Abu Dhabi-based Masdar buys 49% stake in Montenegrin wind farm

Masdar, a company from United Arab Emirates, signed an agreement with French Akuo Energy on the purchase of 49% stake in the Montenegrin sole wind farm Krnovo. Krnovo Green Energy is the operator of Krnovo wind farm, which has a capacity of 72 MW is equipped 26 GE wind turbines, Akuo Energy said in a statement.

The project represents Masdar’s second wind farm in the western Balkans, after a deal for the 158 (MW) Cibuk 1 project in Serbia was tied up in October, 2017.

CEO of Masdar Mohammad Jameel Al Ramahi said that the company is excited to consolidate its presence in mainland Europe through wind farm Krnovo and to enter into a partnership with Akuo Energy, a proven renewable energy leader with a wide geographical reach. Commercial renewable energy solutions have a critical role to play in Montenegro’s energy future, and Masdar is eager to support the country’s transitions towards cleaner energy sources, which is currently the leader in Europe, with more than 40% of its domestic electricity consumption coming from renewable sources.

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