Early production and valuation at Montenegrin Power Exchange
Montenegro’s 54.6 MW Gvozd wind farm has begun to offset the country’s summer electricity shortfall. During its first three months of operation, the project generated 26 GWh, which reduced state utility EPCG’s electricity deficit by 8.5 per cent. At Montenegrin Power Exchange prices, EPCG valued the production at approximately €2.43mn. This corresponds to an average captured value near €93.5/MWh, based on the company’s valuation methodology and market timing rather than audited project revenue.
The initial output equates to a capacity factor of roughly 22 per cent over the three-month period. The figure is below the project’s expected long-term level, while also reflecting commissioning months and wind conditions that may not match annual patterns. The project is expected to produce 150 GWh annually, implying a long-term capacity factor slightly above 31 per cent. Financial value is described as rising during dry summers, when wind generation reduces imports as EPCG’s Perućica and Piva hydropower plants face constraints.
Nordex build-out, maintenance terms and expansion plans
The first phase of Gvozd was developed by Nordex using eight N163/6.X turbines. The project is supported by an €82mn EBRD loan. Nordex also holds a 25-year maintenance agreement, which is stated to reduce part of EPCG’s availability and lifecycle-service risk.
A further 21 MW Gvozd II development will add three turbines under a €26mn Nordex contract. The expansion is supported by an additional €26mn EBRD facility. With the expanded complex reaching 75.6 MW, output is expected to exceed 210 GWh annually.
Pipeline context and separation from solar generation profiles
The operating evidence is cited in support of Montenegro’s broader wind pipeline, including WPD Europe’s proposed 101 MW Brajići project across Budva and Bar. Brajići is expected to require more than €140mn and could start construction in 2027. The timeline is described as dependent on environmental assessment, permits, grid arrangements and financing.
The source material also distinguishes wind analytically from solar generation. It states that Gvozd’s output is less concentrated in midday hours where regional photovoltaic capacity is increasing. The capacity factor is described as higher and the seasonal profile as different, with production retaining greater system value during evening or winter periods. It also notes more complex access-road, foundation, crane and terrain risk, particularly across Montenegro’s mountainous coastal interior .
