Masdar and EPCG Strengthen Energy Security with 50/50 Joint Venture in Montenegro
Joint Venture Agreement Signed
Abu Dhabi Future Energy Company PJSC – Masdar, a prominent player in the global clean energy sector, has partnered with Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, to establish a 50/50 joint venture aimed at developing large-scale renewable energy projects in Montenegro. The agreement was formalized during the Adria Future Summit, attended by notable figures including His Excellency Admir Šahmanović, Montenegro’s Minister of Energy and Mining, and Mohamed Jameel Al Ramahi, CEO of Masdar.
Focus on Renewable Energy Technologies
The joint venture, which will be headquartered in Nikšić, is set to deploy a variety of clean energy technologies. These include solar photovoltaic (PV), wind, hydropower, pumped hydro energy storage, and stand-alone battery energy storage systems. The collaboration aims to address Montenegro’s domestic energy requirements while facilitating the export of renewable electricity to the Western Balkans and Southern Europe, leveraging an existing sub-sea interconnection with Italy.
Enhancing Energy Security
This partnership is expected to bolster Montenegro’s energy security by combining EPCG’s status as the leading energy producer in the country with Masdar’s extensive expertise in renewable energy project development. The joint venture is positioned to accelerate the energy transformation within Montenegro and contribute to the broader European energy market.
His Excellency Admir Šahmanović remarked that this partnership signifies a pivotal moment for Montenegro’s energy future. He emphasized the collaboration’s potential to attract investments and implement large-scale projects, positioning Montenegro as a regional hub for renewable energy.
Strategic Growth in Europe
Mohamed Jameel Al Ramahi highlighted that Europe is a strategic growth market for Masdar, aligning with the company’s goal of achieving a portfolio capacity of 100 gigawatts (GW) by 2030. He noted that this joint venture is a significant milestone in Masdar’s ongoing efforts to expand its renewable energy footprint in Montenegro and the wider Balkan region.
Milutin Đukanović, President of the Board of Directors of EPCG, affirmed the strategic commitment to sustainable energy solutions through this partnership. He stated that the joint venture would enhance clean energy generation capacities and strengthen operational competencies, laying the groundwork for a stable and long-term energy system in Montenegro.
Future Implications
Zdravko Dragaš, CEO of EPCG, indicated that this collaboration marks a substantial advancement in the implementation of renewable energy development plans. By merging knowledge, experience, and resources with a globally recognized partner, the joint venture aims to create a robust foundation for complex and technologically advanced projects.
Masdar and EPCG had previously announced their intentions to explore this joint venture during Abu Dhabi Sustainability Week 2026, following the signing of a UAE-Montenegro energy cooperation agreement in November 2025. The joint venture will also build upon Masdar’s existing investments in Montenegro, including the 72-megawatt Krnovo Wind Farm, the largest operational wind project in the country.
About Masdar
Founded in 2006, Masdar is at the forefront of the global energy transformation, focusing on the investment, development, and operation of renewable energy projects that provide reliable and affordable clean power worldwide. With a portfolio exceeding 65 gigawatts (GW) globally, Masdar aims to scale up renewable energy initiatives, targeting a capacity of 100GW by 2030.
About EPCG
Elektroprivreda Crne Gore (EPCG) serves as Montenegro’s leading power utility and plays a crucial role in the national energy sector. The company is committed to advancing Montenegro’s clean energy transition and enhancing its renewable energy base through strategic partnerships with international investors and financial institutions.
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Published on 2026-04-22 21:31:00 • By the Editorial Desk
