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Norway's NTE Energy eyes green projects in Montenegro

Jun 17, 2024, 2:26:04 PMArticle by Iskra Pavlova
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June 17 (SeeNews) - Norway's NTE Energy has submitted a letter of intent with the Montenegrin energy ministry, indicating its interest in investing in renewable energy projects in the Adriatic state, the ministry said.

Norway's NTE Energy eyes green projects in Montenegro

NTE plans to invest in Montenegro's water, wind and solar potential, adding that projects will adhere to most rigorous ecological standards and will serve as a knowledge exchange platform between Norway and Montenegro, the energy ministry said in an emailed statement over the weekend.

The Norwegian company already operates in Montenegro via Danilovgrad-based company Zeta Energy, which is a 51/49 joint venture between Montenegrin state-run power utility EPCG and NTE Montenegro. The latter is in turn a 51/49 joint venture between Norway's NTE and local construction firm Zetagradnja.

In March, the government in Podgorica said it decided to award Zeta Energy with a 30-year concession for the construction and operation of a small hydropower plant on the river Zeta. The project includes the construction of the 1,672 kW Slap Zete hydropower plant, with an estimated annual production of 8.71 GWh.

The energy ministry noted that NTE Energy is the primary renewable energy producer in northern Norway, managing 19 hydropower plants owned 100% by itself and several other hydropower plants in cooperation with its partners. The combined output of these plants is 4,100 GWh.

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