The company Krnovo Green Energy, which operates Montenegrin first wind farm Krnovo, is recording poor financial results despite state subsidies for produced electricity.
Last year, that company received 9.23 million euros in subsidies for electricity produced by the wind farm, which generated 180.68 million kWh in 2020. However, the company recorded a loss of 1.27 million euros in 2020.
A year earlier, it also had a negative business result – a loss of 2.48 million euros. Since 2017, the company has received a total of 29.74 million euros in subsidies from the state. Krnovo Green Energy generated a total of 17.85 million euros in sales revenue last year.
Krnovo wind farm has power output of 72 MW, and it is expected to produce between 200 and 230 GWh of electricity per year, which is about 8 % of the national output. The cost of the project was 120 million euros and it was partially financed through loans provided by the German KfW Bank and the European Bank for Reconstruction and Development (EBRD). The wind farm was put into operation in November 2017. In January 2018, UAE-based company Masdar acquired 49 % stake in Krnovo wind farm. French Akuo Energy holds the remaining stake.