Mitsubishi builds wind farm in Montenegro – 90 million euros worth of investment in Krnovo

Montenegrin Ministry of Economy and the consortium comprising Japanese Mitsubishi Heavy Industries and Austrian Ivicom Consulting signed the contract today (August 5, 2010) on rental of land for construction of wind generators.

– Wind generators of 50 MW will be built in Krnovo, in the municipalities of Niksic and Savnik. The lease period is 20 years, while the value of investment is 90 million euros – the Ministry of Economy announced.

Total of 22 hectares of state-owned land are rented for the fee of 22,000 euros. The wind farm is planned to be built at over 100 ha.

There is also a possibility of extension of the land lease period for maximum five years.

Based on the contract, Montenegro is obliged to purchase all electricity produced in the wind farm at the price of 9.6 cents per kWh during the next 12 years.