Wind power plant Gvozd, Montenegro – 54.6 MW
The Gvozd wind power plant, with a planned capacity of 54.6 MW, is being jointly developed by IVICOM Holding and EPCG, Montenegro’s national utility company. Development began in 2017, continuing the strategic expansion of Montenegro’s renewable energy sector. The project serves as an extension of the previously completed Krnovo wind power plant.
u00a0
Financing for the Gvozd project has been secured by the European Bank for Reconstruction and Development (EBRD). Construction activities officially commenced in November 2024, marking a significant milestone in the project’s advancement. IVICOM continues to play a key role in the development and technical oversight to ensure successful delivery of the project.
Projects overview
The Gvozd wind power project is a continuation of IVICOM Holding’s long-term commitment to advancing Montenegro’s renewable energy landscape. Developed in partnership with EPCG, the project builds on the experience gained from the Krnovo wind power plant and is designed to further increase the region’s clean energy production. With EBRD financing secured, construction is progressing according to plan, and the project remains on track as one of Montenegro’s key ongoing renewable energy initiatives.
Key Achievements:
- Joint development with national utility EPCG
- Successful project structuring and financing through EBRD
- Continuation of the Krnovo project with optimized design and technical solutions
- Construction phase launched in November 2024
Final result (upon completion)
Once completed, the Gvozd wind power plant will deliver 54.6 MW of renewable energy, reinforcing Montenegro’s sustainable development goals and strengthening its wind energy portfolio through continued collaboration between IVICOM Holding and EPCG.
This project was developed under IVICOM Holding's Renewable Energy Development Services. View the full project portfolio.