Alcazar Energy Partner’s (AEP) expansion into Montenegro is a strategic step in advancing the energy transition in the Western Balkans.
As a leading independent infrastructure fund manager AEP identifies high-impact opportunities in regions with strong potential for clean power generation. Montenegro’s growing demand for renewables, supportive regulatory framework, and commitment to reducing carbon emissions make it an ideal market for investment. AEP’s journey in Montenegro began in 2023 with the acquisition of rights to the 118.8 MW Bijela wind farm. Building on this momentum, AEP signed a Memorandum of Understanding (MoU) with Elektroprivreda Crne Gore (EPCG), the country’s stateowned electricity utility, in early 2025. This agreement paved the way for a Power Purchase Agreement (PPA) for Bijela, the largest wind energy project in Montenegro. This initiative will not only deliver a long-term renewable energy supply but will also strengthen the country’s energy security and economic resilience.
“At Alcazar Energy Partners, sustainability is not just a commitment - it is the foundation of everything we do. Our investment in Montenegro is a testament to our dedication to accelerating the clean energy transition in high-impact growth markets. By developing the country’s largest wind farm and forging strategic partnerships, we are not only advancing renewable energy but also strengthening regional energy security and economic growth”, said Daniel Calderon, Managing Partner and Co-Founder of Alcazar Energy Partners. Beyond power generation, AEP’s investments are designed to create lasting value. With their aim of attracting $2 billion in foreign direct investment to the region, AEP is helping to drive economic growth, facilitate utility scale infrastructure development, and create employment in the renewable energy sector. The Bijela wind farm will significantly contribute to regional stability by supporting the diversification of Montenegro’s energy mix.
A strong commitment to environmental and social governance (ESG) principles underpins every AEP project. AEP follows internationally recognised ESG frameworks, including the IFC Performance Standards, UN Guiding Principles on Business and Human Rights, and OECD Guidelines for Multinational Enterprises. AEP’s approach enables its renewable energy assets to meet stringent environmental and social standards from the early stages of development through to the construction and operation. This is crucial to ensure its infrastructure investments are truly sustainable.
Local collaboration is central to AEP’s approach. By partnering with regional suppliers, prioritising local employment, and investing in capacity building of workforces, AEP ensures that its projects deliver long-term benefits to local communities whilst directly supporting Montenegro’s efforts to drive its energy transition.
Montenegro’s renewable energy ambitions align with broader European sustainability targets, particularly as it progresses towards EU accession. With increasing regulatory requirements for renewable energy adoption, strategic investments like those made by AEP play a crucial role in helping the country meet its climate commitments. AEP’s expertise in project finance, technical development, and responsible investment positions it as a key enabler of this transition. Regional energy security remains a pressing issue across the Western Balkans. AEP’s commitment in Montenegro is part of a larger regional strategy aimed at developing scalable, bankable utility-scale projects that accelerate the shift to renewable energy. By leveraging its experience in structuring and delivering successful wind and solar projects, AEP is driving systemic change in how the region produces and consumes energy.
Biljana Braithwaite, CEO of Sustineri Partners, organiser of the Summit, emphasises the significance of Alcazar Energy Partner’s role in Montenegro: "The energy transition isn’t just about shifting away from fossil fuels—it’s about creating real opportunities for people and communities. Alcazar Energy Partner’s approach is exactly what we need in this region: thoughtful, investment that balances economic growth with environmental responsibility.
Their work in Montenegro goes beyond building wind farms; it’s about setting a precedent for how clean energy can be done right—ethically, transparently, and with a deep commitment to local impact. We need more companies that see sustainability not as a checkbox, but as a guiding principle."
