The EBRD is increasing its support in response to the economic impact of the coronavirus pandemic in Montenegro with a €50 million senior loan for Elektroprivreda Crne Gore (EPCG), the country’s main electricity provider.
The financial package, approved under the EBRD’s coronavirus Solidarity Package, will support the company in absorbing the challenges presented by the Covid-19 crisis.
The loan will help ensure the stability and resilience of the country’s energy provision while simultaneously protecting the achievements made by the Montenegrin energy sector in its ambitious clean growth and decarbonisation agenda.
The EBRD has previously financed the installation by EPCG – and its distribution subsidiary CEDIS – of smart meters throughout the power distribution grid for domestic consumers. The programme resulted in Montenegro becoming a regional leader in smart meter deployment and the first EBRD economy to meet the EU target for smart meter coverage.
To date, more than 80 percent of customers in Montenegro already have smart meters, which translates into over 86,000 tonnes of CO2 savings per year. The company now aims to reach 85 percent by the end of 2020. EPCG also targets the development of 300 MW of wind and solar generating capacity in the coming years.
Harry Boyd-Carpenter, Director of EBRD Energy for EMEA region said: “We have worked with EPCG for many years, supporting its transition to a modern, commercially oriented utility operating a smart network. We’re very pleased to have the opportunity now to provide short-term support to ensure their resilience in the face of Covid-19 impacts and in particular sustain the momentum of Montenegro’s accelerating green transition.”
The coronavirus pandemic and its economic impact present an unprecedented challenge to the regions where the EBRD invests. The Bank has rapidly stepped up its support with a response and recovery programme to help the 38 emerging economies where it invests.
The EBRD expects to dedicate the entirety of its activities to combating the economic impact of the crisis and stands ready to provide support worth €21 billion over the period 2020-21.
Original source: EBRD
Published on 31 July 2020
