News

Malta investing in Montenegro energy sector

Published

January 11, 2016

Comments

0

Share

Published:

January 11, 2016

Comments:

0

Share

Investment in the wind farm at Možura hill is a first step of possible cooperation between Montenegro and Malta in energy sector, prime minister Milo Đukanović said, adding he is sure that the project will be implemented within deadlines. At the meeting with the delegation from the island country, the prime minister of Montenegro said he had been presented many ideas that can be useful in terms of implementing positive experiences in economic and pro-European development, Mina-Business news agency reported.

Đukanović said that he discussed primarily about economic cooperation with his Maltese counterpart Joseph Muscat. The EUR 80 million investment includes use of new energy sources and complements Montenegrin generation capacities in energy sector, he said and expressed hope the project will lead to more cooperation. Namely, there are possibilities for joint use of renewable sources in Montenegro.

The Maltese prime minister offered Montenegro to use his country’s experience in the field of tourism development through internationalization of educational and other capacities, Đukanović said. Muscat said the delegation came to Montenegro to visit the construction site of their first foreign investment in many years. “We have chosen Montenegro because we see the potential here. We invest money and credibility, because we have chosen Montenegro among the many options and I welcome the efforts of the Montenegrin government in creating the conditions to ensure facilitating bureaucracy and concluding contracts on time. We can assure you that the project will be implemented,” said Muscat.

The transfer of the agreement on the lease of land and construction of the Možura wind power plant was conducted in Podgorica in November between Montenegro and Enemalta Plc, a company majority-owned by the Government of Malta. After the investors began works for first wind farm in Montenegro near Nikšić, implementation of a similar investment at Možura near Bar, in the south of the country, was launched in the summer. The domestic Ministry of Economy said the construction of these two power facilities will greatly contribute to meeting the national target of 33% share of renewable energy in final consumption.

Related Articles

Serbia raises EUR 1 billion in its first green bond auction

Serbia raises EUR 1 billion in its first green bond auction

17 September 2021 - Serbia achieved the lowest annual coupon rate in its history, 1%, in the sale of its first green bond. The government raised EUR 1 billion.

Third utility-scale solar power plant to be installed in Herzegovina etmax

Third utility-scale solar power plant planned to be developed in Herzegovina

17 September 2021 - The Government of the Republic Srpska decided to initiate the procedure for granting a concession for the Nevesinje PV plant.

eps e3 international energy crops EPS to burn biomass in coal power plants

EPS piloting mixing biomass with coal in its thermal power plants

17 September 2021 - State-controlled power utility Elektroprivreda Srbije (EPS) has launched a pilot project with US company E3 International

timmermans-energy-price-green-transition

Timmermans: energy price hikes should speed up green transition, not slow it down

17 September 2021 - Only about a fifth of the energy price increase can be attributed to the rising costs of CO2 emissions, while the rest is simply due to a market shortage, says the European Commission’s vice president in charge of climate issues.