UAE’s Masdar acquires stake in Montenegro’s first wind farm

Masdar has acquired 49% of Krnovo Green Energy, a Montenegro-based subsidiary of Akuo Energy that owns the 72MW Krnovo Wind Farm

Masdar has acquired a stake in Montenegro's Krnovo wind farm [representational image].
Masdar has acquired a stake in Montenegro's Krnovo wind farm [representational image].

Abu Dhabi Future Energy Company (Masdar) has signed a share purchase agreement (SPA) with French IPP, Akuo Energy, to take part in the first wind energy project in Montenegro.

Under the terms of the agreement, Masdar will acquire 49% of Krnovo Green Energy, a Montenegro-based subsidiary of Akuo Energy that owns the 72MW Krnovo Wind Farm.

Comprising 26 GE wind turbines, the wind farm project was financed by the European Bank for Reconstruction and Development (EBRD), KfW IPEX-Bank GmbH, and Proparco, UAE state news agency, WAM, reported.

Mohamed Jameel Al Ramahi, chief executive officer (CEO) of Masdar, commented: "We’re excited to consolidate our presence in mainland Europe through Krnovo and to enter into a partnership with Akuo Energy, a proven renewable energy leader with a wide geographical reach.

READ: Masdar inks EPC contract for 50MW wind farm project in Oman

"Commercial renewable energy solutions have a critical role to play in Montenegro’s energy future, and our two companies are eager to support the country’s transitions towards cleaner energy sources."

Meanwhile, Eric Scotto, Akuo Energy’s CEO, added: "Krnovo is [...] the first of its kind in Montenegro, both in size and as a wind farm.

“We are delighted to welcome a partner like Masdar on-board such an asset. With regards to its achievements and strong ambitions, Masdar is a key player in renewable energy and has a global footprint."

Krnovo Wind Farm, which currently supplies energy to around 45,000 households, is Masdar’s second wind farm in the Western Balkans. The company is also a partner in the 158MW Cibuk 1 wind farm in Serbia, the largest in the country, according to WAM.

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