30 MILLION EUROS FOR ‘SOLARI’ PROJECT

‘Signing of the Agreement on financing the Solari 3000+ and 500+ Project with the Investment and Development Fund is of paramount importance to our Company. Let me remind that, under the scope of this Project, hundreds of new working positions will be created while thousands of our customers will have lower electricity bills. Given that the winner in the green energy transition will be the one capable of producing the electricity itself I take this opportunity to invite, one more time, citizens of Montenegro to apply for the Solari Project. My congratulations to EPCG management on a voluminous and good job done so far’, said Mr Milutin Đukanović, chairman of EPCG BoD at the Agreement signing occasion.

The financial institution selection process was a transparent one. There were 8 interested institutions that applied to the international Invitation to tender, published by EPCG on August 2nd, for securing the Solari 3000+ and Solari 500+ Project funding.  

‘Being the State owned institution, the Investment and Development Fund has recognized the importance of this Project. It is very important to monitor effects of Solari Project, which is about to strengthen the standard of our citizens and contribute to employment. That is why the IDF has supported the Solari Project with the lowest interest rate this institution ever granted. Thus apart from supporting the state – owned EPCG, we provided a clear support to numerous small and medium-sized entrepreneurs that will accumulate significant benefits through participation in Solari Project. I hope that in the period to come a number of new projects, where IDF would take a project partner role, will arise’ highlighted Ms Irena Radović, the Chief Executive Officer, at the Agreement signing occasion.

Mr Nikola Rovčanin, the Chief Executive Officer of EPCG, highlighted that that was a historic moment not only for EPCG but for the society as a whole. He stated his content of having the Investment and Development Fund as a partner in the Project, looking forward to further joint developing of numerous other green energy projects: ‘We have managed to secure the energy stability during the past year, and I do hope that by development of solar energy projects, we will become a regional giant among the companies involved in electricity generation and supply. Many thanks to IDF and I hope that this is just a beginning of our successful cooperation. I hereby invite citizens of Montenegro to become a part of this Project, since this is a future oriented project’, stated Mr Rovčanin.  

Mr Miro Vračar, the Chief Financial Officer of EPCG, has also confirmed his content with the established partnership with the IDF pointing out the following: ‘This date bears a histoical importance for energy sector as well as for citizens of Montenegro, since the Solari Project stands as an investment contributing to improvement of living standards in the State and that is why I invite all customers to take a part and become prosumers’, highlighted Mr Vračar.   

30 million euros worth Project Solari 3000+ and Solari 500+ stands for both the beginning of energy transition in Montenegro and one of the most important investment in energy sector in the last 40 years. Since November 1, 2021, when the Invitation to tender was launched, the interest in project exceeded all expectations and a figure of 14.500 registered households and legal entities has driven us to launch, immediately,  70 million euros worth of Solari 5000+ Project encompassing additional 4000 single family houses, 500 collective buildings and 500 companies and public institutions.   

By participating in the Project, those customers, meeting all the necessary conditions for solar energy use, will get a chance to evolve from customers and clients into electricity producers, to produce electricity for their own needs and sell excessively produced electricity to the national electric power company. Hence, they will experience a number of energy and economic saving opportunities, without harmful effects to the environment.