Harrisons, working with DLA Piper UK, has advised the EBRD on its EUR 82 million loan to state-owned electricity company Elektroprivreda Crne Gore and Green Gvozd – a special-purpose vehicle to be fully acquired by EPCG – for the construction of a new 55-megawatt onshore wind farm in Montenegro.
Elektroprivreda Crne Gore, based in Niksic, is an integrated electricity company listed on the Montenegro Stock Exchange, with the majority of the shares owned by the state, active in the production, distribution, and supply of electricity.
According to the firm, "the loan will be used to finance the acquisition, construction, and operation of a new 55-megawatt onshore wind farm near the village of Gvozd in Niksic municipality, helping accelerate EPCG’s decarbonization plan and the energy transition of Montenegro [...] The Gvozd wind farm is a milestone project for EPCG, being its first major new-generation asset in over 40 years, as well as its first wind farm."
"Gvozd will be the second wind farm financed by the EBRD in Montenegro, which will, once completed, generate [enough energy] to supply more than 25,000 households per year in Montenegro," Harrisons reported, "and is expected to save at least 104,000 tons of carbon dioxide emissions per year, equivalent to the annual emissions of approximately 62,000 cars."
The Gvozd wind farm is a milestone project for EPCG, being its first major new-generation asset in over 40 years, as well as its first wind farm.
The Harrisons team was led by Consultants Ines Matijevic-Papulin and Goran Martinovic and included Senior Associate Milan Keker and Associates Aleksandra Bujkovic and Aleksandar Jovicevic.
Harrisons could not provide further information on the deal.