PODGORICA (Montenegro), November 3 (SeeNews) – Elektroprivreda Crne Gore (EPCG), Montenegro’s predominantly state-owned electricity company [BEL:EPCG] said it had signed an agreement with the Austrian Ivicom Holding to take full ownership of Green Gvozd, the company that will build the Gvozd wind farm.

Construction of the wind farm is expected to start in spring 2022, while commissioning of the plant is scheduled for 18 months after the start of work, EPCG said in a statement earlier this week.

Green Gvozd was established by Ivicom in 2016 and the Austrian company owns 100% of its capital, according to data from the Montenegro Business Register.

“The investment amounts to 61 million euros ($ 71 million), with a capacity of 55.4 MW, 13 generators, and will provide power to approximately 25,000 homes,” said the CEO of ‘EPCG, Nikola Rovcanin.

EPCG received a non-binding loan offer of up to € 82 million from the European Bank for Reconstruction and Development (EBRD) for the construction of the Gvozd wind farm in December.

In September, EPCG shareholders approved an investment in the construction of the Gvozd wind farm in cooperation with Ivicom, which will be financed by loans.

($ = 0.8634 euro)