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Alcazar Energy Partners, a leading independent renewable energy investor in growth markets, has signed a Memorandum of Understanding (MoU) with Elektroprivreda Crne Gore (EPCG), Montenegro’s state-owned electricity distribution utility. The agreement marks the beginning of discussions for a Power Purchase Agreement (PPA) for the Bijela wind farm, which, with an export capacity of 118.8 MW, is set to become Montenegro’s largest wind energy project.
Strategic Expansion in the Western Balkans
The partnership aligns with Alcazar Energy Partners’ expansion strategy in the Western Balkans, reinforcing its goal of becoming a leading infrastructure investor in the region. The European Bank for Reconstruction and Development (EBRD) is supporting the project as part of a mandated lender group, further advancing Alcazar’s ambition to develop 1 GW of renewable energy across the Western Balkans.
Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, emphasized the significance of the agreement, stating:
“This partnership with EPCG exemplifies our commitment to developing sustainable and bankable infrastructure projects in the Western Balkans. Alongside EPCG and its leadership, we are focused on supporting Montenegro’s energy security and long-term economic development with the Bijela wind farm, while also playing a crucial role in the country’s clean energy transition.”
Boosting Montenegro’s Clean Energy Goals
The Bijela wind farm is a key component of Montenegro’s 2040 National Development Strategy, contributing to the country’s pledge to reduce greenhouse gas emissions. Once operational, the wind farm will:
- Provide clean energy to over 16,000 households
- Prevent the release of up to 230,000 tons of CO2e annually
- Create over 700 jobs during construction and 55 permanent positions for operations and maintenance
Ivan Bulatovic, Executive Director of EPCG, highlighted the project’s significance for Montenegro’s energy sector, stating:
“This MoU represents a crucial step in strengthening Montenegro’s energy stability. By utilizing renewable energy sources such as wind power, we reduce dependence on fossil fuels, contribute to lowering harmful emissions, and create new economic opportunities. Cooperation with international partners like Alcazar Energy Partners enables the modernization of the sector and accelerates the transition to cleaner and more sustainable energy sources.”
Advancing Montenegro’s Renewable Energy Future
The partnership marks a milestone in Montenegro’s renewable energy transition, positioning the country as a key player in the regional shift toward sustainability. With strong financial backing and strategic collaborations, the Bijela wind farm is expected to play a pivotal role in Montenegro’s energy security and economic growth.
. Backed by the EBRD, the project supports Montenegro’s 2040 National Development Strategy, enhances energy security, and reduces CO2 emissions by 230,000 tons annually.){kind=link}