Fortum Consortium Wins 100 MW Montenegro Tender

Montenegro Ministry Of Economy Selects Fortum & EPCG Consortium To Develop 100 MW Solar Power Plant On State Owned To Be Leased
Fortum Consortium Wins 100 MW Montenegro Tender
  • Ministry of Economy in Montenegro has awarded the contract to develop 100 MW solar power plant in the country to a consortium of Fortum and EPCG
  • The two companies have offered to build the project for an investment of €178 million ($205 million) with the share of domestic companies being €20 million ($23 million)
  • The consortium offered to pay rent of €0.33 ($0.38) per square meter as annual rent with 226 new jobs being created during entire lease period
  • Second-ranked bid came from IREDL consortium that offered rent of €0.5 ($0.58) per square meter, but only 25 new jobs

Finland based energy company Fortum Corporation and Montenegro based local utility Elektroprivreda Crne Gore (EPCG) have won 100 MW capacity in the 200 MW tender launched by the Montenegro's Ministry of Economy earlier in 2018 (see 200 MW PV Tender In Montenegro).

The winning consortium was found to offer 'best conditions' in terms of the number of newly created jobs, rental amount from the state land leased, technical and financial capabilities and also opportunity for domestic companies to participate. They offered €0.33 ($0.38) per square meter as annual rent with 226 new jobs created during the entire lease period.

The project will be constructed on state-owned land in Briska Gora in Ulcinj municipality.

Fortum-EPCG expect an investment of €178 million ($205 million) on the project, with domestic companies accounting for €20 million ($23 million).

The second ranked bidder was the consortium led by Malta based International Renewable Energy Development Limited (IREDL), a JV between China's Shanghai Electric Power and Maltese utility Enemalta Corp. They offered €0.5 ($0.58) per square meter with an expected 25 new jobs to be created with the plant. The consortium expected the project to cost €166 million ($191 million), of which local companies would contribute €21 million ($24 million).

Out of the only three bidders for this tender, the third offer was from Montesolar consortium, but it was rejected (see Three Bidders For 200 MW Montenegro Tender).

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