Masdar purchase of 49% of Montenegro green energy supplier signed off during Abu Dhabi Sustainability Week
Masdar has signed a share purchase agreement (SPA) with Akuo Energy, the leading French IPP in renewable energy, to enter into the Krnovo Wind Farm, Montenegro’s first wind energy project.
The agreement was signed by Niall Hannigan, CFO of Masdar, and Eric Scotto, CEO of Akuo Energy, during Abu Dhabi Sustainability Week 2018 in the presence of Mohamed Jameel Al Ramahi, CEO of Masdar and other delegates.
Under the terms of the agreement, Masdar will acquire 49% of Krnovo Green Energy, a subsidiary of Akuo Energy and owner of the now operational 72MW onshore wind farm. Built in one phase, the Krnovo project comprises 26 GE wind turbines with financing secured from the European Bank for Reconstruction and Development (EBRD), KfW IPEX-Bank and the French development financial institution Proparco.
On stream since November 2017, the Krnovo wind farm is now supplying approximately 45,000 households under a 12-year power purchase agreement with the state utility Crnogorski operator tržišta električne energije (COTEE). It is also displacing an estimated 80,000t of carbon emissions annually. Krnovo is Masdar’s second wind farm in the Western Balkans. Abu Dhabi’s renewable energy company is a partner in the 158MW Čibuk 1 wind farm in Serbia, the largest in the country, which secured financing in October.
“We’re excited to consolidate our presence in mainland Europe through Krnovo and to enter into a partnership with Akuo Energy, a proven renewable energy leader with a wide geographical reach,” said Mohamed Al Ramahi. “Commercial renewable energy solutions have a critical role to play in Montenegro’s energy future, and our two companies are eager to support the country’s transitions towards cleaner energy sources.”
The Paris-based renewable energy company Akuo Energy SAS develops, finances, builds and operates solar, wind, biomass and hydro power plants. Established in 2007, the company whose headquarters are in Paris, France, operates in 13 other countries around the world.
Akuo Energy CEO and co-founder Eric Scotto said: “Krnovo is a first-class asset, the first of its kind in Montenegro, both in size and as a wind farm. We are delighted to welcome a partner like Masdar onboard such an asset. With regards to its achievements and strong ambitions, Masdar is a key player in renewable energy and has a global footprint. We would like to wholeheartedly thank all the teams for the quality of the work undertaken.”