Share the page
Krnovo Green Energy: A wind farm to reduce the energy deficit in Montenegro
Project
-
Signature date
-
-
Location
-
Montenegro
-
Financing tool
-
Financing amount (Euro)
-
17021500
-
Financing details
-
Loan of EUR 17m and technical assitance of EUR 21,500
-
Customer
-
KRNOVO GREEN ENERGY
-
Type of customer
-
Company
-
Project number
-
PME1000
Krnovo Green Energy, a subsidiary of the French group Akuo Energy, which is specialized in renewable energies, is building a wind farm to supply 5% of the population of Montenegro and contribute to reducing the country’s energy deficit.
Client presentation
KRNOVO GREEN ENERGY is a subsidiary of Akuo Energy Group, a French independent renewable energy producer. The Group develops, finances, builds and operates a portfolio of power plants in 13 countries and on four continents.
Project description
Proparco’s loan will contribute to financing the construction and operation of a 72 MW wind farm. This farm will be located on a mountain plateau 50 km to the northwest of Montenegro’s capital. It will provide electricity to some 30,000 people, representing 5% of the total population of Montenegro.
The financing of technical assistance will support Akuo in the implementation of an environmental and social (E&S) risk management approach, with the prospect of growth in the organization. The project aims to make an external consultant available to (i) optimize its environmental and social management system, and (ii) help build the E&S expertise of its teams.
Project impact
This first wind project will contribute to reducing Montenegro’s energy deficit. It will also contribute to promoting renewable energies in the country’s energy mix. It will have a positive impact on the climate by avoiding 85,000 teq C02 of greenhouse gas emissions every year.
The technical assistance will strengthen the positive impact of PROPARCO’s financing by improving and bringing up to standard the current E&S systems compared to the performance standards recommended by IFC.