Montenegrin power utility EPCG and German KfW Bank have signed a loan agreement worth 33 million euros. The proceeds of the loan will be used for the modernization of hydropower plant Perucica.
In the next two year, six generators of HPP Perucica will be revitalized, which will increase its safety and reliability , thus extending the operational life of one of oldest Montenegrin largescale HPP, commissioned in 1961. In June, EPCG signed the revitalization contract with SeverNikcom-Koncar GIM consortium. Revitalization works, worth 3 million euros, will mostly be carried out during regular overhauls of the plant and are expected to be completed by the end of 2021.
Head of Development and Engineering Department at EPCG Ivan Mrvaljevic said that tendering for the revitalization will begin in October or November and works are expected to start in the spring of 2020. The tender for the entire electromechanical part is scheduled to be announced in early 2020, and works are scheduled to begin in the fall of 2020.
CEO of EPCG Igor Noveljic said earlier that this is a beginning of an investment cycle in modernization of HPP Perucica, partially financed through 33 million euros loan from German KfW Bank. In parallel with the revitalization of generators, a replacement of old transformers will be carried out, while a portion of the loan is intended for the preparation of documentation for the project of installing the eight generator at HPP Perucica.