Respect Energy, EPCG eye 2 GW of offshore wind in Montenegro
Date: November 23rd 2023
Author: Maja Žuvela
Warsaw-based Respect Energy Holding and Montenegro’s power utility EPCG have signed a memorandum of understanding to explore the possibility of developing 2 GW of offshore wind capacity in Montenegro.According to a document seen by Montel, the two companies aim to identify the optimal location for the offshore wind project within exclusive economic zone waters of Montenegro. They also plan to set up a special purpose vehicle (SPV) to acquire land rights for the project as well as for a power connection point.
Additionally, before any offshore wind project can be realised in Montenegro, the country needs to address various legal uncertainties, said the Schoenherr legal consultancy, without elaborating, in an analysis published this month.
Amongst positive developments it mentioned that Montenegro is already working on its first renewable energy law and three new construction-related acts.
This, combined with Montenegro’s geographical location, the recent launch of the spot power exchange and the existing submarine power link with Italy, provides a good starting point, said the consultancy.