Global Investment Holdings’ 51% subsidiary in solar energy, Barsolar D.O.O Bar in Montenegro has been granted the “Temporary Status of Privileged Energy Producer”, which enables the company to sell electricity under feed-in-tariff, EUR 0.12 per kWh for 12 years.

The solar plant is located in port of Adria, Bar, Montenegro; while Port of Adria has been operated by Global Investment Holdings ports subsidiary, Global Ports Holding since 2012 through a concession agreement valid until 2043. The solar power plant will be constructed on nine warehouse roofs covering an area of over 66,000 square meters at the port.

Barsolar is expected to generate about 6.9 million kWh electricity per annum, meeting the electricity requirement of more than 2.6 thousand households.

Barsolar is the first ever large-scale solar project in Montenegro with a capacity of 5 MWe (6MWp). The plant increases the generation capacity of the Group to 97.3MW, of which 43.2MW is from renewable sources.

The company is planning to start construction in Q2 2020 and commence power generation in H2 2020.

Mehmet Kutman, the Chairman of Global Investment Holdings stated that, “We are pleased to have achieved a guaranteed privileged price for our first international power generation investment. We continue to grow in clean and renewable energy. Thanks to our integrated business approach, we started to utilize the expertise and network we gained in ports business, to improve and expand our energy business. We hope to expand the same business model in destinations we operate ports, especially in the Caribbean”

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