The European Bank for Reconstruction and Development (EBRD) has approved an additional €26 million in financing to support the expansion of Montenegro’s Gvozd wind farm, the bank said on Monday.
The new funding will enable the installation of three additional turbines, increasing the plant’s capacity from 55 megawatts (MW) to 75MW. Once completed, Gvozd will become the largest operational wind farm in Montenegro.
The project is being developed by state-owned utility Elektroprivreda Crne Gore (EPCG) and its subsidiaries. The expanded facility is expected to generate 186 gigawatt-hours (GWh) of electricity annually—enough to supply more than 35,000 households—while reducing carbon dioxide emissions by nearly 137,000 tonnes per year, according to the EBRD.
“The Gvozd wind farm demonstrates how flexible, long-term financing can deliver real impact – both by increasing clean energy generation and by setting new benchmarks in project implementation,” said Remon Zakaria, EBRD head of Montenegro.
The bank originally provided an €82 million loan for the project in 2023, marking EPCG’s first major new-generation investment in more than four decades.
EPCG chief executive Ivan Bulatović described the project as a strategic milestone for the country’s energy sector. “Gvozd is not just another construction project, but also a symbol of progress, vision and determination to build a sustainable future,” he said.
Commissioning of the full 75MW facility is expected by the end of 2026.
