The Možura wind farm, situated near Ulcinj, has emerged as a contentious infrastructure project in Montenegro’s economic landscape. It is recognized both as a significant achievement in renewable energy and as an example of governance shortcomings and financial opacity.
Operational since 2019, the 46 MW wind farm, featuring 23 turbines, produces approximately 120 GWh of electricity annually. This output enhances Montenegro’s renewable energy portfolio while decreasing dependence on imported power. The facility ranks among the country’s notable non-hydro renewable assets, supporting EU decarbonization goals and contributing to long-term energy diversification.
The project involved an investment of around €90 million and was developed through a consortium that included Malta’s state utility Enemalta and various international engineering partners, including Chinese EPC firms. From a technical standpoint, the facility operates effectively, generating consistent renewable energy in line with the capacity factors typical for coastal Adriatic wind corridors.
However, the financial narrative surrounding the project raises critical concerns regarding its development and financing processes. Investigations have revealed a series of transactions that inflated costs and diverted value from the Montenegrin state. Central to this issue is the resale of the project concession; an offshore intermediary purchased the asset for approximately €2.9 million and subsequently sold it for about €10.3 million, yielding significant profits without corresponding improvements to the asset.
This transaction pattern, coupled with inadequate due diligence and complex ownership structures, has been cited as indicative of systemic governance issues. Audits have suggested that the acquiring entity was aware of overpaying for the asset, further heightening concerns regarding fiduciary responsibilities.
The financial ramifications extend beyond initial acquisition costs. Montenegro has committed to a subsidized electricity purchase framework that could amount to €115 million in support mechanisms over 12 years. This structure effectively shifts long-term cost burdens onto consumers through electricity tariffs, becoming more controversial in light of already inflated project costs.
Recent investigations have revealed potential tax losses exceeding €12 million associated with intricate financial dealings involving intermediary firms lacking operational presence. These dealings included equipment trades valued at around €40 million conducted under dubious circumstances, allegedly intended to optimize VAT positions and inject liquidity into the project via non-transparent methods.
The Možura case also carries geopolitical implications. It has been referenced in international corruption probes linked to Malta and various offshore entities involved in energy transactions. The work of investigative journalist Daphne Caruana Galizia has further highlighted its international relevance.
For Montenegro, the fallout from this project influences EU accession efforts. European institutions have called for a credible investigation into the project, framing it as a measure of rule-of-law capacity and institutional maturity. This places Možura at the intersection of energy policy and broader governance standards necessary for EU integration.
Despite these challenges, the wind farm retains strategic importance. Under its concession agreement, it is slated to transition into full state ownership by 2035, which could mitigate earlier financial inefficiencies if the facility continues to operate reliably amid potentially elevated regional electricity prices.
The Možura wind farm exemplifies a dual reality—while it serves as a productive energy asset, it also reveals critical weaknesses in procurement practices and due diligence within early renewable investments in emerging European markets. The project’s contribution to decarbonization and grid stability contrasts sharply with its fiscal and governance failures that have diluted national economic returns.
The unresolved issue remains how much value has been lost throughout this process and whether ongoing institutional reforms in Montenegro will be sufficient to avert similar challenges in future renewable and infrastructure investments.
