Alcazar Energy Partners, a prominent independent renewable energy investor, has entered into a Memorandum of Understanding (MoU) with Elektroprivreda Crne Gore (EPCG), Montenegroโs state-owned electricity distribution utility. This agreement initiates discussions for a Power Purchase Agreement (PPA) for the Bijela wind farm, which is poised to become Montenegroโs largest wind energy project with an export capacity of 118.8 MW.
Key Takeaways
- Alcazar Energy Partners and EPCG sign MoU for Bijela wind farm.
- The project aims to enhance Montenegro’s energy security and support its clean energy transition.
- Expected to provide clean energy to over 16,000 households and create over 700 jobs during construction.
Strategic Expansion In The Western Balkans
The partnership aligns with Alcazar Energy Partnersโ strategy to expand its footprint in the Western Balkans, reinforcing its ambition to become a leading infrastructure investor in the region. The European Bank for Reconstruction and Development (EBRD) is backing the project as part of a mandated lender group, furthering Alcazarโs goal of developing 1 GW of renewable energy across the Western Balkans.
Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, emphasized the importance of this 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 Montenegroโs energy security and long-term economic development with the Bijela wind farm, while also playing a crucial role in the countryโs clean energy transition."
Boosting Montenegroโs Clean Energy Goals
The Bijela wind farm is a vital component of Montenegroโs 2040 National Development Strategy, contributing to the countryโs commitment to reducing 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.
Advancing Montenegroโs Renewable Energy Future
Ivan Bulatovic, Executive Director of EPCG, highlighted the projectโs significance for Montenegroโs energy sector, stating, "This MoU represents a crucial step in strengthening Montenegroโs 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."
The partnership marks a significant milestone in Montenegroโs renewable energy transition, positioning the country as a key player in the regional shift toward sustainability. With robust financial backing and strategic collaborations, the Bijela wind farm is expected to play a pivotal role in enhancing Montenegroโs energy security and fostering economic growth.
