Masdar, Montenegro Utility EPCG Sign Joint Venture Pact for Large-Scale Renewables

Abu Dhabi-based renewable energy developer Masdar and Montenegro’s national power utility Elektroprivreda Crne Gore (EPCG) have signed an agreement to evaluate the formation of a joint venture for developing large-scale renewable energy projects in Montenegro.

The agreement was signed during Abu Dhabi Sustainability Week 2026 and outlines cooperation across the development, construction, ownership, and operation of clean energy assets. The collaboration will cover solar photovoltaic, onshore wind, hydropower, battery energy storage systems (BESS), and hybrid power solutions.

Under the proposed framework, the partners will assess utility-scale renewable projects aimed at strengthening Montenegro’s domestic electricity supply while enabling cross-border power exports. The partnership will also evaluate leveraging Montenegro’s existing subsea electricity interconnection with Italy, providing access to European power markets and supporting regional energy trading.

Hydropower remains a key pillar of Montenegro’s energy mix, with EPCG operating several major hydroelectric facilities. The joint venture framework allows for modernisation of existing assets alongside new solar and wind capacity additions.

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said that the partnership reflects the company’s disciplined expansion strategy in markets with strong long-term fundamentals. Montenegro’s Energy and Mining Minister Admir Šahmanović said that the collaboration supports the country’s transition away from coal toward clean energy.

EPCG officials highlighted the importance of accelerating renewable investments amid upcoming regulatory changes such as the European Union’s Carbon Border Adjustment Mechanism (CBAM).

Masdar already operates renewable assets in Montenegro, including the 72 MW Krnovo Wind Farm commissioned in 2018, the country’s largest operational wind project. The agreement also aligns with Masdar’s broader expansion across Southeast and Central Europe.