Minister of Economy Ante Šušnjar has said that Croatia is prepared to acquire Russian-owned oil company NIS in Serbia, which came under US sanctions today. Croatian state-owned oil pipeline operator Jadranski naftovod (JANAF) relies heavily on deliveries to NIS, and Šušnjar believes the acquisition would benefit both Croatia and Serbia.
The US sanctions against the Serbia-based oil company took effect after nine months of delays. JANAF stated yesterday that it had a license to continue deliveries to NIS until October 15, but Minister of Economy Ante Šušnjar said today that everything from the terminals and the pipeline had already been transported and that there were no more deliveries to Serbia.
Šušnjar: Croatia’s plan to buy NIS is not aimed at dominating Serbia’s retail market
Asked about plans to buy NIS, Šušnjar said that Croatia is prepared to do so to protect JANAF, whose business has relied on ties with NIS for the past 40 years. He emphasized that there is no intention to dominate Serbia’s retail market.
US sanctions against NIS will affect Croatia, Serbia, and BiH
According to Šušnjar, if Croatia were to take over NIS, it would ease the situation for both Croatia and Serbia. The sanctions also pose an additional challenge for Bosnia and Herzegovina, given that 20% of the country’s oil derivatives market is supplied by NIS’ refinery in Pančevo, he noted.
Business with NIS accounts for more than 30% of JANAF’s revenue, and suspending deliveries until the end of this year alone would cost Croatia around EUR 18 million, according to Stjepan Adanić, chairman of JANAF’s management board.
The US imposed sanctions on Russian state-owned Gazprom Neft, which until recently held a 50% stake in NIS, with its parent company Gazprom controlling a further 6.2%. After a reshuffle, Gazprom Neft now owns 44.9%, and Intelligence, a firm within Gazprom’s system, 11.3% of NIS. Serbia’s stake is 29.9%.
Geothermal well developer and operator Green Tech International started the construction of a geothermal hydroponic greenhouse complex on ten hectares in western Romania. It is part of a five-year plan to reach 50 hectares.
Green Tech International, listed this year on the Bucharest Stock Exchange (BSE or BVB), said it has started the works on the largest hydroponic greenhouse complex in Romania, heated with geothermal water.
The company’s strategy is to develop at least 50 hectares over the next five years. It has 12 years of experience in the development and operation of geothermal wells. Green Tech International, which is also a platform for geothermal energy solutions, directly owns 42 wells and operates another 41. It is one of the largest portfolios in Europe.
The company is conducting the current project through its subsidiary Horti Green Invest. Hydroponics are a method of growing plants without soil. The roots are suspended in a nutrient solution or in an inert medium retaining the nutrients.
Geothermal heat has significant competitive advantage
Geothermal energy has a significant competitive advantage to traditional sources, with renewable heat available 24 hours a day, regardless of the weather, and with a predictable cost in the long term, Green Tech International noted.
Gavriluță: The project will position Green Tech International among the top three greenhouse vegetable producers in Romania
“We are well-positioned to capitalize on our geothermal resources and generate value in complementary sectors with high growth potential. Our strategy focuses on investments in synergistic industries such as sustainable agriculture, where geothermal energy provides a major competitive advantage due to lower costs and supply stability,” Chief Operating Officer Dragoș Gavriluță said in a stock exchange filing.
First phase to cover ten hectares
Green Tech International has started the construction of its first modern geothermal hydroponic greenhouse project, covering an area of 10 hectares in western Romania, he stressed. The project will position Green Tech International among the top three greenhouse vegetable producers in Romania, Gavriluță claimed.
The update reveals that the company intends to invest in the rehabilitation of existing geothermal wells in the area and in the modernization of a thermal power plant to supply heat to the greenhouses. Green Tech International Group also includes Geotherm Distribution and Apoterm Nădlac.
According to an earlier news report, the company is interested in subsidies via the European Union’s Modernisation Fund for the production and transport of geothermal energy for district heating or cooling systems.
As for the rest of the region that Balkan Green Energy News covers, Turkey is one of the world’s biggest geothermal energy producers, including the greenhouses segment.
The second line of the submarine cable connecting Montenegro and Italy is expected to be completed by 2031, Montenegro’s Minister of Energy and Mining Admir Šahmanović said at the European Union – Montenegro Investment Conference.
The two-day conference, titled Smart Growth, Green Future: Accelerating Investment in Montenegro, was opened yesterday in Luštica, near Tivat, by European Commission President Ursula von der Leyen and Prime Minister of Montenegro Milojko Spajić.
Fourteen cooperation projects between Montenegrin and European companies have been initiated at the conference, including investments in wind farms, solar parks, energy storage, and grids. It shows the great significance of the energy sector for investments.
A panel called Renewables: Scaling Montenegro’s Energy Transition examined the possibilities for accelerating the country’s energy transition and enhancing the sector’s attractiveness for investment in renewables.
Šahmanović: Montenegro strives to position green energy as an export product
Prominent international experts and investors took part in the discussion. Representing the Government of Montenegro, Minister of Energy and Mining Admir Šahmanović outlined the country’s renewable energy priorities and highlighted Montenegro’s role as a regional leader in clean energy.
Montenegro has fully harmonized its legislation with EU standards, creating a stable and predictable investment environment, in his words. Šahmanović highlighted the launch of the first solar power auction as a significant step forward in the development of renewables.
Photo: Đorđe Cmiljanić/Government of Montenegro
“The government invests in battery energy storage systems (BESS), ensuring the flexibility and stability of the grid. Montenegro strives to position green energy as a recognizable export product, thereby strengthening the country’s economic sustainability,” Šahmanović stated.
He revealed that Montenegro is about to sign a memorandum of understanding with Italy that would additionally position Montenegro as an energy bridge between the Western Balkans and the EU.
Montenegro is looking for strategic partners and investors ready to jointly implement capital projects in the energy sector
The government is wrapping up the work concerning the oil and gas sector to close chapter 15 in its accession negotiations with the EU, further strengthening investor trust, Šahmanović said.
“The implementation of the project for the construction of the second phase of the subsea cable link with Italy is expected by 2031, which will further strengthen Montenegro’s role in regional and European energy connectivity. Montenegro is looking for strategic partners and investors ready to jointly materialize capital projects in energy and contribute to regional energy stability,” the minister underlined. The investment is estimated at EUR 500 million, he asserted.
In a message to investors, Šahmanović said Montenegro is open for investments and added: “Now is the time for you to invest. We will be your service 24 hours a day, seven days a week.”
Participants at the panel included Daniel Calderon, Alcazar Energy Co-Founder and Managing Partner, Yann Guinard, EDF Director of Development for Europe, Louis Blanchard, Qair Energy President, and Nemanja Mikać, ElevenEs CEO.
Memorandum with EDF
Admir Šahmanović and Yann Guinard (photo: Ministry of Energy and Mining)
Within the conference, the Ministry of Energy and Mining of Montenegro and EDF International Networks signed a memorandum of understanding. It establishes a framework for future cooperation on modernizing the distribution network, digitizing smart grids, and integrating renewable energy sources, according to the ministry.
The memorandum foresees the implementation of pilot projects and feasibility studies that will contribute to the acceleration of the energy transition of Montenegro.
Admir Šahmanović said the deal is an important step towards strengthening green and innovative energy projects. Cooperation with EDF confirms the position of Montenegro as a country with a clear vision and open opportunities for investors, he underscored.
“EDF International Networks, as part of the global EDF Group, brings international expertise in the sector of power distribution, grid upgrade and digital transformation, which opens up space for new strategic partnerships and capital infrastructure projects,” the minister pointed out.
The memorandum confirmed the joint commitment to sustainability, integrity and energy security, with a clear focus on the well-being of citizens and the economy of Montenegro, the ministry said.
Alcazar Energy intends to increase its investments in Montenegro from USD 200 million to USD 500 million, according to Co-Founder and Managing Partner Daniel Calderon.
Alcazar Energy is one of the companies with which Montenegro has signed memoranda of understanding on projects in the energy sector. It was done today at the EU-Montenegro Investment Conference in Luštica. The company recently began construction on the largest wind farm in the Western Balkans, located in North Macedonia.
Daniel Calderon, Alcazar Energy’s Co-Founder and Managing Partner, told Balkan Green Energy News that the construction of the Bijela wind farm is scheduled to begin in the first quarter of 2026.
The investment in the 118.8 MW wind farm is estimated at USD 200 million, he added.
Alcazar is currently preparing the land and conducting procurement for this major project, which represents the first part of its investment in Montenegro.
The investment in the Bijela wind farm is valued at USD 200 million
Alcazar has now signed a memorandum of understanding with the Government of Montenegro to increase investments from USD 200 million to USD 500 million.
The country’s leadership is creating a good and consistent climate for foreign investments, Calderon stressed.
The company, in his words, sees the potential for its investments to increase to USD 500 million over the next five years.
Alcazar estimates that investments in renewables in Montenegro could reach USD 4-5 billion by 2040, and would like to be a part of it. Its investments would be around 10% of that amount, representing the first investments in this large endeavour, Calderon underlined.
Several projects in Montenegro are being considered
When asked to elaborate on these new projects, he replied that the company is considering several projects, but that he cannot disclose any details at this time.
Today, Calderon was one of the speakers at a panel titled Renewables: Scaling Montenegro’s energy transition.
At the EU-Montenegro Investment Conference, a total of 14 joint projects between Montenegrin and European companies have been initiated, including investments in wind farms, solar parks, energy storage, and power grids.
Alcazar plays a significant role in the development of the renewable energy sector in MENAT (Middle East, North Africa, and Turkey) and the Balkans, including through projects in Montenegro, Serbia, and North Macedonia.
A total of 14 cooperation projects between Montenegrin and European companies have been initiated at the ongoing European Union-Montenegro Investment Conference, including investments in wind farms, solar parks, energy storage, and grids.
The two-day conference, titled Smart Growth, Green Future: Accelerating Investment in Montenegro, was opened today in Luštica, near Tivat, by the President of the European Commission, Ursula von der Leyen, and the Prime Minister of Montenegro, Milojko Spajić.
Montenegro’s growing potential for strategic, green, and sustainable investments was presented through new partnerships between leading Montenegrin and European companies, according to a press release by the Government of Montenegro.
The Conference was jointly organized by the government and the European Commission, with the support of the Montenegro Investment Agency (MIA).
State power utility EPCG has signed three memoranda of understanding
State-owned power utility Elektroprivreda Crne Gore (EPCG) has signed three memoranda of understanding (MoUs). One was signed with Akuo for the development of several renewable energy projects, including floating solar, a photovoltaic plant, and energy storage.
The second MoU, signed with SS&A Power Group, envisages the development, manufacture, and installation of thermal energy storage, while the third, with Wind Fisher, concerns a new technology for high-altitude wind power generation.
Alcazar Energy signed a memorandum with the government’s project management office for the development and financing of renewable energy projects. CWP Europe and the Montenegrin Investment Agency (MIA) signed a memorandum on the development of the Montečevo solar farm project with battery storage. The company signed a similar agreement for its project in Albania yesterday.
A memorandum was also signed between Čevo Solar and Grawert Jenny & Partner on battery energy storage systems (BESS). A 20 MW/60 MWh battery is being considered.
Four sustainable investment partnerships were also signed
The Ministry of Energy and Mining and EDF will further discuss the issue of modernizing Montenegro’s power distribution network.
Among the signed documents is an MoU on collaboration between the European Bank for Reconstruction and Development (EBRD) and Erste on a Regional Energy Efficiency Program (REEP), as well as cooperation in the field of wastewater management between Suez and MIA.
In addition, four sustainable investment partnerships were also signed: Farm2Fork Montenegro, Station M, Green Logistics Hub, and Northern Investments Compact for Ecology & Resilience (NICER). Green Logistics Hub refers to the Port of Bar, which aims to become the first net-zero port on the Adriatic. NICER concerns the just transition and is led by the Pljevlja Coal Mine.
Von der Leyen: Do not wait for accession to invest in Montenegro
Photo: Bojan Gnjidić/Vlada Crne Gore
The event brought together senior representatives of the Government of Montenegro, the European Union, international financial institutions, as well as prominent European and Montenegrin investors.
“My message is very clear: do not wait for accession to invest in Montenegro, because by then you may miss the opportunities that others will seize,” Ursula von der Leyen noted.
She stressed that by continuing its European journey with determination and speed, Montenegro is making its goal of EU accession attainable.
“Today, we are opening a new chapter of development—we are beginning a major investment cycle, strengthening our ties with the European market even before formally joining the European family. Today, we are bringing our vision of green and smart growth to life. We are doing this together with our most important strategic partner—the European Union, which is also the largest investor in our country,” Prime Minister Milojko Spajić said.
He recalled that the country plans to close all negotiating chapters with the EU by the end of 2026 and become its 28th member state in 2028.
As part of efforts to ensure that all electricity consumed by Apple devices is matched with green energy, the United States–based tech giant is facilitating 650 MW of renewables projects across Europe, including through power purchase agreements (PPA). By 2030, wind and solar power plants in Spain, Greece, Italy, Latvia, Poland, and Romania are expected to generate over 1 TWh of clean electricity on behalf of Apple users, the company said.
“By 2030, we want our users to know that all the energy it takes to charge their iPhone or power their Mac is matched with clean electricity,” said Lisa Jackson, Apple’s vice president of environment, policy, and social initiatives.
In Greece, Apple has signed a long-term PPA to procure power from a 110 MW solar project owned by HELLENiQ Energy. The plant, which is already fully operational, is located in Kozani in northern Greece.
Apple has signed a long-term power purchase agreement for a 110 MW solar plant in Greece
In Romania, the company plans to procure power from the 99 MW Green Breeze wind farm, located in Galați County, through a long-term virtual power purchase agreement (vPPA). The facility, which is scheduled to start operations in the first half of 2026, was initiated by Sweden-based OX2 and later sold to Nala Renewables.
In Italy, Apple is supporting the development of a 129 MW portfolio of solar and wind projects. The first of the facilities, a photovoltaic plant in Sicily, is expected to come online this month.
The project backed by Apple in Poland is for Econergy’s 40 MW solar array, which is expected to be operational later this year. In Latvia, the tech giant has signed one of the country’s first corporate PPAs. It will procure electricity from European Energy’s 110 MW solar power plant, set to be one of the largest in Latvia once completed.
The 131 MW Castaño solar farm in Spain came online earlier this year
The 131 MW Castaño solar farm in Segovia in Spain, operated by ib vogt, became operational earlier this year.
