Abu dhabi: Abu Dhabi Future Energy Company PJSC - Masdar and Montenegro's national power utility, Elektroprivreda Crne Gore (EPCG), have taken significant steps forward in their strategic partnership by entering the project execution phase. The collaboration, marked by agreements concerning 150 megawatts (MW) of solar capacity and the potential development of over 400MW of pumped hydro energy storage, represents the first projects under their 50/50 joint venture, following the Joint Venture Agreement (JVA) signing in April 2026.
According to Emirates News Agency, the joint venture aims to establish up to 2 gigawatts (GW) of renewable energy capacity in Montenegro. This initiative is set to address the growing domestic electricity demand, fortify national energy security, and facilitate future energy exports to neighboring European markets. The current agreements encompass the ‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬¦ tedim solar photovoltaic (PV) project (115MW) and the Krupac solar PV project (35MW).
In addition to the solar projects, Masdar and EPCG have signed a framework for action (FFA) agreement to explore joint development of over 400MW of pumped hydro energy storage projects. This initiative aims to enhance Montenegro's electricity system by storing electricity during periods of excess supply and releasing it when needed, thereby integrating more renewable power while boosting system flexibility and resilience.
The agreements were signed in Tivat, Montenegro, in the presence of Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and Admir ‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬¦ ahmanovic, Montenegro Minister of Energy and Mining. The signatories included Milutin ukanovic, Chairman of the Board of Directors of EPCG; Zdravko Draga‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬¦¡, Chief Executive Officer of EPCG; and Husain Al Meer, Executive Director, Global Offshore Wind and UK Business, Masdar.
Dr. Sultan Al Jaber emphasized Europe's increasing demand for reliable energy and highlighted the strategic importance of these agreements in strengthening the UAE-Montenegro relationship. He noted that Masdar's involvement brings global expertise and technology to markets with strong growth potential, supporting Montenegro's energy security and sustainable economic growth.
Admir ‚¬Å¡¬€¦¡¬€š¬¦¡¬€š¬…¡¬¦¡¬€š¬…¡¬‚¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬¦¡¬¦ ahmanovic remarked on Montenegro's renewable energy potential and expressed confidence in realizing concrete projects through this partnership. He highlighted the partnership's role in bolstering Montenegro's energy security, creating jobs, and developing green energy as a major export product.
Mohamed Jameel Al Ramahi, CEO of Masdar, noted the significance of the agreements in advancing Masdar's partnership with EPCG. He stated that combining Masdar's expertise with EPCG's local market leadership creates a solid platform for long-term growth, diversification of Montenegro's energy mix, and unlocking wider economic value.
The joint venture between Masdar and EPCG will explore utility-scale projects across various renewable energy technologies, aiming to meet Montenegro's growing energy needs and create opportunities for exporting renewable electricity to the Western Balkans and Southern Europe. Montenegro's existing subsea electricity interconnection with Italy provides a potential route into the wider European power market.
Masdar has been active in Montenegro since 2018 through its investment in the 72MW Krnovo Wind Farm, the country's largest operating wind project. Europe remains a strategic market for Masdar as it targets a global portfolio capacity of 100GW by 2030, leveraging its diverse renewable energy portfolio that spans solar, wind, battery storage, and hybrid solutions.