The Norwegian company NTE Energy is looking at ecological projects in Montenegro

June 17 (SeeNews) – Norwegian company NTE Energy has submitted a letter of intent to the Ministry of Energy of Montenegro, indicating its interest in investing in renewable energy projects in the Adriatic state, the ministry said.

NTE plans to invest in Montenegro’s potential for water, wind and solar energy, adding that the projects will meet the most stringent environmental standards and will serve as a platform for knowledge exchange between Norway and Montenegro, the energy ministry said in an emailed statement over the weekend.

The Norwegian company already operates in Montenegro through Danilovgrad-based Zeta Energy, which is a 51/49 joint venture between Montenegrin state energy company EPCG and NTE Montenegro. The latter, in turn, is a 51/49 joint venture between the Norwegian company NTE and the local construction company Zetagradnja.

In March, the government of Podgorica announced that it had decided to grant Zeta Energy a 30-year concession to build and operate a small hydroelectric power plant on the Zeta River. The project includes the construction of the Slap Zete hydroelectric power plant with a capacity of 1,672 kW and an estimated annual production of 8.71 GWh.

The Ministry of Energy noted that NTE Energy is a major renewable energy producer in northern Norway, operating 19 wholly owned hydropower plants and several other hydropower plants in cooperation with its partners. The total production of these power plants is 4,100 GWh.