Masdar and EPCG Sign Agreement to Explore Large-Scale Renewable Energy Projects in Montenegro

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have signed an agreement to explore a joint venture for large-scale renewable energy development in Montenegro. The signing took place at Abu Dhabi Sustainability Week 2026, attended by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman; Prime Minister of Montenegro H.E. Milojko Spajić; H.E. Admir Šahmanović, Montenegro’s Minister of Energy and Mining; and senior officials from both organizations.

Under the agreement, Masdar and EPCG will jointly explore the development, construction, ownership, and operation of clean energy projects, spanning solar photovoltaic (PV), wind, hydropower, stand-alone battery energy storage systems (BESS), and hybrid solutions. The collaboration aims to meet Montenegro’s domestic energy demand while enabling the export of renewable electricity to the Balkans and Southeast Europe, leveraging existing infrastructure such as the country’s sub-sea interconnection with Italy.

Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted the strategic nature of the partnership, stating, “This agreement reflects Masdar’s disciplined expansion in strategic markets with long-term growth potential. By partnering with EPCG, we are combining global development expertise with local capability to support energy independence and economic growth in Montenegro and the wider Balkans.”

H.E. Admir Šahmanović, Montenegro’s Minister of Energy & Mining, emphasized the impact on energy security and economic development, saying, “Strategic partnerships like this bring new jobs, modernize the energy sector, and advance the country’s transition from coal to clean energy.”

Milutin Đukanović, President of EPCG’s Board of Directors, noted the significance of international collaboration for sector development: “Partnering with a globally renowned company positions Montenegro strategically within the modern energy landscape and accelerates investment in renewable energy, enhancing national competitiveness.”

Zdravko Dragaš, CEO of EPCG, added, “This agreement strengthens Montenegro’s role in the energy transition, enhances energy security, and lays the foundation for new investments in solar, wind, and other clean technologies. Our shared goal is to not only meet domestic energy needs but also become a reliable exporter of green energy to the region and beyond.”

The agreement builds on the UAE-Montenegro Energy Cooperation Agreement signed in November 2025 and complements Masdar’s existing presence in Montenegro through its 2018 investment in the 72 MW Krnovo Wind Farm, the country’s largest operational wind project. It also aligns with Masdar’s broader expansion in Southeast and Central Europe, including through its Greek platform, TERNA ENERGY, acquired last year.