Krnovo Energy is a subsidiary of French developer Akuo Energy.
The share purchase agreement sees Masdar enter into the 72MW Krnovo project, which was commissioned in November, and which comprises 26 of GE’s 2.85-100 turbines.
The project is subject to a 12-year power purchase agreement (PPA) with state utility Cnogorski operator tržišta electricne energije (COTEE), with power bought below a fixed ceiling price of €95.99/MWh.
It was financed by the European Bank for Reconstruction and Development (EBRD), KfW IPEX-Bank GmbH, and French development financial institution Proparco.
Krnovo is Masdar’s second wind farm in the western Balkans region. The company is also a partner in the 158MW Cibuk 1 project in Serbia, which secured financing in October, and will comprise 57 units of GE’s 2.75-120 model.
Masdar CEO Mohamed, Jameel Al Ramahi, said: "Commercial renewable energy solutions have a critical role to play in Montenegro's energy future, and our two companies are eager to support the country's transitions towards cleaner energy sources."
The two companies are also working together — alongside developer Acwa Power — to bid for Saudi Arabia’s 400MW first tender.