Renewable energy investor Alcazar Energy on Thursday announced it plans to invest $200 million in building a 118-megawatt (MW) wind park in Montenegro, which would be the largest such farm in the Adriatic country.
The Bijela wind park in Montenegro's northwest would be the first investment under the company's strategy to build a portfolio of renewable energy projects in the western Balkans worth $600 million, Alcazar Energy CEO Danijel Calderon told Reuters.
On Thursday, the company signed a deal to acquire the rights to Bijela from two local companies - Simes Inženjering and Sistem MNE - who were the developers of the project.
"Our local partners are experienced in renewable projects, they will take care of all the local rules ... and we shall bring the capital, lenders, equity, contractors and international technology," Calderon said.
He said the project is expected to reach its financial close by the first quarter of 2025, when the construction should begin. The farm is expected to be in operation in 2026 or 2027.
The project is estimated to create about 800 construction jobs and power more than 20,700 households annually, as well as eliminate more than 260,000 tons of CO2 emissions per year.
Calderon said that lenders for the project included Germany's Allianz, European Investment Bank and others, and that the company has already secured buyers for electricity that will be produced.
Calderon said the company foresees 3,500 MW of potential renewable energy projects in the western Balkans.
Montenegro has currently two wind parks with a total capacity of 118 MW and plans to build a third park with 55 MW capacity. (Reporting by Daria Sito-Sucic; Editing by Cynthia Osterman)