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Alcazar Energy Partners, a leading independent investor in renewable energy across growth markets, announces the signing of a Memorandum of Understanding (MoU) with Elektroprivreda Crne Gore (EPCG), Montenegro’s state-owned electricity distribution utility company. The agreement initiates discussions for a Power Purchase Agreement (PPA) for the Bijela wind farm (“Bijela”), which is set to become Montenegro’s largest wind farm with an export capacity of 118.8MW. The partnership advances Alcazar Energy Partners’ strategic expansion in the Western Balkans and its ambition to be one of the region’s leading infrastructure investors. The development of Bijela, which has secured support from The European Bank of Reconstruction and Development as part of the mandated lender group, will further these objectives and the target of developing 1GW of renewable energy in the Western Balkans. Bijela represents a major economic investment for Montenegro and forms a key component of the government’s 2040 National Development Strategy whilst also supporting the country’s commitment to reduce greenhouse gas emissions. The project, which will engage over 700 workers during the construction phase and approximately 55 workers during operation and maintenance, will provide clean energy to more than 16,000 Montenegrin households while preventing the release of up to 230,000 tons of CO2e annually. Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, said: “This partnership with EPCG exemplifies our commitment to developing sustainable and bankable infrastructure projects in the Western Balkans. Alongside EPCG, and their President of the Board, Milutin Ðukanovic, and CEO, Ivan Bulatovic, we are focused on supporting Montenegro’s energy security and long-term economic development with the Bijela wind farm, while also playing a crucial role in the country’s clean energy transition. This partnership is continued evidence of our commitment to developing the largest renewable energy platform in the Western Balkans. Ivan Bulatovic, The Executive Director of EPCG, said: “This Memorandum of Understanding represents a crucial step in strengthening Montenegro’s energy stability, as through the use of renewable energy sources such as wind power, we reduce dependence on fossil fuels and contribute to lowering harmful gas emissions into the atmosphere. In this way, we are not only achieving environmental goals but also opening new economic opportunities, creating sustainable jobs, and stimulating the development of new industries. Cooperation with renowned international partners, such as Alcazar Energy Partners, not only enables the modernization of the sector but also accelerates the transition to cleaner and more sustainable energy sources”. |
