Fortum-EPCG consortium to build 250 MW solar power plant in Montenegro
Consortium between Finnish Fortum and the Montenegrin state-owned utility Elektroprivreda Crne Gore (EPCG) was awarded a tender to build and operate a 250 MW solar power plant. As reported by the Montenegrin government in a statement, Fortum-EPCG offered a lease fee of 0.33 €/m2, while the second best bid offered only 0.05 €/m2. Overall planned investment is estimated at €178 million, with domestic companies’ participation set around €20 million. The consortium also obligated
Wind farm without incentives planned in Montengro
Montenegrin state-owned utility Elektroprivreda Crne Gore (EPCG) and Austrian based Ivicom Holding have signed a memorandum of understanding regarding the 50 MW wind power plant of Gvozd. The project is estimated at approximately €70 million and is intended to operate without requiring feed-in tariffs. Ivicom is already present in Montenegro as it partnered with French Akuo Energy and constructed the 72 MW Krnovo wind farm.. Source: Balkan Green Energy News #Montenegro #wind
A2A on its way out of Montenegro
Government of Montenegro agreed to buy approximately 13% of shares of EPCG held by Italian based A2A for a sum of €68.9 million. This transaction will increase the Montenegrin share in EPCG to just over 70%. A2A managed EPCG since 2009 when it bought around 43% of its shares for €430 million. For the past couple of years, EPCG has had stable finances and currently holds €52 million of unallocated earnings. During the last 7 years, the company reportedly invested €180 million.
Škoda Praha's Pljevlja II contract terminated
After several months of delays and problems with closing the financial construction of the Pljevlja 2 project, the Montenegrin Government cancelled the agreement on strategic partnership with Czech based Škoda Praha. Škoda Praha failed to ensure the required 85% of financing through the Czech export bank. After trying to close the financial construction with the help of Bank of China and after selecting General Electric as the unit's EPC provider, Škoda Praha did not manage t
A2A to exit Montenegro
Italian A2A is ready to part with its share of the Montenegrin main utility company Elektroprivreda Crne Gore (EPCG). A2A currently holds 41.7% of shares, for which it paid €434 million in 2009. The Montenegro government has a 57% stake and the right of first refusal (ROFR) for the A2A package valued at €250 million. Despite claims that the Pljevlja II project is not to blame for this parting, it certainly had a detrimental effect on the relationship between two partners. Sou
Montenegro and A2A discussing EPCG
Montenegro and A2A are discussing terms regarding the operation of the Montenegrin main utility EPCG. Previous Partnership Agreement on running the firm ended in December and was used to set terms regarding the construction of TPP Pljevlja II and state control of the management. In addition, it also discussed arbitration and compensation issues between the two sides. According to SEEBiz, negotiations are close to finish with only the A2A buy-out clause of €250 million remaini
