The subject of the contract is the lease of the state land area of 502,858.3 square meters for a period of 20 years.
"Leasehold land owned by the state is € 0.37 / m2. Anticipated annual production of wind power is about 100 GWh. For the realization of this project is planned investment of 65 million euros. Fersa Energias Renovables, SA, which is a leader in the consortium, is the renowned Spanish firm based in Barcelona, which is engaged in designing, building and managing wind farms. Fersa is established in year 2000 and is now represented in nine countries on three continents. Partners in the consortium, Celebic Ltd. is known Montenegrin construction company, founded in 1991 in Podgorica” it was said after signing the contract.
Strategy for Energy Development of Montenegro until 2025 was adopted in 2008 and it recognized development projects using renewable energy sources as a strategic goal of Montenegro. Through Strategy it is planned a development of wind plants, and Study of the potential of renewable resources on the territory of Montenegro has shown significant potential for wind energy, hydro, and despite the large potential of solar energy and biomass.
An Austrian-Japanese consortium of Ivicom Consulting and Mitsubishi Heavy Industries will invest up to 90 million euro to build a wind farm in Montenegro. Mitsubishi is one of the world’s leading wind turbines producers, and has 4,124 MW of installed capacity worldwide.