Montenegro’s power utility EPCG has announced that it will enter talks with the German state-owned development bank KfW to help fund expansion of the Pericica hydropower plant. Ivan Mrvaljevic, Development and Engineering Manager at EPCG, said that the plans include construction of a new 58.5MW turbine at the 307MW plant, at a total cost of €23 million.
KfW is already helping EPCG overhaul three turbines at the Perucica plant as part of its ongoing €80 million Greening Public Infrastructure programme for Montenegro.
EPCG operates 649MW of installed hydropower capacity and 225MW of coal-fired power generation capacity. It plans to invest €700 million from 2020 to 2024, targeting mainly renewable energy sources, as Montenegro fosters closer ties with the European Union.