Montenegro: EBRD financed wind power plant Krnovo starts

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Montenegro’s Krnovo Green Energy has marked the official start of construction works on the 72 MW Krnovo wind power plant (WPP) with an estimated investment value of 120 million euro ($134.8 million).

The consortium of France’s Akuo and Austria’s Ivicom has been awarded a permit to build the Krnovo wind park, Montenegro’s economy ministry said earlier.

Krnovo Green Energy is a special purpose vehicle established for the sole purpose of construction and operation of the project, which is expected to be Montenegro’s first utility-scale wind farm.  The actual works will start during next week, depending on the weather conditions.

According to the land lease contract, the works should last for 18 months from the moment they begin.  In December, the European Bank for Reconstruction and Development said it was considering providing a senior loan of up to 47.5 million euro to Krnovo Green Energy to help finance the WPP project.  Krnovo is located 28 kilometres northeast of the city of Niksic.

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