Agence Fran\u00e7aise de D\u00e9veloppement (AFD) and Crnogorski elektroprenosni sistem (CGES), Montenegro\u2019s electricity transmission system operator, signed today a \u20ac25 million sovereign-guaranteed loan to modernize the strategic substations of Peru\u0107ica and Pljevlja 2 and support the country\u2019s energy transition. The financing plan also includes a planned \u20ac8.5 million grant from the European Union Western Balkans Investment Framework (WBIF).<\/p>\n\n\n\n
The agreements were signed at the Ministry of Finance in the presence of Minister Novica Vukovi\u0107. The loan agreement was signed by Ivan Asanovi\u0107, General Director of CGES, and Arnaud Dauphin, Director of AFD\u2019s Western Balkans Office, while the Guarantee Agreement was signed by Minister Vukovi\u0107 and Mr. Dauphin.<\/p>\n\n\n\n
This financing represents AFD\u2019s first investment operation in Montenegro\u2019s energy sector reflecting the shared commitment of France and Montenegro to accelerate the country\u2019s energy transition and strengthen the resilience of its electricity grid.<\/p>\n\n\n\n
The operation builds on technical assistance provided since 2024 by RTE International (RTEi), the French transmission system operator. Through this peer-to-peer cooperation, RTEi has supported project preparation, helping enhance CGES\u2019s technical capacities and align the modernization of Montenegro\u2019s grid with European standards.<\/p>\n\n\n\n
The project will modernize two key substations that are essential to the country's electricity system. The upgrade of the Peru\u0107ica substation will enable the integration of up to 350 MW of hydropower into the grid, while the rehabilitation of Pljevlja 2 will reinforce connections with the trans-Balkan network and support Montenegro\u2019s gradual transition away from coal-based electricity generation. <\/p>\n\n\n\n
Ivan Asanovi\u0107, General Director of CGES, underlined the project\u2019s strategic importance for Montenegro\u2019s energy security, regional interconnections, and the resilience and reliability of the country's electricity system.<\/p>\n\n\n\n
This investment marks the beginning of a long-term partnership between AFD and Montenegro, aiming at a more sustainable development for the country.\u201d said Minister Vukovi\u0107. \u201cBy modernizing critical electricity infrastructure, this project will strengthen grid resilience, support renewable energy integration, and advance alignment with European energy standards.\u201d<\/p>\n\n\n\n
Admir \u0160ahmanovi\u0107, Minister of Energy and Mining, emphasized that Montenegro has launched an investment cycle in the energy sector that can no longer be halted.\n\"We are pleased to continue this journey with strong European partners such as the French Development Agency, whose support is a powerful endorsement of confidence in our vision. Projects like this lay the foundations for a safer, more stable, and more sustainable energy future for Montenegro,\" Minister \u0160ahmanovi\u0107 said.<\/p>\n\n\n\n
Arnaud Dauphin, Director of AFD\u2019s Western Balkans Regional Office, noted that the operation reflects AFD\u2019s broader commitment to supporting Montenegro\u2019s EU accession path through financing, technical expertise, and long-term partnerships in key sectors such as energy.
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