Elektroprivreda (EPCG) and the German Development Bank (KfW) have today signed an agreement for a grant aimed at consulting services and aiding the market-oriented green transformation of the Montenegrin power company, totaling 1.5 million euros.

The agreement was signed by Milutin Đukanović, the Chairman of the Board and CEO of EPCG, alongside Ivan Bulatović, and Pablo Obrador, the Head of the Energy and Transport Sector at KfW, as well as the bank’s Director for Southeast Europe and Turkey.

This contract is founded on the Contribution Agreement that was established on November 28th between the European Commission (EC) and KfW.

Đukanović remarked that this contract signifies a notable acknowledgment and validation of the trust EPCG has established with its international partners.

“No bank would risk its funds or waste them. Consequently, this grant serves as a significant compliment to our efforts in energy transition and the advancement of green energy,” stated Đukanović.

Bulatović pointed out that these grants will facilitate the modernization of the company and enhance its operations, particularly focusing on green energy initiatives.

Obrador remarked that EPCG is engaged in projects of paramount importance for Montenegro, warranting backing from international financial institutions.

“We will consistently support essential themes such as product portfolio development, decarbonization strategies, business growth, market positioning, operational effectiveness, reporting aligned with international standards, and the development of capabilities alongside efficient knowledge transfer. This underpins our decision to grant this support to EPCG,” explained Obrador.

KfW has collaborated with EPCG for several years on the installation of the A8 generator as part of the third phase of the reconstruction and modernization project.

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