Alcazar Acquires Rights to 118 MW Wind Farm – GWC Mag

Alcazar Energy has completed the acquisition of rights to a 118 MW wind farm project in Montenegro, contributing to the company’s goal of building the largest renewable energy platform in the Western Balkans.

The project, which will be built at a cost of about $200 million, will double the installed wind capacity of Montenegro. As a part of the project, Alcazar will partner with Simes Inženjering and Sistem MNE, the original developers of the project. Construction will commence in early 2025 following the financial deal’s close.

The project will produce enough clean energy to power over 20,700 households each year, also avoiding 260,000 tons of carbon emissions from entering the atmosphere annually.

“We are thrilled to complete the acquisition of rights for this significant wind farm project,” said Daniel Calderon, co-founder and managing partner of Alcazar Energy. “For Montenegro and the Western Balkans region, it will bring much-needed clean and affordable electricity – and create long-term local jobs. We look forward to working closely with the government and local stakeholders further – as we develop Montenegro’s largest wind farm – doubling the country’s installed wind capacity.”

Wind Project Part of Montenegro Government’s Decarbonization Goals

The new project will contribute to the Montenegro government’s 2040 national development strategy, aimed at reducing the country’s greenhouse gas emissions.

The UN Economic Commissions for Europe has aided Montenegro’s sustainability efforts since 2018, helping the country address air quality concerns, promoting zero-emissions vehicle use, and monitoring emissions overall. The country, which has relied mostly on coal and oil for energy production, has started to increase renewable energy generation in recent years.

“We are looking forward to the realization of such a project in our country, especially given that it concerns the neglected northern part,” said Dritan Abazovi, Prime Minister of Montenegro. “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.”

The project is also expected to bring economic benefits to the country, including 800 construction jobs needed to build the site.