Masdar, a global clean energy leader, and Elektroprivreda Crne Gore, Montenegro’s national power utility, have signed a 50/50 joint venture (JV) to develop large-scale renewable energy projects across Montenegro, marking a significant step in strengthening regional clean energy cooperation.

The agreement was signed at the Adria Future Summit in the presence of senior dignitaries, including Montenegro’s Minister of Energy and Mining Admir Šahmanović and UAE Ambassador to Montenegro Khamis Rashed Ahmed Lebsaili Alshemeili, along with senior executives from both companies.

Under the joint venture, headquartered in Nikšić, the partners will develop and operate a diversified portfolio of renewable energy projects, including solar photovoltaic (PV), wind, hydropower, pumped hydro storage, standalone battery energy storage systems, and hybrid energy solutions.

The initiative aims to support Montenegro’s domestic energy requirements while also enabling electricity exports to the Western Balkans and Southern Europe, leveraging existing interconnections such as the sub-sea link with Italy.

The collaboration combines EPCG’s position as Montenegro’s leading power producer with Masdar’s global expertise in renewable energy development. The partnership is expected to enhance energy security, accelerate the country’s energy transition, and contribute to broader regional decarbonisation goals.

Montenegro’s Energy Minister Admir Šahmanović said the partnership represents a “turning point” for the country’s energy future, positioning Montenegro as a potential regional renewable energy hub.

Mohamed Jameel Al Ramahi noted that Europe is a strategic growth market for Masdar, adding that the JV strengthens its long-term commitment to accelerating clean energy deployment in the Balkans and deepening UAE–Montenegro energy cooperation.

EPCG leadership also welcomed the partnership, stating that the collaboration will strengthen operational capabilities and support long-term modernization of Montenegro’s power generation portfolio.

This JV builds on earlier cooperation milestones, including discussions at Abu Dhabi Sustainability Week 2026 and a UAE–Montenegro energy agreement signed in 2025. It also follows Masdar’s earlier investment in the 72 MW Krnovo Wind Farm, Montenegro’s largest operational wind project.