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ABU DHABI / WAM
Masdar, Abu Dhabi Future Energy Company, on Sunday signed a Share Purchase Agreement (SPA) with Akuo Energy, the 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, Chief Financial Officer of Masdar, and Eric Scotto, Chief Executive Officer of Akuo Energy, during Abu Dhabi Sustainability Week 2018 in the presence of Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and other delegates.
Under the agreement, Masdar will acquire 49 percent of Krnovo Green Energy, a subsidiary of Akuo Energy and Montenegro-based owning the now operational 72-megawatt (MW) onshore wind farm. Built in one phase, the Krnovo project comprises 26 GE wind turbines. Project financing was secured from the European Bank for Reconstruction and Development (EBRD) KfW IPEX-Bank GmbH, 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 trzista elektricne energije (COTEE). It is also displacing an estimated 80,000 tonnes 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 Cibuk 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,†Mohamed Jameel Al Ramahi, CEO of Masdar, said.
Masdar installs over 19,000 solar home systems in Morocco
ABU DHABI / WAM
Masdar announced that it has successfully completed installing a landmark off-grid solar power project that extends energy access to 19,438 homes in more than 1,000 rural villages
in Morocco.
The Morocco Solar Home Systems (SHS) project is a partnership between Masdar and Morocco’s Office National de l’Electricite et de l’Eau Potable. The initiative is contributing to Morocco’s electrification efforts that have so far connected nearly all rural areas in the country with electricity.