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Renewable Energy

Renewable Energy - Consulting and Real Estate Montenegro

Renewable Energy

One of the key drivers behind the growth of Montenegro’s energy market is the country’s commitment to reducing its dependence on fossil fuels and increasing the share of renewable energy in its energy mix.

Montenegro has set an ambitious target of generating 33% of its electricity from renewable sources by 2020. This progressive plan is in line with the European Union’s renewable energy directive. And it has already led to a surge in investment in renewable energy projects in Montenegro.  

Energy Community role model

Although not an EU member state yet, Montenegro has been promoted as a membership candidate that has opened all negotiation chapters.

Particularly in the energy sector, Montenegro has been a role model in the Balkans for the last ten years. Montenegro servs as an example of how a diligent transposition of EU energy policies and rules can not only be good for the accession process itself, but can also support development.

In that sense, an investor dealing with projects in any of the EU member states, should not face a significantly different environment in Montenegro. This stands especially when it comes to Energy law and accompanying rules and practices.

Green field investments

Investment in green field renewable energy projects in Montenegro can be either hydro-power plants or wind and solar plants.

Regarding hydro-power energy, Montenegro’s abundant water resources and favorable geographic conditions make it an ideal location for the development of small-scale hydroelectric power plants. They can provide a reliable source of electricity for local communities while minimizing the environmental impact.

In addition to hydroelectric power, Montenegro has also been exploring the potential of solar energy as a means of diversifying its energy mix. The country’s Mediterranean climate, with an average of 250 sunny days per year, provides ideal conditions for the development of solar power projects.

The government has introduced a number of incentives to encourage investment in this sector. This includes feed-in tariffs and tax exemptions for solar power producers. As a result, several large-scale solar power projects are currently under development. These investments have the potential to significantly increase Montenegro’s solar energy capacity in the coming years.

As Montenegro’s energy market continues to evolve, it offers significant potential for investors looking to capitalize on the country’s untapped energy resources. By doing that they also contribute to the global transition towards a more sustainable energy future.

How can we help you?

VitaNova Group is a leading advisory firm in the field of foreign direct investments (FDI) in Montenegro. We cooperate with ministries, local governments of the cities, special business zones to develop and implement successful strategies in order to attract greater inflows of foreign direct investment.

VitaNova Group also performs as a one stop shop investment agency, being the first and only contact of the investor to deal with administrative barriers.

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