Investiciono razvojni fond (IRF) – the Investment and Development Fund of Montenegro (IDF MN) – and the United Nations Development Programme (UNDP) have launched a financing support program to help farmers and small and medium enterprises deploy rooftop PV solutions.
The two entities will award loans ranging from €3,000 to a maximum of €400,000, at an interest rate of 3% per year, with a repayment period of up to 10 years.
The program also includes non-refundable rebates in the amount of up to €25,000 that will help entrepreneurs buy and install PV systems. The rebates are being awarded via a tender held by the Eco Fund, which is a government agency promoting development in the field of environmental protection.
The EPCG is also building a 100 MW solar park in partnership with Finnish utility Fortum, and a floating PV power plant on the Slano artificial salt lake.
According to the International Renewable Energy Agency, the country had installed solar power of just 6 MW at the end of 2020. The vast majority of Montenegro’s electrical power demand is currently met by the 225 MW Pljevlja thermal power plant in the north of Montenegro and two large hydropower plants, at Perućica (307 MW) and Piva (363 MW).
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