EPCG AND FINNISH FORTUM INTERESTED IN CONSTRUCTION SOLAR POWER PLANT IN ULCINJ

Consortium, agreed between EPCG and the Finnish Fortum, submitted a bid to the Public Call of the Ministry of Economy regarding construction of a solar power plant at the site of Briska Gora – Ulcinj Municipality.

At Fortum's invitation, EPCG Management identified this project as both financially and strategically well positioned opportunity for future development, one of great significance for energy potential while Company business performances complement the planned, ambitious investment cycle.

The Finnish company Fortum, one of the leaders in this sector, currently owns 220MW solar capacity. The company employs cca 9 000 people including top tier experts in this domain in both Nordic and Baltic countries. Last year energy sales of Fortum reached €4.5 billion.

As a reminder, the Ministry invited interested investors to submit bids for land lease and construction of a solar power plant. The plan is to develop a power plant in two phases as follows: Phase I – minimum installed capacity of 50 MW within 18 months following the date of the Land Lease Agreement and Phase II – constructing the remainder so as to reach the total planned capacity of the solar plant, exceeding 200 MW, within 36 months from the Agreement date.