Elektroprivreda Crne Gore announced international public invitation for financing solar projects

On August 2, 2021, Elektroprivreda Crne Gore (“EPCG”) announced international public invitation to local and international financial institutions for securing of funds for financing of the project “Solari 3000+” and “Solari 500+ for legal entities (small-scale plants and public institutions)”.

Under content of public invitation it is stated that subject of procurement procedure represents securing the funds for “Solari 3000”+ and “Solari 500+ for legal entities (small-scale plants and public institutions)” in the amount of EUR 30,000,000.00 (VAT included).

The funds for implementation of the project will be secured from a bank loan, on grounds of negotiations with financial institutions.

In addition, selection of the best bid shall be done through negotiations with financial institutions, whereas, all applicants i.e. financial institutions shall have the right to participate in the bidding. Thus, subject of negotiations will consist of following topics: (i) grant, (ii) terms and period of loan repayment, (iii) interest rate and (iv) grace period.

For the purpose of deciding on final bid, the EPCG and applicants may hold several rounds of negotiations, while EPCG is entitled to cancel the procedure in case it estimates that final bids do not fulfil EPCG requirements.

The information contained in this document is given for general purposes only and should not be interpreted as legal advice on any particular matter.