€48.5m for a wind farm in Montenegro

A London-based bank is investing €48.5 million (£33.95m) in a wind project in Montenegro. Energy company Krnovo Green Energy will use the cash from the European Bank for Reconstruction and Development […]

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By Jacqueline Echevarria

A London-based bank is investing €48.5 million (£33.95m) in a wind project in Montenegro.

Energy company Krnovo Green Energy will use the cash from the European Bank for Reconstruction and Development (EBRD) to build and operate the wind farm in the west of the country.

The Krnovo wind farm is expected to have a capacity of 72MW and reduce more than 180,000 tonnes of carbon emissions per year.

The EBRD claims it will represent 8% of the total installed capacity and 6% of total electricity production in Montenegro.

Giulio Moreno, EBRD Head of Podgorica Office said: “With this project, the EBRD is supporting Montenegro in becoming one of the lowest carbon economies in Europe on a relative basis and advancing energy efficiency by boosting competition in Montenegro’s energy market.”