Alcazar Energy has acquired the rights to a 118MW wind farm project in Montenegro.
Alcazar Energy is entering into a partnership with Simes Inženjering and Sistem MNE who were the original greenfield developers of the project, which will be built at a cost of $200m.
Financial close is expected in Q1 2025, with construction commencing in early 2025.
The Bijela project forms part of the country’s government’s 2040 national development strategy.
The project is estimated to create over 800 construction jobs.
Several prominent development institutions and commercial banks have indicated their interest in partnering with Alcazar Energy to finance the project.
The project has also captured the attention of other key stakeholders such as leading wind turbine manufacturers, as well as international and local construction companies.
The acquisition of the Bijela project represents the first milestone of Alcazar Energy’s strategy to create the region’s largest renewable energy platform, with an estimated total project investment in the region of $600m.
Dritan Abazović, Prime Minister of Montenegro, stated: “We are looking forward to the realisation of such a project in our country, especially given that it concerns the neglected northern part.
“Montenegro is in its Constitution declared as an ecological country, making it a unique entity.
“We are committed to green energy because it represents the future of our sustainable development.
“I invite foreign investors to continue investing in Montenegro, and the government will be their open and serious partner without any hindrances.”