Alcazar Energy Partners has already secured nearly €200 million for the Bijela wind farm project, with plans to increase the company’s direct foreign investments in Montenegro to €500 million by 2030. To support the development of renewable energy projects, Alcazar Energy Partners signed a Memorandum of Cooperation with the Government of Montenegro, expressing their joint commitment to collaborating on the development and financing of renewable energy initiatives in the country.
The memorandum underscores the strategic commitment of both parties to sustainable development and a green economy, aiming to improve the investment framework and foster long-term partnerships in the energy sector. It was signed during the EU–Montenegro International Investment Conference, “Smart Growth, Green Future: Accelerating Investment in Montenegro,” held at Luštica.
As part of the agreement, Alcazar Energy Partners plans to expand its overall investment presence in Montenegro while jointly working on projects that support the country’s energy transition, energy security, and long-term economic resilience.
The Government of Montenegro welcomed the initiative, emphasizing its commitment to improving conditions for sustainable development and the growth of the green economy.
Daniel Calderon, Managing Partner at Alcazar Energy, stated that the memorandum highlights Montenegro as a long-term partner in the energy transition. “We bring international experience and technology, but equally important is the development of domestic capacities—training the workforce, involving local suppliers, and ensuring transparent processes that strengthen community trust. Our goal is to implement projects according to the highest environmental standards and, together with the Government, accelerate the path toward stable, clean, and competitive energy for citizens and businesses. Montenegro has the potential to become a regional leader in clean energy, and this memorandum provides the framework to turn that potential into concrete results,” Calderon said.
According to the memorandum, specific projects, structures, and investment models will be determined later in coordination with government representatives, ensuring compliance with the highest sustainability standards, environmental protection, and benefits for local communities.
The Bijela wind farm will be located in the Malinsko area of Šavnik, with an installed capacity of 118.8 MW. Construction is expected to begin in 2025, with grid connection planned for 2027.
Once operational, the project will double Montenegro’s installed wind capacity, create over 800 jobs in construction, and generate enough clean energy to power more than 20,700 households annually, while avoiding over 260,000 tons of CO2 equivalent emissions each year.
