January 15 (SeeNews) - France's Akuo Energy said on Monday it has signed an agreement to sell a 49% stake in its Montenegrin subsidiary Krnovo Green Energy, the operator of Montenegro’s first wind farm, to Abu Dhabi-based Masdar.
No financial details were disclosed.
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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.
On stream since November, the Krnovo wind farm is supplying approximately 45,000 households under a 12-year power purchase agreement with the state utility Crnogorski operator trzista elektricne energije (COTEE). It is also displacing an estimated 80,000 tonnes of carbon emissions annually, the French company said.
Krnovo is Masdar’s second wind farm in the Western Balkans. Abu Dhabi’s renewable energy company is a partner in the 158 MW Cibuk 1 wind farm in Serbia which secured financing in October, Akuo Energy added.
The project had an estimated cost of 120 million euro ($147.1 million), with up to 48.5 million euro coming from a senior loan extended by the European Bank for Reconstruction and Development (EBRD). In parallel, KfW IPEX-Bank, a subsidiary of German development bank KfW, provided a loan of the same amount, the EBRD said earlier.
Montenegro is a renewable energy leader in Europe, with more than 40% of its domestic electricity consumption coming from clean energy sources, Akuo Energy said.
($=0.8159 euro)