The European Bank for Reconstruction and Development (EBRD) has approved an additional €26 million loan to expand Montenegro’s Gvozd wind farm, boosting its capacity from 55 MW to 75 MW. This expansion, achieved through the installation of three additional turbines, will make Gvozd the largest wind farm in the country upon completion.

Once fully operational, the enlarged facility is expected to generate 186 GWh of clean electricity annually—enough to power more than 35,000 households—and reduce CO2 emissions by nearly 137,000 tonnes per year.

Developed by the national utility Elektroprivreda Crne Gore (EPCG) and its subsidiaries, this project is the first multi-contract wind farm implemented by a public utility under the EBRD’s Procurement Policies and Rules. It also marks the first time the EBRD has provided additional financing to a wind project during construction, reflecting the Bank’s flexible, long-term commitment to impactful green infrastructure.

With construction on the initial 55 MW phase already underway and turbine delivery scheduled for this year, the expansion is aligned smoothly with the existing project timeline. Full commercial operation of the 75 MW facility is expected by the end of 2026.

The original €82 million loan for Gvozd, signed in 2023, represented EPCG’s first major new-generation asset in more than 40 years, as well as its inaugural wind farm.

“The Gvozd wind farm demonstrates how flexible, long-term financing can generate real impact—both by increasing clean energy output and by setting new benchmarks for implementing projects,” said Remon Zakaria, EBRD Director for Montenegro. “This additional investment underlines our commitment to accelerate Montenegro’s green energy transition and strengthen its energy security.”

Ivan Bulatovi, CEO of EPCG, added that “the energy sector is key to Montenegro’s economic development and progress, and the Gvozd wind farm—with its expansion—is a significant and high-impact project for us: the largest wind farm in Montenegro.”

Francesco Corbo, EBRD Regional Director for Energy, Western Balkans and Croatia, commented that “Beyond our successful collaboration with EPCG, the EBRD is proud to support Montenegro’s green transition by backing private investment in renewable energy generation through our Renewable Energy Market Accelerator (REMA) programme.”