From Potential to Concrete Projects – Montenegro Enters a New Investment Cycle

BUDVA – Montenegro has entered a phase where energy policy is increasingly measured by concrete results, completed projects, new production capacities, stronger infrastructure, and investments that open space for a new development cycle, said Minister of Energy and Mining Mr. Admir Šahmanović at the opening of the fifth Energy Week Western Balkans, held in Budva. This year's Energy Week, under the slogan "From Targets to Delivery," gathered representatives of energy companies, investors, international financial institutions, and regional institutions, focusing on the realization of energy projects, investments, and regional connectivity. Today, we want to talk about results, completed projects, ongoing investments, and the system we are building to enable larger projects," he highlighted. He pointed out the completion and trial operation of part of the Transbalkan Corridor to Pljevlja, the completion of the first phase of the Gvozd wind farm with a capacity of 54.6 MW, and the start of activities on the second phase, which will add another 21 MW. These are new megawatts, new infrastructure, and concrete investments. He also recalled investments in the transmission network, including a credit arrangement between AFD and CGES worth 25 million euros for the modernization of the Perućica and Pljevlja 2 substations, along with an EU grant of 8.5 million euros through WBIF. Therefore, today we are building a system where a good investment idea has a shorter and safer path to realization," he emphasized. An important step in this process is the progress within Chapter 15 – Energy, noting that Montenegro has met the final measures and expects the provisional closure of the chapter by the end of the year. We have renewable potential, an increasingly stronger grid and interconnections, an EU-aligned regulatory framework, and partners ready to invest in our energy future together," he concluded. At the Energy Week panel dedicated to energy transition, investments, and competitiveness, State Secretary in the Ministry of Energy and Mining Dino Tutundžić presented Montenegro's achievements in the energy transition process and European integrations.