Montenegro's government said it has given the green light to the proposed acquisition of 90% of the capital of Mozura Wind Park by Malta Montenegro Wind Power from Maltese state-owned company Enemalta.
After the transaction, Enemalta will remain an investor in the construction of the Mozura wind farm and two other companies will join the project, the Montenegrin government said in a statement last week.
International Renewable Energy Development Limited, a joint venture company incorporated by Enemalta and Shanghai Electric in 2015, controls a 70% stake in Malta Montenegro Wind Power JV, while the remainder is in the hands of Guernsey-based Vestigo Clean Energy I Limited and Hong Kong-based Envision Energy International Limited, the government said.
Under the terms of the deal, the construction of Mozura wind farm should be completed by November 15.
In 2010, Montenegro signed a contract covering the lease of land and the construction of Mozura wind park with a consortium comprising Spain's Fersa Energias Renovables and Podgorica-based Celebic. The accord set the lease period at 20 years with the installed capacity of the wind park planned at up to 46 MW. Mozura Wind Park was then set up by the investor to implement the wind farm project.
Fersa and Celebic abandoned the project in 2015, when Enemalta entered the capital of Mozura Wind Park.
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