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Masdar buys stake in Montenegro wind farm

abu dhabi - The wind farm supplies approximately 45,000 households

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Masdar, Abu Dhabi's future energy company, has signed a share purchase agreement with Akuo Energy, the French independent power provider in renewable energy, to enter into the Krnovo Wind Farm, Montenegro's first wind energy project.

The agreement was signed by Niall Hannigan, chief financial officer of Masdar, and Eric Scotto, CEO of Akuo Energy, during Abu Dhabi Sustainability Week 2018 in the presence of Mohamed Jameel Al Ramahi, CEO of Masdar.

Under the agreement, Masdar will acquire 49 per cent of Krnovo Green Energy, a subsidiary of Akuo Energy which owns the now operational 72-megawatt (MW) onshore wind farm.

On stream since November 2017, the Krnovo wind farm supplies approximately 45,000 households under a 12-year power purchase agreement with the state utility. It displaces an estimated 80,000 tonnes of carbon emissions annually.

Krnovo is Masdar's second wind farm in the Western Balkans. Abu Dhabi's renewable energy company is a partner in the 158MW Cibuk 1 wind farm in Serbia, the largest in the country, which secured financing in October. - Wam