Abu Dhabi Future Energy Company PJSC (Masdar) and Montenegro’s national power utility Elektroprivreda Crne Gore (EPCG) has signed agreements to develop 150 megawatts (MW) of solar projects.
The partnership will also explore more than 400MW of pumped hydro energy storage capacity as part of their renewable energy partnership in Montenegro.
The agreements mark the first projects to move forward under the 50/50 joint venture established by Masdar and EPCG following the signing of their Joint Venture Agreement in April 2026. The partnership aims to develop up to 2 gigawatts (GW) of renewable energy capacity in Montenegro.
The initiative is expected to support Montenegro’s domestic electricity demand, strengthen energy security, and create opportunities for renewable power exports to the Western Balkans and Southern Europe.
Solar and energy storage projects
The joint development agreements cover two solar photovoltaic (PV) projects: the Štedim solar PV project with a capacity of 115MW and the Krupac solar PV project with a capacity of 35MW.
Masdar and EPCG have also signed a framework agreement to assess the development of more than 400MW of pumped hydro energy storage projects.
The storage facilities would help integrate additional renewable power into the electricity grid by storing excess electricity and supplying it during periods of higher demand.
The agreements were signed in Tivat, Montenegro, in the presence of Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Admir Šahmanović, Montenegro’s Minister of Energy and Mining.
They were signed by Milutin Đukanović, Chairman of the Board of Directors of EPCG; Zdravko Dragaš, CEO of EPCG; and Husain Al Meer, Executive Director, Global Offshore Wind and UK Business at Masdar.
Partnership to support Montenegro’s energy sector
The Masdar-EPCG joint venture will explore renewable energy projects across solar, wind, hydropower, pumped hydro, battery storage, and hybrid energy solutions.
The platform is designed to support Montenegro’s energy requirements while enabling potential renewable electricity exports through existing infrastructure, including the country’s subsea electricity connection with Italy.
Dr. Sultan Ahmed Al Jaber said that, “Today’s agreements reflect Masdar’s ability to bring global expertise, proven technology, and long-term investment to markets with strong growth potential. They also mark an important step in the deepening relationship between the UAE and Montenegro. By working with our partners to deliver high-quality energy infrastructure, Masdar is supporting Montenegro’s energy security and creating a strong platform for sustainable economic growth.”
Mohamed Jameel Al Ramahi, CEO of Masdar, noted that the partnership combines Masdar’s renewable energy experience with EPCG’s market expertise to develop projects that support energy security, grid flexibility, and economic development in Montenegro.
Rep Image | Credits: Magnific | Cropped by GBN
Renewable energy expansion
Milutin Đukanović, Chairman of the Board of Directors of EPCG, emphasized that, “The signed agreements on the joint development of the Krupac and Štedim solar power plants, as well as the Framework Agreement for Cooperation in Hydroenergy, mark the beginning of the creation of a joint generation portfolio of EPCG and Masdar, which will be further developed and expanded in the coming period.”
Zdravko Dragaš, Chief Executive Officer of EPCG, underscored that, “Partnership with Masdar opens a new chapter in EPCG’s development and our investment plans in the field of green energy. Signing of three agreements lays the foundation for long-term cooperation through the joint development of projects and the creation of a generation portfolio that will continue to expand with new investments in the years ahead.”
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 key market for Masdar as the company works towards its target of developing 100GW of renewable energy capacity globally by 2030.
Masdar currently has a portfolio of more than 65GW across solar, onshore wind, offshore wind, battery storage, and hybrid energy projects worldwide.
