Masdar, the Abu Dhabi-based clean energy company, and Montenegro’s national power utility Elektroprivreda Crne Gore (EPCG) have moved forward with their renewable energy partnership by signing agreements for new solar and energy storage projects. The partnership aims to develop up to 2 gigawatts (GW) of renewable energy capacity in Montenegro.
The latest agreements include two solar photovoltaic projects with a combined capacity of 150 megawatts (MW). These are the 115MW Štedim solar project and the 35MW Krupac solar project. In addition, Masdar and EPCG have signed a framework agreement to explore the development of more than 400MW of pumped hydro energy storage projects.
The agreements are the first projects to move into execution under the 50/50 joint venture announced by the two companies in April 2026. The joint venture plans to develop renewable energy projects across solar, wind, hydropower, pumped hydro, battery storage and hybrid energy solutions.
The partners said the projects will help Montenegro improve energy security, increase renewable power generation and create opportunities for future electricity exports to the Western Balkans and Southern Europe. Montenegro’s existing subsea electricity connection with Italy could help link renewable power generated in the country to wider European energy markets.
At the signing ceremony in Tivat, Montenegro, officials from both countries highlighted the importance of the partnership. UAE Minister of Industry and Advanced Technology and Masdar Chairman Dr. Sultan Ahmed Al Jaber said the agreements demonstrate Masdar’s commitment to bringing global expertise and investment to markets with strong renewable energy potential.
Montenegro’s Minister of Energy and Mining Admir Šahmanović said the projects represent a major step in turning the country’s renewable energy potential into practical investments. He added that the partnership would strengthen energy security, create jobs and support economic development.
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said the cooperation combines Masdar’s international renewable energy experience with EPCG’s local knowledge and market position. He said the partnership will help diversify Montenegro’s energy mix, improve grid stability and create long-term economic value.
EPCG Chairman Milutin Đukanović and CEO Zdravko Dragaš said the agreements mark the beginning of a broader renewable energy portfolio that will expand in the coming years. They noted that cooperation with Masdar would support Montenegro’s energy transition and improve the company’s competitiveness.
Masdar has already been active in Montenegro through its investment in the 72MW Krnovo Wind Farm, the country’s largest operating wind project. The company is also expanding its renewable energy presence across Europe as part of its global target to reach 100GW of renewable capacity by 2030.
The partnership with EPCG is expected to play an important role in Montenegro’s ambition to become a regional clean energy hub while supporting Europe’s growing demand for reliable and affordable renewable power.
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