Montenegro renewable energy investment prospects
Montenegro is making a significant move to attract investors to its energy sector, with ambitious plans to develop 5.5 GW of renewable energy projects. The government is reaching out to potential investors for a diverse range of projects, including solar, wind, and hydropower, as part of its strategy to enhance the country’s energy infrastructure and reduce reliance on fossil fuels. This initiative is aimed at meeting the ever-growing electricity demand while progressing towards a sustainable energy future.
The Ministry of Economic Development and Tourism has announced that it will award concessions for 5,500 MW of renewable energy projects. This initiative is a key component of Montenegro’s efforts to modernize its energy sector. The investment opportunity was a focal point of discussion at the Montenegro Energy Investment Forum. This event was organized by the Ministry in collaboration with the British Embassy in Podgorica and the Chamber of Commerce of Montenegro. Minister Goran Đurović emphasized the importance of these projects in tackling the country’s current energy challenges.
Key Montenegro renewable energy projects
The Ministry has outlined several major projects that are open for investment. Among these is the development of a 2,500 MW solar power plant, which is anticipated to significantly bolster the country’s renewable energy capacity. Additionally, there are plans for a 1,000 MW wind farm, a 1,000 MW pumped-storage hydropower plant, and a 1,000 MW hydrogen production facility.
These projects are vital for Montenegro as it transitions towards cleaner energy sources. The solar power plant is expected to play a crucial role in the country’s renewable energy mix, while the wind farm and hydropower plant will provide essential capacity to meet peak energy demands. Montenegro’s current energy infrastructure includes the 225 MW Krnovo wind farm and the 118 MW Mozura wind farm, along with several smaller solar power plants. Nonetheless, the country still relies heavily on fossil fuels, with the Pljevlja thermal power plant generating 225 MW of electricity.
Addressing Montenegro renewable energy challenges
Minister Đurović highlighted the significance of these projects in addressing Montenegro’s energy challenges. The country is currently experiencing shortages in electricity production and has become increasingly dependent on imports. The surge in electricity prices over the past two years has underscored the urgent need for investment in renewable energy.
The Minister remarked that the country’s energy needs have surpassed expectations, making it imperative to develop new capacities. “We need new capacities, and we are looking for investors to help us achieve this goal,” Đurović stated. He also mentioned that the government is ready to offer concessions for the construction of new energy facilities, stressing the necessity of moving away from fossil fuels towards renewable energy.
Montenegro renewable energy hydropower plant projects
In addition to the renewable energy projects, the Ministry is also considering the construction of a 350 MW pumped-storage hydropower plant in the hinterland of Herceg Novi. This facility would help stabilize the country’s electricity grid and provide additional capacity during peak demand periods.
The government is also exploring the possibility of constructing the Komarnica hydropower plant on the Komarnica river. The plant is anticipated to have an installed capacity of 170 MW and an annual production of 213 GWh. The estimated cost of the project is EUR 246 million, and it is viewed as a key element of Montenegro’s efforts to diversify its energy sources.
Montenegro’s push for renewable energy investment comes at a critical juncture for the country’s energy sector. With rising electricity demand and growing pressure to reduce carbon emissions, the government is eager to attract investors who can facilitate the transition to a more sustainable energy future.
