Montenegro’s 54.6 MW Gvozd wind farm produced 26 GWh during its first three months of operation, reducing state utility EPCG’s electricity deficit by 8.5 per cent.
At Montenegrin Power Exchange prices, EPCG valued that production at approximately €2.43mn. This implies an average captured value near €93.5/MWh, although the figure reflects the company’s valuation methodology and market timing rather than audited project revenue.
The initial output corresponds to a capacity factor of roughly 22 per cent over the three-month period. That is below the project’s expected long-term level but covers commissioning months and a season that is not necessarily representative of annual wind conditions.
Gvozd is expected to produce 150 GWh annually, implying a long-term capacity factor slightly above 31 per cent. Its financial value rises during dry summers because wind output reduces imports when EPCG’s Perućica and Piva hydropower plants are constrained.
The first phase was built by Nordex using eight N163/6.X turbines and is supported by an €82mn EBRD loan. Nordex also holds a 25-year maintenance agreement, reducing part of EPCG’s availability and lifecycle-service risk.
A further 21 MW Gvozd II project will add three turbines under a €26mn Nordex contract, supported by an additional €26mn EBRD facility. The expanded 75.6 MW complex is expected to produce more than 210 GWh annually.
The operating evidence strengthens the case for Montenegro’s broader wind pipeline, including WPD Europe’s proposed 101 MW Brajići project across Budva and Bar. Brajići is expected to require more than €140mn and could begin construction in 2027, subject to environmental assessment, permits, grid arrangements and financing.
Wind must remain analytically separate from solar. Gvozd’s output is less concentrated in the midday hours already becoming crowded by regional photovoltaic capacity. Its capacity factor is higher, its seasonal profile is different and its production can retain greater system value during evening or winter periods. It also carries more complex access-road, foundation, crane and terrain risk, particularly across Montenegro’s mountainous coastal interior.
