Montenegro’s state-owned power utility EPCG and the Investment and Development Fund (IRF) have finalized a €10 million agreement to finance the Solari 5000+ 70MW project. The initiative, which has already commenced, aims to install solar systems for households and businesses across Montenegro. To date, the project has achieved an installed capacity of 18.627 MW and is projected to cover more than 5,000 individual and 500 legal entities. The total potential value of the project could reach €82 million.
The project has generated substantial interest, with over 19,000 households and businesses expressing intent to participate. EPCG will offer a 10% discount on the investment value for future solar system owners, complemented by an additional 10% discount from the Eco-Fund, totaling a 20% reduction in costs.
EPCG CEO Ivan Bulatovic highlighted that the Solari 5000+ 70MW project marks a significant milestone in Montenegro’s energy transition and represents one of the most important energy sector investments in the past forty years. He noted that an earlier agreement with the Eco-Fund for joint financing and implementation had been successful, and expressed optimism for the project’s successful realization.
The project allows Montenegrin electricity consumers to transition from being mere buyers to producers of solar energy. Participants can generate electricity for personal use and sell any surplus to the national energy company, providing opportunities for substantial energy and economic savings while promoting environmental sustainability.
The new agreement builds on a previous €30 million arrangement, which had already met high expectations.
