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Masdar buys stake in Montenegro's first project

MONTENEGRO: Renewable energy firm Masdar has agreed to acquire a 49% stake of Krnovo Energy, which owns Montenegro's only operational wind farm.

Construction of the Krnovo wind farm (above) took place last year. It was completed in November
Construction of the Krnovo wind farm (above) took place last year. It was completed in November

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.

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