ICBC participates in EUR 69.5 million syndicated loan for 46MW Možura Wind Park Project (Linked to Record ID#67392)

ICBC contributions to EUR 69.5 million syndicated loan for 46MW Možura Wind Park Project In 2018, Možura Wind Park d.o.o. (黑山莫祖拉风电有限公司)— a special purpose vehicle (SPV) and joint venture of Malta Montenegro Wind Power JV Limited (90% equity stake) and Enemalta (10% equity stake) — signed an EUR 69,500,000 syndicated loan agreement with a group of banks for the 46MW Možura Wind Park Project.

Known participants in the loan syndicate included Deutsche Bank and the Industrial and Commercial Bank of China (ICBC).

The borrower was expected to use the proceeds of the loan to partially finance an EUR 90,000,000 commercial contract with Shanghai Electric Power Engineering Montenegro LLC.

The purpose of the project was to install 23 Chinese-made, 2 MW low-speed intelligent wind turbine generators — with a total installed capacity of 46,000 kW — in Možura within southern Montenegro. The project also involved the construction of a substation.

The wind power plant was designed with a capacity of 46MW on 502,858 square meters of land at a cost of EUR 0.37 per square meter. Shanghai Electric Power Engineering Montenegro LLC was the EPC contractor responsible for project implementation. Construction formally commenced on December 7, 2017. Then on December 22, 2018, the first set of wind turbine generators was connected to the grid.

By February 8, 2019, all of the wind turbine generators were connected to the grid. The wind farm began its trial operation period in April 2019, which extended until the end of September 2019.

Following technical acceptance on November 15, 2019, the project secured a usage license from the Montenegrin Government. The wind farm went into commercial operation on November 18, 2019.

Investors have leased state land to the project company (SPV) for a period of 20-years and will pay it an EUR 186,057 fee annually.

The state has pledged to guarantee a fixed electricity price of EUR 95.99/MWh and EUR 115 million in incentives over the first 12-years of the wind farm’s operation. After the lease period expires, the Možura wind farm will become the property of the Montenegrin state. Notwithstanding its successful completion, the Možura Wind Park Project has been plagued by controversy and scandal.

In the months before her murder in 2017, Maltese journalist Daphne Caruana Galizia was investigating an offshore company called 17 Black Limited. She didn’t know who owned the firm, which was registered in the United Arab Emirates. But she was certain it was set up to channel corrupt payments to Maltese political leaders.

Caruana Galizia was killed in a car bombing in October 2017.

Then, in 2019, police charged one of Malta’s wealthiest businessmen, Yorgen Fenech — previously revealed by Reuters to be the owner of Limited — with ordering the murder of Caruana Galizia. He denied the charge.

The assassination triggered a political crisis in Malta that drove Prime Minister Joseph Muscat from office in 2020. 17 Black Limited’s activities remain shrouded in mystery. But evidence uncovered by Reuters and the Times of Malta shed light on its operations through one particular deal.

In December 2015, 17 Black Limited made a previously undisclosed profit of EUR 4.6 million ($5 million) when Enemalta plc — a joint venture of the Government of Malta (67% ownership stake) and Shanghai Electric Power (33% ownership stake) — purchased an equity stake in the 46MW Možura Wind Park Project via Možura Wind Park d.o.o..

The purchase came after negotiations and several trips to Montenegro led by Malta’s then energy minister, Konrad Mizzi.

In that same month, accountants for Mizzi and the prime minister’s then chief of staff, Keith Schembri, wrote in an email that Schembri and Mizzi stood to receive payments from 17 Black Limited for services that weren’t specified.

Reuters and other news outlets have previously reported these emails, which were part of an application to open bank accounts for Panamanian firms owned by the two men.

Keith Schembri confirmed to Reuters in April 2018 that companies he owns had devised a ‘draft business plan’ with 17 Black Limited that was not implemented, but he gave no further details. He is now under investigation for potential involvement in Caruana Galizia’s murder, police have said. He has denied any role in the journalist’s killing.

Konrad Mizzi has previously stated he had no involvement in or knowledge of the plot to murder Caruana Galizia.