Construction of the Gvozd wind farm Gvozd on the Krnovo plateau near Nikšić is entering its final stretch. The construction company Bemax has completed the pouring of the foundation for one of the last turbines — wind generator 7/8. The project, worth 82 million euros has become one of the largest investments in Montenegro’s renewable energy sector in recent years.
Energy by the end of 2025
According to the statement of the CEO of Elektroprivreda Crne Gore (EPCG), Ivan Bulatović, the wind farm could be connected to the power grid as early as the end of 2025. This will make it possible to start generating green energy from installations that will produce about 150 GWh of electricity per year — enough to supply more than 25,000 households.
The project includes the installation of eight wind turbines, with a total capacity of 54.6 MW. This is an important step toward the country’s energy transition and reducing carbon emissions.
Financing from the EBRD and full EPCG ownership
The Gvozd wind farm Gvozd became the first renewable energy project that EPCG is developing entirely on its own, without involving foreign investors. Financing was secured through a loan from the European Bank for Reconstruction and Development (EBRD), signed in December 2021. The total investment amounts to 82 million euros.
This is a strategic step for diversifying the country’s energy resources and strengthening its energy independence.
Who is Bemax and what else is the company working on?
Bemax is one of the most active construction companies in Montenegro, based in Podgorica. It is known for a wide range of projects in road infrastructure, residential construction, and energy. The company has been operating for more than two decades and regularly wins major tenders in both the public and private sectors.
Bemax left its most visible mark within the Bar–Boljare motorway project, where the company acted as a subcontractor to China’s CRBC, carrying out a significant volume of construction work, including bridges, tunnels, and road sections. Bemax also actively participated in urban infrastructure projects, including commercial and residential development in Podgorica and on the coast — for example, in Luštica Bay and Capital Plaza.
However, alongside large-scale contracts, the company has repeatedly become the subject of investigations by independent media and anti-corruption organizations. The Montenegrin independent civil society organization MANS (Mreža za afirmaciju nevladinog sektora, which translates as the Network for the Affirmation of the NGO Sector) has pointed in a number of publications to signs of systematic favoritism toward Bemax on the part of state authorities. For example, one investigation described a case in which Bemax received a contract to build an overpass in Bar despite more favorable offers from competitors. Changes to the tender documentation were made only after the tender had been completed, which gave the company an advantage (source).
In another case, related to the reconstruction project of the Risan–Žabljak road section, the Road Traffic Directorate excluded other participants, allowing Bemax to proceed without competition despite procedural violations (mans.co.me). Similar doubts arose during the analysis of the tender for the construction of Podgorica’s Western Bypass, worth over 20 million euros. The Appeals Commission later annulled the decision awarding the contract to Bemax due to violations identified during the tender process (vijesti.me).
Some analysts and civil society representatives already unofficially call Bemax a “symbol of the captured state” — a term used to describe the systematic penetration of business interests into the structure of political and economic decision-making (mans.co.me). This characterization highlights not so much legal guilt as the existence of a persistent perception that state resources are distributed within a narrow circle of insiders.
Nevertheless, despite reputational risks, Bemax continues to work actively on sites across the country — including highways, hydraulic structures, and tourism infrastructure. The company remains one of the largest players in the construction sector in Montenegro, and its influence in the industry is hard to overestimate.
Bemax continues to take part in new infrastructure and energy projects. Among the latest are the Gvozd wind farm on the Krnovo plateau, the construction of wastewater treatment facilities, as well as participation in the reconstruction of Tivat and Podgorica airports.
This dual reputation makes the company the subject of both recognition for technical achievements and public criticism for possible ties to centers of power. In the context of Montenegro’s gradual democratization, interest in the transparency of such contracts is growing, and Bemax remains in the spotlight.
The significance of the Gvozd project for Montenegro
- Strategic reduction of dependence on electricity imports
- Support for the transition to a carbon-neutral economy
- Strengthening Montenegro’s position in sustainable energy in the Balkans
- Creating new jobs in Nikšić and the surrounding regions
In the future, the Gvozd wind farm could become the basis for additional investments in the country’s green energy sector.
Video of the foundation pouring on Bemax’s YouTube channel:
https://youtu.be/m0AXv0uowts