Abu dhabi: Abu Dhabi Future Energy Company PJSC – Masdar and Montenegro’s national power utility, Elektroprivreda Crne Gore (EPCG), have entered into an agreement to explore a joint venture focused on developing large-scale renewable energy projects in Montenegro. The agreement was formalized during Abu Dhabi Sustainability Week 2026, attended by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar; Milojko Spajic, Prime Minister of Montenegro; Admir €š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦ ahmanovic, Minister of Energy and Mining of Montenegro, along with senior representatives from both organizations.
According to Emirates News Agency, the terms of the agreement entail that Masdar and EPCG will jointly explore opportunities to develop, construct, own, and operate clean energy projects utilizing a range of technologies, such as solar photovoltaic (PV), wind, hydropower, stand-alone battery energy storage systems, and hybrid solutions. This collaboration is aimed at addressing Montenegro’s domestic energy needs while enabling the export of renewable electricity to the Balkans and Southeast Europe, capitalizing on Montenegro’s existing sub-sea interconnection with Italy and its potential expansion.
The partnership seeks to leverage EPCG’s position as the leading energy producer in Montenegro and Masdar’s global expertise in renewable energy project development. Through this collaboration, both entities aim to enhance Montenegro’s energy security and contribute to the broader European energy market’s transformation.
€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦ ahmanovic, the Minister of Energy and Mining of Montenegro, emphasized the strategic importance of such partnerships, stating that they not only bolster energy security but also generate employment, foster development, and modernize the energy sector. He highlighted Montenegro’s commitment to transitioning to clean energy and phasing out coal as part of a sustainable strategy for future generations.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, remarked that the partnership exemplifies how pragmatic collaboration can expedite the global energy transformation while reinforcing energy security and economic resilience. He noted that the agreement aligns with Masdar’s strategic expansion into markets with robust fundamentals and long-term growth prospects.
Milutin ukanovic, President of the Board of Directors of EPCG, commented that the cooperation underscores EPCG’s vision for sustainable development and energy independence. He also stressed the importance of accelerating investments in the energy sector, especially in light of the upcoming implementation of the CBAM mechanism.
Zdravko Draga€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬¦¡, Chief Executive Officer of EPCG, expressed that the agreement marks a significant step in Montenegro’s energy sector development and is a testament to the confidence a renowned global partner has in Montenegro’s potential. He highlighted EPCG’s strengthened role in the energy transition and its commitment to becoming a reliable exporter of green energy to the region and beyond.
This initiative follows the signing of the UAE-Montenegro Energy Cooperation Agreement in November 2025, reinforcing the strategic partnership between the UAE and Montenegro. Masdar’s collaboration with EPCG builds on its existing presence in Montenegro, notably through its investment in the Krnovo Wind Farm, which is the largest operating wind project in the country. The partnership also aligns with Masdar’s broader expansion strategy in Southeast and Central Europe through its Greek platform, TERNA ENERGY, acquired last year.
