Luxembourg renewable energy developer Alcazar Energy has purchased the rights to the 118MW Bijela wind farm in Montenegro following a collaboration with the project’s original developers, Simes Inženjering and Sistem MNE.
With an investment of $200m (€188.99m), the wind farm will be one of the largest projects of its kind in the western Balkans region.
Alcazar described the acquisitions as its first milestone in a plan to build the region’s largest clean energy platform.
Financial close and the start of construction are expected in the first quarter of 2025.
The wind farm will produce enough power for 20,700 homes while avoiding 260,000 tonnes of CO₂ emissions annually. It will also help to double the country’s installed wind capacity.
The project is in line with the government’s 2040 national development strategy.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
During its construction phase, the wind farm will create 800 jobs.
Alcazar is in discussions with a number of offtakers from Europe to sell the clean electricity generated.
Alcazar Energy co-founder and managing partner Daniel Calderon stated: “We are thrilled to complete the acquisition of rights for this significant wind farm project. For Montenegro and the western Balkans region, it will bring much-needed clean and also 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.”
Simes Inženjering founder Slaven Milić stated: “We warmly welcome Alcazar Energy to the region. Their ability to bring in international lenders for this $200m investment will help us deliver on the immense promise of this project, notably for the budding green energy sector in Montenegro. We look forward to working together on its construction from 2025.”