PODGORICA (Montenegro), March 4 (SeeNews) - Montenegrin power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] plans to sign a 33 million euro ($37.4 million) loan with German development bank KfW to finance the overhaul of its 307 MW hydropower plant (HPP) Perucica, a company official said.
The loan will be used to finance Phase II of Perucica's overhaul and will be agreed in the spring of 2019, EPCG's development and engineering director, Ivan Mrvaljevic, said in the latest edition of the company's in-house magazine.
The project includes the reconstruction and modernisation of hydraulic and electrical equipment of A5, A6 and A7 turbines and installation of an integral information system among others, Mrvaljevic said.
"In addition to financing the delivery of equipment and the execution of works, part of the funds for the Phase II loan will be used to prepare project and tender documentation for the construction of A8 turbine," he added.
In August, KfW agreed to provide 8.5 million euro in financing for the overhaul of EPCG's Piva HPP.
EPCG said in May 2018 it aims to make investments worth 170 million euro in the next five years to enhance the safety of the operation of its power plants, increase company efficiency and ensure safe customer supply and stable functioning of the country's power system.
($ = 0.882616 euro)