Renewables

UAE’s Masdar signs deal to invest in Montenegro wind farm Krnovo

Krnovo

Photo: Pixabay

Published

January 15, 2018

Country

Comments

comments icon

0

Share

Published:

January 15, 2018

Country:

Comments:

comments icon

0

Share

Masdar, Abu Dhabi-based renewable energy company has signed a share purchase agreement with Akuo Energy, the leading French IPP in renewable energy, to enter into Krnovo wind farm in Montenegro, which is on stream since November 2017.

Both sides announced that under the agreement, Masdar will acquire 49% of Krnovo Green Energy. The agreement was signed by Niall Hannigan, Masdar’s chief financial officer, and Eric Scotto, CEO of Akuo Energy, during Abu Dhabi Sustainability Week 2018, the local media reports.

The wind farm was built by the Austrian company Ivicom Consulting and the French Akuo Energy. Construction started in mid-2015 and the wind farm now has installed power of 72 MW with the investors planning to produce some 200 GWh a year.

The Montenegrin government signed a contract with the Krnovo wind farm owners under which it is obliged to guarantee a fixed price of EUR 95.99 per MWh for the first 12 years of production.

The Montenegrin Ministry of Sustainable Development and Tourism issued an operating permit late in August 2017 for the Krnovo wind farm which started tests of its wind turbines in May last year.

The Krnovo project comprises 26 GE wind turbines. Project financing was secured from the European Bank for Reconstruction and Development (EBRD), KfW IPEX-Bank GmbH, and the French development financial institution Proparco, the Acua company statement reads.

Krnovo wind power plant was the first capital investment in the energy sector in decades in Montenegro at the time.  Its implementation should help Montenegro achieve renewable energy goals which entail 1/3 of total energy consumption to be produced from renewable energy sources by 2020.

Montenegro concluded the contract on the lease of the public land in August 2010 for a period of 20 years, with a possibility of an extension up to a maximum of five years. For the first 12 years, the price of the electricity generated by the wind farm is guaranteed and it will not be less than EUR 95.99 per MW/h.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Terna Energy pumped storage wind power hybrid Amari Crete

Terna Energy to make pumped storage, wind power hybrid in Amari in Crete

25 April 2025 - Greek company Terna Energy, recently acquired by Masdar, made a step forward in its Amari hybrid power plant project in Crete

MORE 43 2 MW wind park northern Greece regular operation

MORE puts 43.2 MW wind park in northern Greece into regular operation

24 April 2025 - Motor Oil Renewable Energy (MORE) received the operating license for its 43.2 MW wind power plant near the border with North Macedonia

croatia zagreb solar public buildings tomasevic

Zagreb on track to reach almost 20 MW of solar on public buildings

24 April 2025 - In 2021, Croatia's capital presented the Sunny Roofs program for the installation of photovoltaic plants with a combined capacity of 50 MW

Constitutional Court Bulgaria exemptions renewables agricultural land

Constitutional Court of Bulgaria annuls exemptions for renewables on agricultural land

24 April 2025 - Investors in agrivoltaics and other renewables on agricultural land face higher expenses and longer procedures as exemptions were scrapped