Abu Dhabi Future Energy Company (Masdar) and Montenegrin state utility EPCG have said they will explore setting up a joint venture company to develop large-scale renewables projects in Montenegro.
The two parties signed a framework agreement during Abu Dhabi Sustainability Week. Under the terms of the agreement, the joint venture would develop, build, own and operate projects across a range of technologies including solar, standalone battery energy storage systems and hybrid solutions.
A statement on the government of Montenegro’s website says the aim of the cooperation is to support the country’s domestic energy needs while also enabling the export of renewable energy to the Balkans and Southeastern Europe, including use of Montenegro's existing submarine interconnector with Italy.
The country’s Minister of Energy and Mining, Admir Šahmanović, said the partnership would bring greater energy security, new jobs and modernization of Montenegro’s energy sector.
“Through investments in renewable sources, Montenegro is taking a step closer to gradually abandoning coal and switching to clean energy, which is the only sustainable solution for the future of generations to come,” the minister added.
Masdar already holds a presence in Montenegro's energy sector through its 2018 investment in the 72 MW Krnovo wind farm, the largest in the country.
Montenegro’s cumulative solar capacity stood at 30 MW at the end of 2024, according to figures from the International Renewable Energy Agency (IRENA).
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