“We are pleased that a reputable company from an EU country is interested in investing in the energy sector and wind power plant projects in Montenegro,” Minister of Economy Vladimir Kavarić said following his meeting with Minister for Energy and Health of Malta Konrad Mizzi, the Government of Montenegro said on its website.

The transfer of the agreement on the lease of land and construction of the Možura wind power plant was conducted in Podgorica between Montenegro and Enemalta Plc, a company majority-owned by the Government of Malta. “Today, we have been given assurances that the construction will start in March 2016 and is expected to be completed 24 months after the commencement of the works,” Kavarić explained.

Mizzi said he believes this is an important step in boosting ties between Malta, a member state of the European Union, and Montenegro, a country aspiring to join the bloc. “Malta supports Montenegro’s membership in EU and we are impressed by the country’s potential and the economic progress it has made. We are excited to start the development of the wind power plant, which will have the latest technology in the field of wind turbines,” he underscored. He stressed this is an important step for his company in terms of expanding it abroad, and he welcomed the cooperation with the country that has similar economic indicators as Malta. “We look forward to making this project a joint success for both countries,” Mizzi concluded.

The contract provides for the construction of a wind power plant of installed capacity of up to 46 MW at the Možura location. Enemalta has submitted a bank guarantee in the amount of EUR 1.5 million. It is a public company with principal activity in manufacturing, importing, distribution and supply of electricity, as well as import and distribution of petroleum products. Enemalta employs 1,500 people. A third of the capital is owned by Shanghai Electric Power (SEP), and its subsidiary – China Power Investments, which is marked with AAA credit rating, according to the statement by the Government of Montenegro.

On July 5, 2010, Montenegro signed an agreement on the lease of land and construction with the consortium Fersa & Čelebić, consisted of Fersa Energias Renovables SA of Spain and Čelebić d. o. o. based in Podgorica. The agreement envisages the lease of the land for 20 year. After necessary documentation had been provided, the Ministry of Sustainable Development and Tourism issued a building permit on December 15, 2014. However, the investors decided to transfer rights and obligations. The government approved the transaction on September 3 this year.