Alcazar Energy, a Luxembourg renewable energy developer has completed its acquisition of rights to the 118MW Bijela wind farm in Montenegro following a partnership with the project’s original developers, Simes Inženjering and Sistem MNE. Reportedly, the project will be constructed with an investment of $200 million.
Furthermore, the project’s Financial closing is planned in the first quarter of 2025, with construction beginning in early 2025. The wind farm will generate enough energy to power 20,700 homes while eliminating 260,000 tonnes of carbon emissions each year. It is anticipated that the project will generate more than 800 construction jobs. Moreover, the project adheres to the government’s 2040 National Development Strategy.