Abu Dhabi Future Energy Company PJSC (Masdar) and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have entered into a 50/50 joint venture (JV) aimed at developing large-scale renewable energy projects across Montenegro.
The agreement was signed at the Adria Future Summit by Milutin Đukanović, President of the Board of Directors of EPCG; Zdravko Dragaš, CEO of EPCG; and Ahmed Al Awadi, Advisor, Office of the COO, Masdar, in the presence of Admir Šahmanović, Minister of Energy and Mining for Montenegro; Khamis Rashed Ahmed Lebsaili Alshemeili, Ambassador of the United Arab Emirates to Montenegro; and Mohamed Jameel Al Ramahi, CEO of Masdar.
Broad renewable energy portfolio
Headquartered in Nikšić, the joint venture will focus on the deployment and operation of a diversified renewable energy portfolio.
This includes solar photovoltaic (PV) systems, wind energy, hydropower, pumped hydro storage, standalone battery energy storage systems, and hybrid energy solutions.
The initiative is designed not only to strengthen Montenegro’s domestic energy supply but also to support electricity exports to the Western Balkans and Southern Europe.
The collaboration is intended to support Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, including leveraging an existing sub-sea interconnection with Italy.
Strengthening energy security
The partnership combines EPCG’s established role as Montenegro’s primary energy producer with Masdar’s global expertise in renewable energy development.
Together, the partners aim to enhance energy security, accelerate the country’s clean energy transition, and contribute to broader decarbonization efforts across the European energy market.
Admir Šahmanović, Montenegro Minister of Energy & Mining, said that, “This partnership represents a turning point for the energy future of Montenegro. By joining forces, Masdar and EPCG bring together global knowledge, strong national capacity, and a shared ambition to speed up the transition towards clean energy.”
Mohamed Jameel Al Ramahi CEO Masdar
“Europe is a strategic growth market for Masdar as we advance towards our 100 GW by 2030 target. Building on the agreement reached during Abu Dhabi Sustainability Week 2026, in the presence of HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar; Milojko Spajić, Prime Minister of Montenegro; and HE Admir Šahmanović, Montenegro’s Minister of Energy and Mining, we are pleased to return to Montenegro to sign this joint venture agreement with EPCG. This milestone supports Masdar’s continued portfolio growth and shared ambition to accelerate renewable energy development in Montenegro and the wider Balkan region while deepening the longstanding partnership between the UAE and Montenegro.”
Milutin Đukanović, President of the Board of Directors of Elektroprivreda Crne Gore, noted that, “Through the JV we will enhance capacities for clean energy generation and additionally strengthen our operational and development competencies.”
Zdravko Dragaš, Chief Executive Officer of EPCG added that, “By combining knowledge, experience, and resources with a globally renowned partner, we are creating a solid basis for the implementation of complex and technologically advanced projects.”
The partnership builds on Masdar’s earlier investment in Montenegro’s energy sector, including its stake in the 72-megawatt Krnovo Wind Farm, the country’s largest operating wind project.
It also aligns with Masdar’s broader expansion strategy in Southeast and Central Europe, including investments through its platform TERNA ENERGY.
