Masdar makes Krnovo purchase

Masdar buys stake in Montenegro wind farm alongside French independent operator.

Wind turbines for illustrative purposes only
Wind turbines for illustrative purposes only

Masdar, the Abu Dhabi Future Energy Company, has signed a share purchase agreement with Akuo Energy, the French independent energy provider, to buy a stake in the Krnovo Wind Farm, Montenegro’s first wind energy project.

The agreement was penned during Abu Dhabi Sustainability Week 2018 in the presence of Mohamed Jameel Al Ramahi, the CEO of Masdar, according to the WAM news agency. Under the deal, Masdar will purchase 49 per cent of Krnovo Green Energy, a subsidiary of Akuo Energy which owns the 72 megawatt onshore wind farm.

In operation since late last year, the Krnovo wind farm supplies around 45,000 households under a 12 year power purchase agreement. It displaces an estimated 80,000 tonnes of carbon emissions annually.

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.

Newsletter

Most Popular

Digital Edition

Oil & Gas Middle East - October 2019

Subscribe Now