Masdar, EPCG Launch First 150 MW Solar Projects Under 2 GW Montenegro Partnership

Abu Dhabi Future Energy Company PJSC (Masdar) and Montenegro's state owned utility Elektroprivreda Crne Gore (EPCG) have advanced their strategic renewable energy partnership by signing agreements to develop 150 MW of solar capacity and explore more than 400 MW of pumped hydro energy storage projects in Montenegro.

The agreements mark the first projects under the 50:50 joint venture announced by the two companies in April 2026. The partnership aims to develop up to 2 GW of renewable energy capacity across Montenegro to meet rising domestic electricity demand, strengthen energy security and support future electricity exports to the Western Balkans and Southern Europe.

The initial joint development agreements cover the 115 MW Štedim solar photovoltaic project and the 35 MW Krupac solar photovoltaic project. In addition, Masdar and EPCG signed a framework agreement to jointly assess pumped hydro energy storage projects exceeding 400 MW. The storage facilities are expected to improve grid flexibility and enable greater integration of renewable energy by storing surplus electricity and supplying it during periods of high demand.

The agreements were signed in Tivat, Montenegro, in the presence of UAE Minister of Industry and Advanced Technology and Masdar Chairman Sultan Ahmed Al Jaber and Montenegro's Minister of Energy and Mining Admir Šahmanović. The signatories included EPCG Chairman Milutin Đukanović, EPCG Chief Executive Officer Zdravko Dragaš and Masdar Executive Director Husain Al Meer.

Masdar said that the joint venture will evaluate utility scale renewable energy projects spanning solar, wind, hydropower, pumped hydro, battery energy storage and hybrid technologies. The platform is intended to support Montenegro's growing electricity needs while leveraging the country's existing subsea power interconnection with Italy to facilitate renewable electricity exports to European markets.

Masdar has been present in Montenegro since 2018 through its investment in the 72 MW Krnovo Wind Farm, the country's largest operating wind project. The company currently has a global renewable energy portfolio exceeding 65 GW and is targeting 100 GW of installed capacity worldwide by 2030. Europe remains a key growth market for the company, supported by its acquisition of TERNA ENERGY in 2025 and its ongoing development of the 680 MW Amfilochia pumped hydro storage project in Greece.