State-controlled power utility Elektroprivreda Crne Gore, EPCG, is seeking government consent for a €64.2 million long-term loan covering ten solar and distributed-generation projects with a combined capacity of 95.87 MW.
The portfolio includes Solari 5000+, solar installations at the Željezara industrial complex and projects at Vrtac, Slano, Krupac and Kapino Polje. EPCG estimates combined annual production of 124,518 MWh. Its financial model projects approximately €20.7 million of annual revenue, close to €20 million of EBITDA, a 30.44% internal rate of return, a net present value of €196.2 million and a payback period of 3.29 years. These are company assumptions and will depend heavily on realised electricity prices, construction costs, connection availability and operating performance.
EPCG has already invested approximately €18.9 million of its own funds. Part of the proposed borrowing would refinance earlier commitments, improving liquidity rather than financing only incremental construction.
The portfolio comes after a difficult 2025, when EPCG recorded a net loss of approximately €92 million, compared with an €11 million profit in 2024. The principal pressure was the closure of the Pljevlja thermal power plant for more than eight months during its environmental reconstruction. EPCG imported about 1,341 GWh of electricity during the year at a cost of approximately €142 million. The utility subsequently reported a €36.5 million net profit in the first quarter of 2026, compared with €10.2 million in the corresponding period a year earlier.
The financing request therefore serves two purposes. It expands renewable output, but it also reduces EPCG’s exposure to prolonged thermal outages and expensive wholesale-market imports. The projected returns appear strong, although lenders will need to separate operating projects from development-stage assets and test revenues against lower-price, delayed-grid and curtailment scenarios.
The Ministry of Tourism and EPCG have separately agreed to promote solar installations at hotels and other tourism facilities. More than €2.2 million in grant support has already been allocated for hotel energy-efficiency measures, while a further €500,000 public call is planned for September 2026.
This creates a smaller but potentially scalable investment segment linking tourism refurbishment, rooftop solar, lower seasonal electricity costs and EU-aligned environmental certification.
