Abu Dhabi Future Energy Company PJSC – Masdar and Montenegro's national power utility Elektroprivreda Crne Gore have moved their strategic renewable energy partnership into project execution, signing agreements covering 150 megawatts of solar capacity and a framework to explore more than 400 megawatts of pumped hydro energy storage, just three months after establishing their joint venture.

First Projects Advance Through 50/50 Joint Venture

The agreements were signed on July 28, 2026, in Tivat, Montenegro, and represent the first projects to be progressed through the 50/50 joint venture that Masdar and EPCG announced in April 2026.

The joint venture is targeting up to 2 gigawatts of renewable energy capacity in Montenegro across a range of technologies including solar, wind, hydropower, pumped hydro, battery storage and hybrid energy solutions.

The signing ceremony took place in the presence of His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and His Excellency Admir Šahmanović, Montenegro's Minister of Energy and Mining.

Documents were signed by Milutin Đukanović, Chairman of the Board of Directors of EPCG, Zdravko Dragaš, Chief Executive Officer of EPCG, and Husain Al Meer, Executive Director of Global Offshore Wind and UK Business at Masdar.

Two Solar Projects Totalling 150 MW

The joint development agreements cover two solar photovoltaic projects. The Štedim solar PV project carries a capacity of 115 megawatts, while the Krupac solar PV project adds a further 35 megawatts, bringing the combined solar capacity covered by the new agreements to 150 megawatts.

In addition to the solar joint development agreements, Masdar and EPCG signed a framework for action agreement to explore the joint development of over 400 megawatts of pumped hydro energy storage projects.

The companies stated that pumped hydro storage could enable Montenegro to integrate more renewable power into its electricity system by storing electricity when supply exceeds demand and releasing it when required, improving the flexibility, stability and resilience of the grid.

Regional Export Ambitions and Energy Security

The broader 2 gigawatt partnership is designed not only to meet growing domestic electricity demand and strengthen national energy security, but also to support future electricity exports to neighboring markets.

Montenegro's existing sub-sea interconnection with Italy has been cited as infrastructure that the partnership could leverage to supply renewable electricity to the Western Balkans and Southern Europe.

His Excellency Dr. Sultan Ahmed Al Jaber said that Europe's demand for reliable, affordable energy is rising and that the need for new capacity has never been clearer.

He described the agreements as reflecting Masdar's ability to bring global expertise, proven technology and long-term investment to markets with strong growth potential, as well as marking an important step in the deepening relationship between the UAE and Montenegro.

Minister Šahmanović said Montenegro had long discussed its exceptional potential in the field of renewable energy sources, and that the conditions had now been created to turn that potential into concrete projects.

He said the investments would be worth hundreds of millions of euros and would strengthen energy security, create new jobs, ensure a more stable energy supply for the economy, and create conditions for green energy to become one of Montenegro's most significant export products.

Masdar's Broader European Growth Strategy

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said the agreements marked an important step for Masdar in Montenegro and a significant progression in the partnership with EPCG.

He described the combination of Masdar's global development expertise and investment capability with EPCG's market leadership and operational knowledge as creating a strong platform for long-term growth.

Al Ramahi also placed the Montenegro partnership within Masdar's wider regional ambitions, describing the Balkans, Southeast Europe and Central Europe as important growth markets as the company advances toward its target of 100 gigawatts of global renewable energy capacity by 2030.

He said the partnership aims to diversify Montenegro's generation mix, strengthen energy security, improve system stability and flexibility, and unlock wider economic value for the country and the region.

Speed of Execution Highlighted by Partners

Both sides emphasized the pace at which the joint venture has moved since its formation. The Joint Venture Agreement was signed in April 2026, and the transition into project execution with binding joint development agreements has taken place within three months of that signing. Minister Šahmanović described the speed of progression as the best confirmation of the seriousness of the partnership and the trust that one of the world's leaders in clean energy has placed in Montenegro.

The joint venture was announced in April 2026 as a 50/50 structure intended to develop large-scale projects across multiple technology types. The 2 gigawatt target for Montenegro encompasses solar, wind, hydropower, pumped hydro, battery storage and hybrid energy solutions, positioning the country as what the partners described as a regional energy leader capable of supplying electricity beyond its own borders.

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