Alcazar Energy acquires 118 MW onshore wind farm in Montenegro

Alcazar Energy has teamed up with Simes Inzenjering and Sistem MNE who were the original greenfield developers of the project. The 118 MW onshore wind farm will be built at a cost of c. $200 million, becoming one of the largest wind farms in the Western Balkans and doubling Montenegro’s installed wind capacity. Financial close is expected in Q1 2025, with construction commencing in early 2025. The project is estimated to create over 800 construction jobs and once in operation, produce enough clean energy to power over 20,700 households annually, while avoiding the release of over 260,000 tons of CO2 per year.

Alcazar Energy wants to become the region’s largest renewable energy platform, with an estimated total project investment in the region of $600m. Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, said: “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.

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