The European Bank for Reconstruction and Development has approved an additional €26m loan to expand Montenegro’s Gvozd wind farm.
The financing will add three turbines, boosting capacity from 55MW to 75MW and making Gvozd the largest wind farm in the country.
EPCG, Montenegro’s national electricity utility, is developing the project with its subsidiaries.
Once complete, the expanded facility will produce 186GWh annually, enough to power more than 35,000 households and cut CO2 emissions by nearly 137,000 tonnes a year, according to EBRD.
The original €82m loan for the site was signed in 2023 and marked EPCG’s first major new-generation asset in over 40 years.
Remon Zakaria, EBRD head of Montenegro, said: “The Gvozd wind farm demonstrates how flexible, long-term financing can deliver real impact – both by increasing clean energy generation and by setting new benchmarks in project implementation.”
EPCG chief executive Ivan Bulatović said: “Gvozd is not just another construction project, but also a symbol of progress, vision and determination to build a sustainable future.”
Commissioning of the full 75MW is expected by the end of 2026.