Tivat [Montenegro], April 23: Abu Dhabi Future Energy Company PJSC (Masdar), a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro's national power utility, have agreed to form a 50/50 joint venture (JV) to develop large-scale renewable energy projects in Montenegro.
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, 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.
Through the JV, to be headquartered in Nikšić, Masdar and EPCG will deploy and operate clean energy projects across a range of technologies, including solar photovoltaic (PV), wind, hydropower, pumped hydro energy storage, stand-alone battery energy storage systems and hybrid solutions in Montenegro.
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.
The JV will combine EPCG's position as Montenegro's leading energy producer and Masdar's global expertise in renewable energy project development to enhance Montenegro's energy security and accelerate energy transformation in the country and across the broader European energy market.
Admir Šahmanović, Minister of Energy & Mining, said: "This partnership represents a turning point for the energy future of Montenegro. By joining the forces, Masdar and EPCG bring together global knowledge, strong national capacity and a shared ambition to speed up the transition towards clean energy. In this way Montenegro sends a clear message that it is open for investments, ready to implement large-scale projects and determined to become a regional center for renewable energy. The time for planning is behind us; the time for implementation, development and concrete actions is ahead of us."
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: ""Europe is a strategic growth market for Masdar as we advance towards our 100GW 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. We are proud to work alongside the Government of Montenegro and EPCG in advancing the country's energy transformation and contributing to energy security and sustainable economic growth across the region."."
Milutin Đukanović, President of the Board of Directors of Elektroprivreda Crne Gore, said: "'EPCG's strategic commitment to the deployment of sustainable energy solutions and the modernization of our generation portfolio is confirmed by this partnership with Masdar. Through the JV we will enhance capacities for clean energy generation and additionally strengthen our operational and development competencies. These projects will create the basis for a stable and long-term development of Montenegro's energy system."
Zdravko Dragaš, Chief Executive Officer of EPCG, said: "'This cooperation represents a significant step forward in implementation of our development plans in the field of renewable energy and further diversification of generation sources. 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. We believe that this partnership will contribute to accelerating the energy transition and creating new development opportunities for EPCG and the entire economy."
Masdar and EPCG announced at Abu Dhabi Sustainability Week 2026 in January that they were exploring the JV, following the signing of a UAE-Montenegro energy cooperation agreement in November 2025.
The JV will also build on Masdar's existing presence in Montenegro through its 2018 investment in the 72-megawatt Krnovo Wind Farm, the country's largest operating wind project. The partnership also complements Masdar's broader expansion and investment in Southeast Europe and Central Europe through its platform, TERNA ENERGY, acquired last year.
Source: Emirates News Agency
