EBRD injects EUR 26 million to expand Montenegro’s largest wind farm

The European Bank for Reconstruction and Development (EBRD) is strengthening its support for Montenegro’s green energy ambitions with an additional EUR 26 million loan to expand the Gvozd wind farm – the country’s leading renewable energy project.

The new funding will facilitate the installation of three more wind turbines, increasing the wind farm’s total capacity from 55 MW to 75 MW. Once completed, Gvozd will become the largest wind farm in Montenegro. The expanded facility is expected to produce 186 GWh of renewable electricity annually, enough to supply more than 35 000 households, while cutting carbon dioxide emissions by nearly 137 000 tonnes per year.

The EBRD originally extended an EUR 82 million loan for the project in 2023. Gvozd is Elektroprivreda Crne Gore’s first wind power initiative and its first major new generation energy asset in over four decades.