August 30, 2019 / 3:58 PM / 25 days ago

Montenegro power utility to build its first wind farm

SARAJEVO (Reuters) - Shareholders of Montenegro’s power utility EPCG approved on Friday a 58 million euro ($65 million) plan to build the company’s first wind farm and help diversify the country’s energy sources.

The 50 megawatt (MW) Gvozd project will be undertaken jointly with Austria’s Ivicom Holding GmbH and is set to be completed by 2022. It is set to produce 140 gigawatt hours (GWh) of electricity per year.

EPCG operates 649 MW of installed hydropower capacity and 225 MW of coal-fired power generation capacity.

The shareholders assembly also approved a plan to increase the government’s stake in EPCG to 85.4% from 76.9%, after Italy’s biggest regional utility A2A, which currently holds a 11.9% stake in the company, decided to pull out from EPCG.

Reporting by Maja Zuvela; Editing by Susan Fenton

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