EBRD Lends Montenegro’s EPCG € 50M in Support of Coronavirus Crisis

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PODGORICA, Montenegro, July 31 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) announced on Friday that it had sold € 50 million (US $ 59 million) to Montenegro’s majority state-owned electricity utility Elektroprivreda Crne Gore (EPCG) the company lends support in coping with the challenges of the coronavirus crisis.

“The loan will help ensure the stability and resilience of the country’s energy supplies while protecting the achievements of the Montenegrin energy sector in its ambitious clean growth and decarbonization agenda,” the EBRD said in a statement.

He recalled that previous EBRD funding supported the installation of smart meters across EPCG’s consumer distribution subsidiary CEDIS ‘electricity distribution network, which made Montenegro a regional leader in smart meter adoption and the first EBRD economy to join the EU Aim for smart. meter coverage achieved.

EPCG is now aiming to increase the proportion of customers who already have smart meters from the current 80% to 85% by the end of 2020.

The company also plans to develop 300 MW of wind and solar power capacity in the coming years, the EBRD said.

“We have been working with EPCG for many years, supporting the transition to a modern, commercially oriented utility operating an intelligent network. We are very pleased to now have the opportunity to provide short term support to ensure their resilience to Covid -19 impact and in particular to maintain the momentum of the accelerating green transition in Montenegro, “said the Head of EBRD Energy for EMEA- Region, Harry Boyd-Carpenter, in the statement.

Since starting operations in Montenegro in 2006, the EBRD has financed 73 projects worth € 677 million, making it one of the leading investors in the small Adriatic country.

($ = 0.8453 euros)

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