Norway’s Statkraft and the Montenegrin company Elektroprivreda Crne Gore (EPCG) have signed an agreement to cooperate in the further development of hydro power generation in Montenegro.
The memorandum of understanding, signed by Bård Mikkelsen, CEO and President of Statkraft, and Srdjan Kovacevic, CEO of EPCG, confirms the parties’ intention to identify joint opportunities for business development in the Montenegrin hydro power sector. The Montenegrin Investment Promotion Agency (MIPA) will coordinate and assist EPCG and Statkraft in the preparation and execution of a joint study.
‘The signing of the agreement is very positive not only for EPCG but also for the whole Montenegrin power industry,’ said Srdjan Kovacevic. ‘It demonstrates that there is a large potential for increased hydro power generation in the Montenegrin energy sector.’