Alcazar Energy is to invest $200M in Montenegro’s largest wind park, marking a significant stride in renewable energy, set to power over 20,700 households.
Alcazar Energy, a key player in the renewable energy sector, has unveiled plans to inject $200 million into the construction of a 118-megawatt wind park in Montenegro. This project, named the Bijela Wind Park, is poised to be the largest of its kind in the Adriatic nation.
This investment is the inaugural initiative under Alcazar Energy's strategy to amass a portfolio of renewable energy projects in the western Balkans valued at $600 million. Daniel Calderon, the CEO of Alcazar Energy, shared this development with Reuters, highlighting the company's commitment to fostering renewable energy in the region.
According to Reuters, the company has secured the rights to Bijela from Simes Inzenjering and Sistem MNE, two local entities who initiated the project. Calderon emphasized, "Our local partners are experienced in renewable projects; they will ensure the project follows all the local rules… and we shall bring the capital, lenders, equity, contractors, and international technology."
The project is slated to reach financial closure by the first quarter of 2025, paving the way for the commencement of construction. The wind park is anticipated to be operational between 2026 and 2027.
The Bijela wind park is not just a symbol of renewable energy but also a catalyst for economic growth, expected to generate approximately 800 construction jobs. Once operational, it will have the capacity to supply power to more than 20,700 households annually and is projected to reduce CO2 emissions by over 260,000 tons per year.
Alcazar Energy has already secured lenders and buyers for the electricity that will be generated from this project, marking a significant step forward in Montenegro's journey towards renewable energy and sustainable development.
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