Alcazar Energy acquires rights to 118 MW wind farm project in Montenegro

PODGORICA (Montenegro), September 28 (SeeNews) - Luxembourg-based renewable energy investor Alcazar Energy said on Thursday that it has acquired the rights for a 118 MW wind farm project in Montenegro, the largest in the country.

Alcazar Energy is entering into a partnership with Simes Engineering and Sistem MNE, the original greenfield developers of the project which will be built at a cost of around $200 million (189.9 million euro), doubling Montenegro’s installed wind capacity, the company said in a press release.

The acquisition of the Bijela project is part of Alcazar Energy’s strategy to create the region’s largest renewable energy platform, with an estimated total project investment in the region of $600 million, it added.

The project is estimated to create over 800 construction jobs. Once completed, it is expected to produce enough clean energy to power over 20,700 households annually and to avoid the release of over 260,000 tonnes of CO2 per year.

Financial close is expected in the first quarter of 2025, with construction expected to begin in early 2025.

(1 euro = $1.05381)