Alcazar Energy acquires rights to $200 M wind farm in Montenegro
The project will double Montenegro’s installed wind capacity, provide cheaper energy, and support Montenegro’s decarbonisation efforts.
Image for illustration purposes.
Montenegro, Šavnik: The $200 million project will double Montenegro’s installed wind capacity, provide cheaper energy, generate long-term local employment, and support Montenegro’s decarbonisation efforts.
Alcazar Energy, a renewable energy investor, announced its acquisition of rights to a 118 MW wind farm project in Montenegro – a major milestone in its strategy to build the largest renewable energy platform in the Western Balkans.
The company is partnering with Simes Inženjering and Sistem MNE who were the original greenfield developers of the project, which will be built at a cost of around $200 million, becoming one of the largest wind farms in the Western Balkans and doubling Montenegro’s installed wind capacity. Financial close is expected in Q1 2025, with construction commencing in early 2025.
The Bijela project forms part of the government’s 2040 national development strategy, which considers it a major economic investment for Montenegro and a significant contribution towards reducing the country’s greenhouse gas emissions. It is estimated to create over 800 construction jobs and produce enough clean energy to power over 20,700 households annually, while avoiding the release of over 260,000 tons of CO2e per year.
Several prominent development institutions and commercial banks have indicated their interest in partnering with Alcazar to finance the project which has captured the attention of other key stakeholders such as leading wind turbine manufacturers, as well as international and local construction companies. Alcazar Energy is also in discussions with several European off-takers interested in purchasing the project’s clean electricity.
Dritan Abazović, Prime Minister of Montenegro, stated: “We are looking forward to the realization of such a project in our country, especially given that it concerns the neglected northern part.
Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, said: “We are thrilled to complete the acquisition of rights for this significant wind farm project. For Montenegro and the Western Balkans region, it will bring much-needed clean and also affordable electricity – and create long-term local jobs. We look forward to working closely with the government and local stakeholders further – as we develop Montenegro’s largest wind farm – doubling the country’s installed wind capacity.”
Slaven Milić, Founder of Simes Inženjering, commented: “We are excited to announce our new partnership with Alcazar Energy to complete the development of Bijela and bring it to construction and operation. This collaboration combines the vision and experience of Simes Inženjering and Sistem MNE in developing various complex projects in Montenegro with Alcazar Energy’s expertise in catalysing early vintage renewable energy projects in emerging countries, bringing foreign direct investment, project finance as well as industrial and technical prowess.”
Source: Alcazar Energy