Montenegro Green Sector Update

Karanović & Partners Advises Sellers in the Acquisition of the 118 MW Wind Farm Project in Montenegro by Alcazar Energy

Karanović & Partners advised Simes Inženjering and Sistem MNE, the original project developers, on the transaction involving divestment of the wind farm project “Bijela”, with a planned installed capacity of 118 MW, to be constructed in Šavnik, Montenegro, to Alcazar Energy, a Luxemburg based investor with strong track record in developing and building renewable energy projects. The transaction also included the establishment of the long-term project development framework through which Simes Inženjering and Sistem MNE will continue to support and work on the development of the “Bijela” project.

With an estimated value of the investment at EUR 200 million, “Bijela” is expected to become one of the largest wind farms in the region and represents a significant milestone for Montenegro on its road to increasing a stake in clean, green energy in the overall energy production.

The importance of the transaction, its numerous benefits for the entire Montenegro and its economy are also recognized by the Montenegrin Government – as the Prime Minister of Montenegro, Mr. Dritan Abazović emphasized in his keynote speech at the transaction closing ceremony, which took place on 28 September 2023, that the greatest development opportunity for entire Montenegro lies in green energy, which is why the Government will remain fully committed to supporting such projects in the future.

This grand-scale project has attracted the attention of several prominent financial institutions, which have shown interest in providing financing for the further development and construction of the project. Construction itself is expected to commence in early 2025.

Our team was led by Partner Petar Mitrović and included Senior Associate Sandra Perišić and Associate Jelena Tripković. The KPMG team, led by Uroš Ačanski and Milivoje Zdravković, advised on the financial aspects of the transaction.

Slaven Milić, from Simes Inženjering, commented:

We are excited to announce our new partnership with Alcazar Energy to complete the development of Biela and bring it to construction. This collaboration combines the experience of Simes Inženjering and Sistem MNE in developing other complex projects in Montenegro with Alcazar Energy’s expertise in catalysing early vintage renewable energy projects, bringing foreign direct investment, project finance as well as industrial and technical expertise. Furthermore, we would like to extend our gratitude to our financial and legal advisors, KPMG and Karanovic & Partners, whose unwavering support and guidance have been instrumental in making this transaction a reality.”


Partner and Senior Associate refer to Independent Attorney at Law in cooperation with Karanovic & Partners.

The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.