Možura wind farm: a productive renewable asset shadowed by governance and financing concerns

The Možura wind farm near Ulcinj has become one of the most divisive infrastructure projects in Montenegro’s recent economic history—praised as a renewable energy success while also scrutinised as a governance and financing failure. For investors and policymakers, the case highlights how an operationally functioning asset can still carry significant reputational and fiscal risks when deal structures are opaque.

Operational performance supports Montenegro’s renewable portfolio

Technically, the project delivers measurable value. Commissioned in 2019, the 46 MW wind park comprises 23 turbines and generates approximately 120 GWh annually. That output places Možura among Montenegro’s larger non-hydro renewable assets, helping reduce reliance on imported electricity and supporting EU-aligned decarbonisation goals through long-term energy diversification.

Estimated €90 million investment, but controversy over how value was transferred

The investment was estimated at around €90 million and was structured through a consortium that included Malta’s state utility Enemalta alongside partners connected to international engineering contractors, with Chinese EPC participation. From an operational perspective, the plant continues to generate stable renewable output with capacity factors typical for coastal Adriatic wind corridors.

However, the economic narrative shifts sharply when examining development, financing and transfer arrangements. Investigations and political scrutiny have focused on transactions that allegedly inflated costs and redistributed value away from the Montenegrin state.

Concession resale at a large premium raises fiduciary oversight questions

A central element of the controversy is the resale of the project concession. An offshore intermediary reportedly acquired the concession for about €2.9 million before selling it shortly afterward for roughly €10.3 million—creating substantial intermediary profit without adding tangible value. The transaction structure, combined with limited due diligence and layered ownership, has been cited as evidence of systemic weaknesses in project governance.

Subsequent audits suggested that the acquiring party may have been aware it was paying an inflated price, intensifying concerns about fiduciary oversight.

Subsidised power purchase framework could shift costs to consumers

The financial implications extend beyond acquisition costs. Montenegro agreed to a subsidised electricity purchase framework, with estimates indicating support mechanisms of up to €115 million over 12 years. The concern raised by critics is that long-term cost burdens are effectively passed to consumers through electricity tariffs—a dynamic that can be particularly contentious when layered onto a project already associated with elevated entry costs.

Further findings include potential tax losses and disputed equipment trades

More recent findings have broadened scrutiny. Government representatives have pointed to potential tax losses exceeding €12 million tied to complex financial transactions involving intermediary firms described as having no operational footprint. These allegations include equipment trades valued at around €40 million carried out under questionable circumstances.

The structures were allegedly used to optimise VAT positions and inject liquidity into the project through non-transparent channels—an issue that goes beyond accounting mechanics because it affects both public finances and confidence in procurement discipline.

International investigations and EU accession pressure deepen reputational stakes

Možura has also taken on geopolitical and reputational dimensions. The project has been referenced in international corruption investigations connected to Malta and a wider network of offshore entities involved in energy transactions. It also intersected with investigative journalist Daphne Caruana Galizia’s work, increasing international visibility around the case.

For Montenegro, consequences now feed into EU accession dynamics. European institutions have called for a credible and independent investigation into Možura, framing it as a test of rule-of-law capacity and institutional maturity—placing the wind farm within broader governance benchmarks tied to integration progress.

Strategic value remains: expected transfer into full state ownership by 2035

Despite these controversies, Možura retains long-term strategic significance within its concession framework. The wind farm is expected to transfer into full state ownership by 2035 after the expiration of the lease period, converting it into a public asset at that point. Supporters argue this future ownership shift could partially offset earlier financial inefficiencies if operations remain reliable and regional electricity prices stay structurally elevated.

A case study in how early renewables can deliver power—and still leak value

The duality of Možura—functioning as a productive energy asset while being associated with flawed transaction design—reflects a broader pattern sometimes seen in early renewable investments across emerging European markets. On one side are benefits such as decarbonisation support, grid stability contributions and alignment with EU energy policy; on the other are risks stemming from weak procurement frameworks, insufficient due diligence and politically exposed deal structures during development phases.

Whether Možura ultimately represents a “loss” or a “benefit” depends on which lens is applied: energy-system performance appears positive, while fiscal and governance assessments point to value leakage during development that diluted national economic returns. What remains unresolved is how fully that leakage can be quantified—and whether reforms underway in Montenegro are strong enough to prevent similar outcomes in future waves of renewable energy and infrastructure investment.