Italian Terna Group: Montenegro as Energy Centre of Balkans

By , 09 Jul 2019, 00:50 AM Business
Italian Terna Group: Montenegro as Energy Centre of Balkans Copyrights: President of Montenegro Office Media

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07 July 2019 - President of Montenegro Milo Đukanović received a delegation of the Italian Terna Group, led by chief executive officer Luigi Ferraris.

With gratitude for the reception, Ferraris presented the results of the project for the construction of an undersea cable between Montenegro and Italy, and announced the commissioning of the cable by the end of the year. Appreciating that this is a historic moment in which a bridge will be established between Italy and Montenegro, but also the EU and the Western Balkans, Ferraris invited President Đukanović to be a guest at a ceremony on that occasion.

"The biggest benefit of this investment is that the project will enable Montenegro to become an energy center for the Balkan countries," Ferraris said.

Also, conditions will be created for attracting other investments into renewable energy sources, energy and digitalization Ferraris expressed readiness to continue cooperation on the welfare of Montenegro and its development, reported the Office of the President of Montenegro.

President Đukanović thanked Terna Group for a professional and responsible attitude towards the project which is one of the most significant for Montenegro and the region, as well as respecting the deadlines for construction.

"This joint project is one of the most important for the development of Montenegro, but also for the development of the region. Through serious investments in road, energy and digital infrastructure, Montenegro will continue economic growth and development. We want to not only establish partnerships because of the investments that are needed by Montenegro, but also through the development of partnership relations we achieve European standards and quality," said Đukanović.

In this regard, he expressed high marks for strategic partnership with the Italian company, as a credible partner, whose knowledge and experience is precious.

The project of submarine cable construction, assessed President Đukanović, is a good example of how the EU and the Western Balkans can cooperate. One of the most significant and most demanding projects in the Mediterranean will have 450 km of cables, of which as many as 420 km under water are placed at a depth of 1.100 m. It will transfer 600 megawatts of electricity and as much as that by the end of the second phase. Terna Group invested 60 million EUR in the development of local communities in Montenegro during the realization of the project.

Read more about business in Montenegro at TMN's dedicated page.

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