A loan agreement for 28 million euros has been signed between CGES and the European Bank for Reconstruction and Development (EBRD).

On 19 July 2024, a Loan Agreement was concluded at the Ministry of Finance between the Montenegrin Transmission System Company AD (CGES) and the European Bank for Reconstruction and Development (EBRD), with the guarantee of the Government of Montenegro, for the purpose of financing the project for the construction of the 400/110 kV line. kilo-volt TS "Brezna", in the amount of 28 million euros. The loan agreement was signed by Ivan Asanović, Executive Director of CGES and Remon Zakaria, Head of the EBRD's office for Montenegro, while on behalf of the Government of Montenegro, the Minister of Finance affixed his signature. Novica Vuković.

This project will enable the integration of 400 MW of renewable energy into the national grid, supporting the decarbonisation of Montenegro's economy. It will reduce transmission losses by 13 GWh annually and ensure a reliable electricity supply in Montenegro.

and the region.

The project includes the installation of two transformers and their connection to the national grid via the new Lastva–Pljevlja transmission line, which will increase the plant's capacity.upgraded to 400/110 kV.

The European Union has provided technical assistance of 1.05 million euros for the development of a feasibility study and an environmental and social impact assessment.

Strengthening the Trans-Balkan Corridor will connect the region's countries with Italy and the EU, creating a level playing field in the electricity market for renewable energy sources in Montenegro!

The construction of the aforementioned substation is planned for completion by the end of 2028, and the project is estimated to cost around 36 million euros, of which 28 million euros have been secured through a concluded contract.

Following the signing, it was jointly stated that the project to upgrade the Brezna substation in north-west Montenegro represents a key step towards a future for Montenegro based on sustainable development and energy security.

The signing of the contract was attended by Dragan Perunović, Director of the Sector for Development and Investments, Rade Marković, head of the legal service and Zvjezdan Vujović, Acting Director of the Directorate for Electricity at the Ministry of Energy and Mining.