Možura wind power plant to be built by a state-owned company from Malta

Podgorica, Montenegro (11 November 2010) -- "We are pleased that a reputable company from an EU country is interested in investing in the energy sector and wind power plant projects in Montenegro," Minister of Economy Vladimir Kavarić said following his today's meeting with Minister for Energy and Health of Malta Konrad Mizzi, on the occasion of the transfer of the agreement on the lease of land and construction of the Možura wind power plant between the Government of Montenegro and the Malta-based Enemalta plc company, which is majority-owned by the Government of Malta.

"Today, we have been given assurances that the construction will start in March 2016 and is expected to be completed 24 months after the commencement of the works," Minister Kavarić explained, noting that Montenegro has made notable progress in the implementation of the Krnovo and Možura wind power plants projects.

Minister Mizzi believes this is an important step in boosting ties between Malta, an EU member state, and Montenegro, a country  aspiring to join the European Union.

"Malta supports Montenegro's membership in EU and we are impressed by the country’s potential and the economic progress it has made. We are excited to start the development of the wind power plant, which will have the latest technology in the field of wind turbines," Minister Mizzi underlined. Stressing this is an important step for his company in terms of expanding it abroad, he welcomed the cooperation with the country that has similar economic indicators as Malta.

"We look forward to making this project a joint success for both countries," Minister Mizzi concluded.

The contract provides for the construction of a wind power plant of installed capacity of up to 46 MW at the Možura location. The Enemalta plc has submitted a bank guarantee in the amount of EUR 1.5 million.

The Enemalta plc is a public shareholding company, whose principal activity is the manufacture, import, distribution and supply of electricity, as well as import and distribution of petroleum products. The company employs 1,500 people and plays a significant role in the economic development of Malta. The majority owner of the company is the Government of Malta, and 33% of the share capital is owned by Shanghai Electric Power (SEP), and its subsidiary - China Power Investments, which is marked with AAA credit rating.

On 5 July 2010, Montenegro signed an agreement on the lease of land and construction of the wind power plant at the Možura site with the consortium "Fersa & Čelebić", consisted of "Fersa Energias Renovables" SA of Spain and "Čelebić" DOO of Podgorica, Montenegro. The agreement envisages the lease of the land for a 20-year period for the construction of a wind power plant of installed capacity of up to 46 MW. After all the necessary documentation had been provided, the Ministry of Sustainable Development and Tourism issued on 15 December 2014 a building permit for the construction of the Možura wind power plant. However, the investors have expressed interest in transferring rights and obligations under the agreement to the Enemalta Corporation of Malta.

The Montenegrin Government approved the transfer of the lease contract and construction of the Možura wind power plant at its session of 3 September 2015.