PODGORICA (Montenegro), September 19 (SeeNews) - Montenegro's majority state-owned power utility company EPCG [MNG:EPCG] signed an agreement to receive a 33 million euro ($36.5 million) loan from German development bank KfW for the overhaul of the 307 MW hydropower plant (HPP) Perucica, EPCG said.
The project includes reconstruction and modernisation of hydraulic and electrical equipment of A5, A6 and A7 turbines and installation of an integral information system, among others, EPCG said in a statement on Wednesday.
"KfW and EPCG signed a 33 million euro contract, which is part of the new Greening Public Infrastructure, for which KfW provided Montenegro with 80 million euro in loans," KfW project manager Bodo Schmuelling said.
Tendering for the reconstruction of the plant will begin in October or November and works are expected to start in the spring of 2020, EPCG development director Ivan Mrvaljevic noted.
"The tender for the entire electromechanical part is scheduled to be announced in early 2020, and works are scheduled to begin in the fall of 2020," Mrvaljevic added.
EPCG said in May 2018 it plans to invest 170 million euro in the next five years to enhance the safety of operation of its power plants, boost efficiency and ensure stable functioning of the country's power system.
($ = 0.9041 euro)