borrower.
