Montenegro: Masdar continues expanding investments in Montenegro

, SEE Energy News

UAE Minister of Energy Sultan bin Saeed Al Mansoori said after the meeting with Montenegrin Minister of Economy Dragica Sekulic that the country has very favorable investment environment and significant energy sector potential. UAE-based renewable energy company Masdar has expressed interest in continuing and expanding its investments in Montenegro.
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.